ETCO vs. GDLC

Last updated Jun 4, 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 0.91 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 -33.38% return, which is significantly lower than GDLC's -28.93% return.

ETCO

• 1D: -5.43%
• 1M: -20.32%
• YTD: -33.38%
• 6M: -34.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

GDLC

• 1D: -3.29%
• 1M: -18.37%
• YTD: -28.93%
• 6M: -33.67%
• 1Y: -33.81%
• 3Y*: 64.48%
• 5Y*: 2.21%
• 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	-33.38%	-24.78%
GDLC Grayscale CoinDesk Crypto 5 ETF	-28.93%	-17.76%

Correlation

The correlation between ETCO and GDLC is 0.91, 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 5, 2025	0.91

Return for Risk

ETCO vs. GDLC — Risk / Return Rank

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

GDLC

GDLC Risk / Return Rank: 3
GDLC Sharpe Ratio Rank: 3
GDLC Sortino Ratio Rank: 3
GDLC Omega Ratio Rank: 3
GDLC Calmar Ratio Rank: 3
GDLC Martin Ratio Rank: 4

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.

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

Sharpe Ratios by Period

	ETCO	GDLC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	-0.70	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.16	0.29	-1.45

Drawdowns

ETCO vs. GDLC - Drawdown Comparison

The maximum ETCO drawdown since its inception was -56.81%, 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	-56.81%	-94.14%	+37.33%
Max Drawdown (1Y) Largest decline over 1 year	—	-52.91%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-52.91%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-94.14%	—
Current Drawdown Current decline from peak	-54.32%	-54.28%	-0.04%
Average Drawdown Average peak-to-trough decline	-34.43%	-52.73%	+18.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	31.04%	—

Volatility

Volatility by Period

	ETCO	GDLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.78%	—
Volatility (6M) Calculated over the trailing 6-month period	—	36.66%	—
Volatility (1Y) Calculated over the trailing 1-year period	52.49%	48.54%	+3.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.49%	74.43%	-21.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.49%	93.91%	-41.42%

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 127.41%, while GDLC has not paid dividends to shareholders.

Position	TTM	2025
ETCO Grayscale Ethereum Covered Call ETF	127.41%	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 0.91, 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 127.41%, 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.