ETHE vs. GDLC
ETHE (Grayscale Ethereum Trust ETF) and GDLC (Grayscale CoinDesk Crypto 5 ETF) are both Cryptocurrency funds from Grayscale - ETHE tracks the CoinDesk Ether Price Index while GDLC tracks the CoinDesk 5 Index. Both are passively managed. Over the past 5 years, ETHE returned -10.40%/yr vs -3.36%/yr for GDLC. Their 0.68 correlation means they have sometimes moved together and sometimes differently. ETHE charges 2.50%/yr vs 0.59%/yr for GDLC.
Performance
ETHE vs. GDLC - Performance Comparison
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Returns By Period
In the year-to-date period, ETHE achieves a -37.21% return, which is significantly lower than GDLC's -29.82% return.
ETHE
- 1D
- 0.34%
- 1M
- 10.22%
- 6M
- -18.72%
- YTD
- -37.21%
- 1Y
- -49.53%
- 3Y*
- 10.35%
- 5Y*
- -10.40%
- 10Y*
- —
- ALL TIME*
- 12.34%
GDLC
- 1D
- 0.48%
- 1M
- 4.69%
- 6M
- -17.89%
- YTD
- -29.82%
- 1Y
- -42.07%
- 3Y*
- 49.27%
- 5Y*
- -3.36%
- 10Y*
- —
- ALL TIME*
- 20.97%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $26.36M | $26.52M | $33.93M | |
| $1.32M | $1.35M | $1.42M |
ETHE vs. GDLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
ETHE Grayscale Ethereum Trust ETF | -37.21% | -13.03% | 44.14% | 308.40% | -85.29% | 108.77% | 441.75% | -23.95% |
GDLC Grayscale CoinDesk Crypto 5 ETF | -29.82% | 0.45% | 136.98% | 353.26% | -84.21% | 27.43% | 233.86% | -29.63% |
Correlation
The correlation between ETHE and GDLC is 0.94, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.94 |
Correlation (3Y) Balances recent behavior with more history. | 0.81 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.79 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2019 | 0.68 |
Over the past year, ETHE and GDLC have become more correlated (0.94) than their long-term average of 0.68, meaning their price movements have been converging.
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Return for Risk
ETHE vs. GDLC — Risk / Return Rank
ETHE
GDLC
ETHE vs. GDLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Trust ETF (ETHE) 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.
| ETHE | GDLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.12 | ||
| Sortino ratioReturn per unit of downside risk | +0.22 | ||
| Omega ratioGain probability vs. loss probability | 0.89 | 0.87 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.73 | -0.74 | +0.01 |
| Martin ratioReturn relative to average drawdown | -1.08 | -1.11 | +0.03 |
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Drawdowns
ETHE vs. GDLC - Drawdown Comparison
The maximum ETHE drawdown since its inception was -96.26%, roughly equal to the maximum GDLC drawdown of -94.14%. Use the drawdown chart below to compare losses from any high point for ETHE and GDLC.
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Drawdown Indicators
| ETHE | GDLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.26% | -94.14% | -2.12% |
Max Drawdown (1Y)Largest decline over 1 year | -68.17% | -57.18% | -10.99% |
Max Drawdown (3Y)Largest decline over 3 years | -68.17% | -57.18% | -10.99% |
Max Drawdown (5Y)Largest decline over 5 years | -89.85% | -94.14% | +4.29% |
Current DrawdownCurrent decline from peak | -76.25% | -54.86% | -21.39% |
Average DrawdownAverage peak-to-trough decline | -72.32% | -52.83% | -19.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 45.97% | 38.02% | +7.95% |
Volatility
ETHE vs. GDLC - Volatility Comparison
Grayscale Ethereum Trust ETF (ETHE) has a higher volatility of 11.25% compared to Grayscale CoinDesk Crypto 5 ETF (GDLC) at 8.46%. This indicates that ETHE'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
| ETHE | GDLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.25% | 8.46% | +2.79% |
Volatility (6M)Calculated over the trailing 6-month period | 43.39% | 34.61% | +8.78% |
Volatility (1Y)Calculated over the trailing 1-year period | 66.84% | 48.94% | +17.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 80.93% | 71.56% | +9.37% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 189.73% | 93.46% | +96.27% |
ETHE vs. GDLC - Expense Ratio Comparison
ETHE has a 2.50% expense ratio, which is higher than GDLC's 0.59% expense ratio.
Dividends
ETHE vs. GDLC - Dividend Comparison
ETHE's dividend yield for the trailing twelve months is around 1.59%, while GDLC has not paid dividends to shareholders.
| Position | TTM |
|---|---|
ETHE Grayscale Ethereum Trust ETF | 1.59% |
GDLC Grayscale CoinDesk Crypto 5 ETF | 0.00% |
Frequently Asked Questions
With a correlation of 0.94, ETHE 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.
ETHE has higher volatility (11.25%) compared to GDLC (8.46%). In terms of maximum drawdown, ETHE dropped -96.26% vs GDLC's -94.14%.
On 5-year performance, GDLC leads with -3.36% vs -10.40% for ETHE. On fees, GDLC is cheaper at 0.59% per year. On volatility, GDLC has been the lower-risk option at 8.46%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GDLC has performed better with a -3.36% return vs -10.40%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDLC is cheaper with a 0.59% expense ratio, compared with 2.50% for ETHE.
ETHE has the higher dividend yield at 1.59%, compared with 0.00% for GDLC.
ETHE tracks CoinDesk Ether Price Index, while GDLC tracks CoinDesk 5 Index. Their fees differ too: 2.50% for ETHE and 0.59% for GDLC.
ETHE currently has the higher Sharpe Ratio (-0.74 vs -0.86), 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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