BTCZ vs. GDLC

Last updated Apr 2, 2026

Compare and contrast key facts about T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ) and Grayscale CoinDesk Crypto 5 ETF (GDLC).

BTCZ and GDLC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BTCZ is an actively managed fund by T-Rex. It was launched on Jul 9, 2024. GDLC is a passively managed fund by Grayscale that tracks the performance of the CoinDesk 5 Index. It was launched on Feb 1, 2018.

Performance

BTCZ vs. GDLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ) and Grayscale CoinDesk Crypto 5 ETF (GDLC). The values are adjusted to include any dividend payments, if applicable.

BTCZ vs. GDLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	28.74%	-29.11%	-76.58%
GDLC Grayscale CoinDesk Crypto 5 ETF	-23.94%	0.45%	93.69%

Returns By Period

In the year-to-date period, BTCZ achieves a 28.74% return, which is significantly higher than GDLC's -23.94% return.

BTCZ

• 1D: -0.91%
• 1M: -1.54%
• YTD: 28.74%
• 6M: 102.65%
• 1Y: -11.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GDLC

• 1D: 0.77%
• 1M: -0.54%
• YTD: -23.94%
• 6M: -45.43%
• 1Y: -11.29%
• 3Y*: 65.77%
• 5Y*: -3.05%
• 10Y*: —

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

BTCZ vs. GDLC - Expense Ratio Comparison

BTCZ has a 0.95% expense ratio, which is higher than GDLC's 0.59% expense ratio.

BTCZ

T-Rex 2X Inverse Bitcoin Daily Target ETF

GDLC

Grayscale CoinDesk Crypto 5 ETF

Return for Risk

BTCZ vs. GDLC — Risk / Return Rank

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

BTCZ

BTCZ Risk / Return Rank: 12
BTCZ Sharpe Ratio Rank: 9
BTCZ Sortino Ratio Rank: 17
BTCZ Omega Ratio Rank: 16
BTCZ Calmar Ratio Rank: 8
BTCZ Martin Ratio Rank: 9

GDLC

GDLC Risk / Return Rank: 9
GDLC Sharpe Ratio Rank: 8
GDLC Sortino Ratio Rank: 10
GDLC Omega Ratio Rank: 10
GDLC Calmar Ratio Rank: 9
GDLC Martin Ratio Rank: 9

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.

BTCZ vs. GDLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ) 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.

	BTCZ	GDLC	Difference
Sharpe ratio Return per unit of total volatility	-0.13	-0.22	+0.09
Sortino ratio Return per unit of downside risk	0.45	0.02	+0.43
Omega ratio Gain probability vs. loss probability	1.05	1.00	+0.05
Calmar ratio Return relative to maximum drawdown	-0.26	-0.18	-0.08
Martin ratio Return relative to average drawdown	-0.36	-0.38	+0.02
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTCZ vs. GDLC - Sharpe Ratio Comparison

The current BTCZ Sharpe Ratio is -0.13, which is higher than the GDLC Sharpe Ratio of -0.22. The chart below compares the historical Sharpe Ratios of BTCZ and GDLC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BTCZ	GDLC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.13	-0.22	+0.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.60	0.31	-0.91

Correlation

The correlation between BTCZ and GDLC is -0.91. This indicates that the assets' prices tend to move in opposite directions. Negative correlation can be particularly beneficial for diversification and risk management, as one asset may offset the losses of the other during market fluctuations.

Dividends

BTCZ vs. GDLC - Dividend Comparison

BTCZ's dividend yield for the trailing twelve months is around 0.01%, while GDLC has not paid dividends to shareholders.

	TTM	2025	2024
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF	0.01%	0.02%	0.08%
GDLC Grayscale CoinDesk Crypto 5 ETF	0.00%	0.00%	0.00%

Drawdowns

BTCZ vs. GDLC - Drawdown Comparison

The maximum BTCZ drawdown since its inception was -91.06%, roughly equal to the maximum GDLC drawdown of -94.14%. Use the drawdown chart below to compare losses from any high point for BTCZ and GDLC.

Drawdown Indicators

	BTCZ	GDLC	Difference
Max Drawdown Largest peak-to-trough decline	-91.06%	-94.14%	+3.08%
Max Drawdown (1Y) Largest decline over 1 year	-68.27%	-52.91%	-15.36%
Max Drawdown (5Y) Largest decline over 5 years	—	-94.14%	—
Current Drawdown Current decline from peak	-79.24%	-51.07%	-28.17%
Average Drawdown Average peak-to-trough decline	-72.75%	-52.89%	-19.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	48.60%	25.05%	+23.55%

Volatility

BTCZ vs. GDLC - Volatility Comparison

T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ) has a higher volatility of 26.38% compared to Grayscale CoinDesk Crypto 5 ETF (GDLC) at 13.62%. This indicates that BTCZ's price experiences larger fluctuations and is considered to be riskier than GDLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTCZ	GDLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.38%	13.62%	+12.76%
Volatility (6M) Calculated over the trailing 6-month period	73.37%	40.45%	+32.92%
Volatility (1Y) Calculated over the trailing 1-year period	90.72%	50.43%	+40.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	99.57%	77.86%	+21.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	99.57%	94.99%	+4.58%