BTCC vs. GDLC

Last updated Jul 15, 2026

BTCC (Grayscale Bitcoin Covered Call ETF) and GDLC (Grayscale CoinDesk Crypto 5 ETF) are both Cryptocurrency funds from Grayscale. BTCC is actively managed, while GDLC is passively managed. Over the past year, BTCC returned -37.83% vs -44.43% for GDLC. Their correlation of 0.90 suggests significant overlap in exposure. BTCC charges 0.66%/yr vs 0.59%/yr for GDLC.

Performance

BTCC vs. GDLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Covered Call ETF (BTCC) and Grayscale CoinDesk Crypto 5 ETF (GDLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTCC achieves a -21.47% return, which is significantly higher than GDLC's -29.41% return.

BTCC

• 1D: 3.01%
• 1M: 0.33%
• 6M: -25.83%
• YTD: -21.47%
• 1Y: -37.83%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GDLC

• 1D: 4.33%
• 1M: 2.75%
• 6M: -35.11%
• YTD: -29.41%
• 1Y: -44.43%
• 3Y*: 44.66%
• 5Y*: 2.93%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BTCC vs. GDLC - Yearly Performance Comparison

	2026 (YTD)	2025
BTCC Grayscale Bitcoin Covered Call ETF	-21.47%	-6.05%
GDLC Grayscale CoinDesk Crypto 5 ETF	-29.41%	16.63%

Correlation

The correlation between BTCC and GDLC is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Apr 2, 2025	0.90

The correlation between BTCC and GDLC has been stable across timeframes, ranging from 0.90 to 0.93 - a consistent structural relationship.

Return for Risk

BTCC vs. GDLC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BTCC

BTCC Risk / Return Rank: 2
BTCC Sharpe Ratio Rank: 1
BTCC Sortino Ratio Rank: 2
BTCC Omega Ratio Rank: 1
BTCC Calmar Ratio Rank: 2
BTCC Martin Ratio Rank: 1

GDLC

GDLC Risk / Return Rank: 3
GDLC Sharpe Ratio Rank: 2
GDLC Sortino Ratio Rank: 2
GDLC Omega Ratio Rank: 3
GDLC Calmar Ratio Rank: 3
GDLC Martin Ratio Rank: 3

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BTCC vs. GDLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Covered Call ETF (BTCC) and Grayscale CoinDesk Crypto 5 ETF (GDLC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BTCC	GDLC	Difference
Sharpe ratio: Return per unit of total volatility	-1.10	-0.91	-0.20
Sortino ratio: Return per unit of downside risk	-1.51	-1.30	-0.21
Omega ratio: Gain probability vs. loss probability	0.80	0.86	-0.05
Calmar ratio: Return relative to maximum drawdown	-0.85	-0.78	-0.08
Martin ratio: Return relative to average drawdown	-1.43	-1.24	-0.18

BTCC vs. GDLC - Sharpe Ratio Comparison

The current BTCC Sharpe Ratio is -1.10, which is comparable to the GDLC Sharpe Ratio of -0.91. The chart below compares the historical Sharpe Ratios of BTCC and GDLC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BTCC vs. GDLC - Drawdown Comparison

The maximum BTCC drawdown since its inception was -44.40%, smaller than the maximum GDLC drawdown of -94.14%. Use the drawdown chart below to compare losses from any high point for BTCC and GDLC.

Drawdown Indicators

	BTCC	GDLC	Difference
Max Drawdown Largest peak-to-trough decline	-44.40%	-94.14%	+49.74%
Max Drawdown (1Y) Largest decline over 1 year	-44.40%	-57.18%	+12.78%
Max Drawdown (3Y) Largest decline over 3 years	—	-57.18%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-94.14%	—
Current Drawdown Current decline from peak	-39.94%	-54.59%	+14.65%
Average Drawdown Average peak-to-trough decline	-17.69%	-52.81%	+35.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.56%	35.79%	-9.23%

Volatility

BTCC vs. GDLC - Volatility Comparison

The current volatility for Grayscale Bitcoin Covered Call ETF (BTCC) is 8.23%, while Grayscale CoinDesk Crypto 5 ETF (GDLC) has a volatility of 12.25%. This indicates that BTCC experiences smaller price fluctuations and is considered to be less risky than GDLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCC	GDLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.23%	12.25%	-4.02%
Volatility (6M) Calculated over the trailing 6-month period	28.62%	36.99%	-8.37%
Volatility (1Y) Calculated over the trailing 1-year period	34.40%	49.20%	-14.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	31.85%	73.16%	-41.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.85%	93.86%	-62.01%

BTCC vs. GDLC - Expense Ratio Comparison

BTCC has a 0.66% expense ratio, which is higher than GDLC's 0.59% expense ratio.

Dividends

BTCC vs. GDLC - Dividend Comparison

BTCC's dividend yield for the trailing twelve months is around 102.62%, while GDLC has not paid dividends to shareholders.

Position	TTM	2025
BTCC Grayscale Bitcoin Covered Call ETF	102.62%	63.86%
GDLC Grayscale CoinDesk Crypto 5 ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTCC and GDLC in my portfolio?

With a correlation of 0.93, BTCC and GDLC move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BTCC or GDLC?

GDLC has higher volatility (12.25%) compared to BTCC (8.23%). In terms of maximum drawdown, BTCC dropped -44.40% vs GDLC's -94.14%.

Which ETF is better, BTCC or GDLC?

On 1-year performance, BTCC leads with -37.83% vs -44.43% for GDLC. On fees, GDLC is cheaper at 0.59% per year. On volatility, BTCC has been the lower-risk option at 8.23%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCC or GDLC?

Over the 1-year period, BTCC has performed better with a -37.83% return vs -44.43%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCC or GDLC?

GDLC is cheaper with a 0.59% expense ratio, compared with 0.66% for BTCC.

Which ETF pays a higher dividend yield, BTCC or GDLC?

BTCC has the higher dividend yield at 102.62%, compared with 0.00% for GDLC.

What is the main difference between BTCC and GDLC?

Their fees differ too: 0.66% for BTCC and 0.59% for GDLC.

Which has better risk-adjusted returns?

GDLC currently has the higher Sharpe Ratio (-0.91 vs -1.10), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.