ETHE vs. GDLC

Last updated Jul 16, 2026

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 -2.47%/yr vs 3.77%/yr for GDLC. A 0.68 correlation means they provide meaningful diversification when combined. ETHE charges 2.50%/yr vs 0.59%/yr for GDLC.

Performance

ETHE vs. GDLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Trust ETF (ETHE) 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, ETHE achieves a -35.60% return, which is significantly lower than GDLC's -29.02% return.

ETHE

• 1D: 2.44%
• 1M: 5.59%
• 6M: -43.48%
• YTD: -35.60%
• 1Y: -37.69%
• 3Y*: 11.61%
• 5Y*: -2.47%
• 10Y*: —

GDLC

• 1D: 0.55%
• 1M: -2.00%
• 6M: -36.84%
• YTD: -29.02%
• 1Y: -43.03%
• 3Y*: 44.93%
• 5Y*: 3.77%
• 10Y*: —

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

ETHE vs. GDLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
ETHE Grayscale Ethereum Trust ETF	-35.60%	-13.03%	44.14%	308.40%	-85.29%	108.77%	441.75%	-23.95%
GDLC Grayscale CoinDesk Crypto 5 ETF	-29.02%	0.45%	136.98%	353.26%	-84.21%	27.43%	233.86%	-29.63%

Correlation

The correlation between ETHE 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 (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year 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 (0.93) than their long-term average of 0.68, meaning their price movements have been converging.

Return for Risk

ETHE vs. GDLC — Risk / Return Rank

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

ETHE

ETHE Risk / Return Rank: 5
ETHE Sharpe Ratio Rank: 5
ETHE Sortino Ratio Rank: 5
ETHE Omega Ratio Rank: 5
ETHE Calmar Ratio Rank: 5
ETHE Martin Ratio Rank: 5

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.

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 ratio: Return per unit of total volatility	-0.55	-0.88	+0.32
Sortino ratio: Return per unit of downside risk	-0.50	-1.23	+0.73
Omega ratio: Gain probability vs. loss probability	0.94	0.86	+0.08
Calmar ratio: Return relative to maximum drawdown	-0.55	-0.75	+0.20
Martin ratio: Return relative to average drawdown	-0.86	-1.20	+0.33

ETHE vs. GDLC - Sharpe Ratio Comparison

The current ETHE Sharpe Ratio is -0.55, which is higher than the GDLC Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of ETHE and GDLC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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.

Drawdown Indicators

	ETHE	GDLC	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-75.65%	-54.34%	-21.31%
Average Drawdown Average peak-to-trough decline	-72.29%	-52.81%	-19.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.64%	35.94%	+7.70%

Volatility

ETHE vs. GDLC - Volatility Comparison

Grayscale Ethereum Trust ETF (ETHE) has a higher volatility of 16.73% compared to Grayscale CoinDesk Crypto 5 ETF (GDLC) at 12.25%. 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.

Volatility by Period

	ETHE	GDLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.73%	12.25%	+4.48%
Volatility (6M) Calculated over the trailing 6-month period	47.39%	36.97%	+10.42%
Volatility (1Y) Calculated over the trailing 1-year period	68.31%	49.18%	+19.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.72%	73.15%	+8.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	190.44%	93.83%	+96.61%

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 1.41%, while GDLC has not paid dividends to shareholders.

Position	TTM
ETHE Grayscale Ethereum Trust ETF	1.41%
GDLC Grayscale CoinDesk Crypto 5 ETF	0.00%

Frequently Asked Questions

Can I hold both ETHE and GDLC in my portfolio?

With a correlation of 0.93, 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.

Which is riskier, ETHE or GDLC?

ETHE has higher volatility (16.73%) compared to GDLC (12.25%). In terms of maximum drawdown, ETHE dropped -96.26% vs GDLC's -94.14%.

Which ETF is better, ETHE or GDLC?

On 5-year performance, GDLC leads with 3.77% vs -2.47% for ETHE. On fees, GDLC is cheaper at 0.59% per year. On volatility, GDLC has been the lower-risk option at 12.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, ETHE or GDLC?

Over the 5-year period, GDLC has performed better with a 3.77% return vs -2.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETHE or GDLC?

GDLC is cheaper with a 0.59% expense ratio, compared with 2.50% for ETHE.

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

ETHE has the higher dividend yield at 1.41%, compared with 0.00% for GDLC.

What is the main difference between ETHE and 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.

Which has better risk-adjusted returns?

ETHE currently has the higher Sharpe Ratio (-0.55 vs -0.88), 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.