ETHA vs. GDLC
ETHA (iShares Ethereum Trust ETF) and GDLC (Grayscale CoinDesk Crypto 5 ETF) are both Cryptocurrency funds - ETHA tracks the CME CF Ether Dollar Reference Rate - New York Variant while GDLC tracks the CoinDesk 5 Index. Both are passively managed. Over the past year, ETHA returned -44.87% vs -45.96% for GDLC. Their correlation of 0.84 suggests significant overlap in exposure. ETHA charges 0.25%/yr vs 0.59%/yr for GDLC.
Performance
ETHA vs. GDLC - Performance Comparison
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Returns By Period
In the year-to-date period, ETHA achieves a -37.00% return, which is significantly lower than GDLC's -29.80% return.
ETHA
- 1D
- -2.69%
- 1M
- 4.36%
- 6M
- -43.09%
- YTD
- -37.00%
- 1Y
- -44.87%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GDLC
- 1D
- -1.09%
- 1M
- -1.43%
- 6M
- -35.82%
- YTD
- -29.80%
- 1Y
- -45.96%
- 3Y*
- 44.88%
- 5Y*
- 3.55%
- 10Y*
- —
ETHA vs. GDLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
ETHA iShares Ethereum Trust ETF | -37.00% | -11.31% | -4.89% |
GDLC Grayscale CoinDesk Crypto 5 ETF | -29.80% | 0.45% | 70.49% |
Correlation
The correlation between ETHA 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 Jul 23, 2024 | 0.84 |
The correlation between ETHA and GDLC has been stable across timeframes, ranging from 0.84 to 0.93 - a consistent structural relationship.
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Return for Risk
ETHA vs. GDLC — Risk / Return Rank
ETHA
GDLC
ETHA vs. GDLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Ethereum Trust ETF (ETHA) 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.
| ETHA | GDLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.28 | ||
| Sortino ratioReturn per unit of downside risk | +0.62 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 0.85 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | -0.66 | -0.81 | +0.14 |
| Martin ratioReturn relative to average drawdown | -1.03 | -1.27 | +0.24 |
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Drawdowns
ETHA vs. GDLC - Drawdown Comparison
The maximum ETHA drawdown since its inception was -67.91%, smaller than the maximum GDLC drawdown of -94.14%. Use the drawdown chart below to compare losses from any high point for ETHA and GDLC.
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Drawdown Indicators
| ETHA | GDLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -67.91% | -94.14% | +26.23% |
Max Drawdown (1Y)Largest decline over 1 year | -67.91% | -57.18% | -10.73% |
Max Drawdown (3Y)Largest decline over 3 years | — | -57.18% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -94.14% | — |
Current DrawdownCurrent decline from peak | -61.38% | -54.84% | -6.54% |
Average DrawdownAverage peak-to-trough decline | -34.63% | -52.81% | +18.18% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 43.55% | 36.10% | +7.45% |
Volatility
ETHA vs. GDLC - Volatility Comparison
iShares Ethereum Trust ETF (ETHA) has a higher volatility of 14.80% compared to Grayscale CoinDesk Crypto 5 ETF (GDLC) at 11.05%. This indicates that ETHA'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.
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Volatility by Period
| ETHA | GDLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 14.80% | 11.05% | +3.75% |
Volatility (6M)Calculated over the trailing 6-month period | 47.60% | 36.79% | +10.81% |
Volatility (1Y)Calculated over the trailing 1-year period | 68.72% | 49.16% | +19.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.10% | 73.14% | -1.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.10% | 93.80% | -21.70% |
ETHA vs. GDLC - Expense Ratio Comparison
ETHA has a 0.25% expense ratio, which is lower than GDLC's 0.59% expense ratio.
Dividends
ETHA vs. GDLC - Dividend Comparison
Neither ETHA nor GDLC has paid dividends to shareholders.
Frequently Asked Questions
With a correlation of 0.93, ETHA 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.
ETHA has higher volatility (14.80%) compared to GDLC (11.05%). In terms of maximum drawdown, ETHA dropped -67.91% vs GDLC's -94.14%.
On 1-year performance, ETHA leads with -44.87% vs -45.96% for GDLC. On fees, ETHA is cheaper at 0.25% per year. On volatility, GDLC has been the lower-risk option at 11.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ETHA has performed better with a -44.87% return vs -45.96%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
ETHA is cheaper with a 0.25% expense ratio, compared with 0.59% for GDLC.
ETHA and GDLC have nearly identical dividend yields, around 0.00%.
ETHA tracks CME CF Ether Dollar Reference Rate - New York Variant, while GDLC tracks CoinDesk 5 Index. They also come from different issuers: iShares and Grayscale. Their fees differ too: 0.25% for ETHA and 0.59% for GDLC.
ETHA currently has the higher Sharpe Ratio (-0.66 vs -0.94), 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.
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