ETCO vs. GDLC

Last updated Jun 25, 2026

ETCO (Grayscale Ethereum Covered Call ETF) and GDLC (Grayscale CoinDesk Crypto 5 ETF) are both Cryptocurrency funds from Grayscale. ETCO is actively managed, while GDLC is passively managed. Their correlation of 0.92 suggests significant overlap in exposure. ETCO charges 0.66%/yr vs 0.59%/yr for GDLC.

Performance

ETCO vs. GDLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Covered Call ETF (ETCO) 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, ETCO achieves a -40.01% return, which is significantly lower than GDLC's -35.19% return.

ETCO

• 1D: -4.48%
• 1M: -20.52%
• YTD: -40.01%
• 6M: -39.08%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GDLC

• 1D: -3.98%
• 1M: -20.75%
• YTD: -35.19%
• 6M: -34.92%
• 1Y: -42.90%
• 3Y*: 47.71%
• 5Y*: 5.94%
• 10Y*: —

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

ETCO vs. GDLC - Yearly Performance Comparison

	2026 (YTD)	2025
ETCO Grayscale Ethereum Covered Call ETF	-40.01%	-26.08%
GDLC Grayscale CoinDesk Crypto 5 ETF	-35.19%	-20.10%

Correlation

The correlation between ETCO and GDLC is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 4, 2025	0.92

Return for Risk

ETCO vs. GDLC — Risk / Return Rank

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

ETCO

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

GDLC

GDLC Risk / Return Rank: 3
GDLC Sharpe Ratio Rank: 2
GDLC Sortino Ratio Rank: 3
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.

ETCO vs. GDLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Covered Call ETF (ETCO) 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.

	ETCO	GDLC	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.88	—
Sortino ratio: Return per unit of downside risk	—	-1.23	—
Omega ratio: Gain probability vs. loss probability	—	0.86	—
Calmar ratio: Return relative to maximum drawdown	—	-0.76	—
Martin ratio: Return relative to average drawdown	—	-1.28	—

Drawdowns

ETCO vs. GDLC - Drawdown Comparison

The maximum ETCO drawdown since its inception was -59.30%, smaller than the maximum GDLC drawdown of -94.14%. Use the drawdown chart below to compare losses from any high point for ETCO and GDLC.

Drawdown Indicators

	ETCO	GDLC	Difference
Max Drawdown Largest peak-to-trough decline	-59.30%	-94.14%	+34.84%
Max Drawdown (1Y) Largest decline over 1 year	—	-56.55%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-56.55%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-94.14%	—
Current Drawdown Current decline from peak	-58.86%	-58.31%	-0.55%
Average Drawdown Average peak-to-trough decline	-35.83%	-52.78%	+16.95%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	33.55%	—

Volatility

Volatility by Period

	ETCO	GDLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	14.07%	—
Volatility (6M) Calculated over the trailing 6-month period	—	36.63%	—
Volatility (1Y) Calculated over the trailing 1-year period	53.09%	49.16%	+3.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	53.09%	73.77%	-20.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	53.09%	94.17%	-41.08%

ETCO vs. GDLC - Expense Ratio Comparison

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

Dividends

ETCO vs. GDLC - Dividend Comparison

ETCO's dividend yield for the trailing twelve months is around 147.93%, while GDLC has not paid dividends to shareholders.

Position	TTM	2025
ETCO Grayscale Ethereum Covered Call ETF	147.93%	42.29%
GDLC Grayscale CoinDesk Crypto 5 ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETCO and GDLC in my portfolio?

With a correlation of 0.92, ETCO 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 ETF is better, ETCO or GDLC?

On fees, GDLC is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, ETCO or GDLC?

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

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

ETCO has the higher dividend yield at 147.93%, compared with 0.00% for GDLC.

What is the main difference between ETCO and GDLC?

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