BTRN vs. GDLC
Compare and contrast key facts about Global X Bitcoin Trend Strategy ETF (BTRN) and Grayscale CoinDesk Crypto 5 ETF (GDLC).
BTRN and GDLC are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BTRN is a passively managed fund by Global X that tracks the performance of the CoinDesk Bitcoin Trend Indicator Futures Index. It was launched on Mar 20, 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. Both BTRN and GDLC are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.
Performance
BTRN vs. GDLC - Performance Comparison
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BTRN vs. GDLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
BTRN Global X Bitcoin Trend Strategy ETF | -1.59% | 4.89% | 5.22% |
GDLC Grayscale CoinDesk Crypto 5 ETF | -24.52% | 0.45% | 84.24% |
Returns By Period
In the year-to-date period, BTRN achieves a -1.59% return, which is significantly higher than GDLC's -24.52% return.
BTRN
- 1D
- -0.02%
- 1M
- -0.89%
- YTD
- -1.59%
- 6M
- -10.23%
- 1Y
- 3.54%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GDLC
- 1D
- 2.20%
- 1M
- 3.93%
- YTD
- -24.52%
- 6M
- -44.20%
- 1Y
- -10.19%
- 3Y*
- 65.34%
- 5Y*
- -3.20%
- 10Y*
- —
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BTRN vs. GDLC - Expense Ratio Comparison
BTRN has a 0.95% expense ratio, which is higher than GDLC's 0.59% expense ratio.
Return for Risk
BTRN vs. GDLC — Risk / Return Rank
BTRN
GDLC
BTRN vs. GDLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Global X Bitcoin Trend Strategy ETF (BTRN) 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.
| BTRN | GDLC | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.18 | -0.20 | +0.38 |
Sortino ratioReturn per unit of downside risk | 0.39 | 0.06 | +0.34 |
Omega ratioGain probability vs. loss probability | 1.05 | 1.01 | +0.05 |
Calmar ratioReturn relative to maximum drawdown | 0.16 | -0.19 | +0.35 |
Martin ratioReturn relative to average drawdown | 0.25 | -0.41 | +0.66 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BTRN | GDLC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.18 | -0.20 | +0.38 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.04 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.13 | 0.31 | -0.18 |
Correlation
The correlation between BTRN and GDLC is 0.70, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.
Dividends
BTRN vs. GDLC - Dividend Comparison
BTRN's dividend yield for the trailing twelve months is around 28.20%, while GDLC has not paid dividends to shareholders.
| TTM | 2025 | 2024 | |
|---|---|---|---|
BTRN Global X Bitcoin Trend Strategy ETF | 28.20% | 27.76% | 2.56% |
GDLC Grayscale CoinDesk Crypto 5 ETF | 0.00% | 0.00% | 0.00% |
Drawdowns
BTRN vs. GDLC - Drawdown Comparison
The maximum BTRN drawdown since its inception was -36.97%, smaller than the maximum GDLC drawdown of -94.14%. Use the drawdown chart below to compare losses from any high point for BTRN and GDLC.
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Drawdown Indicators
| BTRN | GDLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.97% | -94.14% | +57.17% |
Max Drawdown (1Y)Largest decline over 1 year | -19.80% | -52.91% | +33.11% |
Max Drawdown (5Y)Largest decline over 5 years | — | -94.14% | — |
Current DrawdownCurrent decline from peak | -18.95% | -51.45% | +32.50% |
Average DrawdownAverage peak-to-trough decline | -14.12% | -52.90% | +38.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.73% | 24.86% | -12.13% |
Volatility
BTRN vs. GDLC - Volatility Comparison
The current volatility for Global X Bitcoin Trend Strategy ETF (BTRN) is 2.69%, while Grayscale CoinDesk Crypto 5 ETF (GDLC) has a volatility of 13.67%. This indicates that BTRN 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.
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Volatility by Period
| BTRN | GDLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.69% | 13.67% | -10.98% |
Volatility (6M)Calculated over the trailing 6-month period | 9.24% | 40.43% | -31.19% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.03% | 50.42% | -30.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 31.67% | 77.87% | -46.20% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.67% | 95.02% | -63.35% |