FILG vs. GDLC

Last updated Jul 21, 2026

FILG (Grayscale Filecoin Trust (FIL)) and GDLC (Grayscale CoinDesk Crypto 5 ETF) are both Cryptocurrency funds from Grayscale. FILG is actively managed, while GDLC is passively managed. Over the past 3 years, FILG returned -64.00%/yr vs 47.07%/yr for GDLC. At a 0.25 correlation, their price movements are largely independent.

Performance

FILG vs. GDLC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Filecoin Trust (FIL) (FILG) and Grayscale CoinDesk Crypto 5 ETF (GDLC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with FILG having a -29.06% return and GDLC slightly higher at -29.02%.

FILG

• 1D: 0.92%
• 1M: -3.45%
• 6M: -37.26%
• YTD: -29.06%
• 1Y: -68.96%
• 3Y*: -64.00%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -37.41%

GDLC

• 1D: 1.52%
• 1M: 4.03%
• 6M: -35.44%
• YTD: -29.02%
• 1Y: -44.79%
• 3Y*: 47.07%
• 5Y*: 5.07%
• 10Y*: —
• ALL TIME*: 21.32%

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

FILG vs. GDLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FILG Grayscale Filecoin Trust (FIL)	-29.06%	-96.42%	19.35%	678.62%	-40.00%
GDLC Grayscale CoinDesk Crypto 5 ETF	-29.02%	0.45%	136.98%	353.26%	-68.36%

Correlation

The correlation between FILG and GDLC is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (All Time) Calculated using the full available price history since May 17, 2022	0.25

Over the past year, FILG and GDLC have become more correlated (0.50) than their long-term average of 0.25, meaning their price movements have been converging.

Return for Risk

FILG vs. GDLC — Risk / Return Rank

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

FILG

FILG Risk / Return Rank: 4
FILG Sharpe Ratio Rank: 5
FILG Sortino Ratio Rank: 6
FILG Omega Ratio Rank: 6
FILG Calmar Ratio Rank: 1
FILG Martin Ratio Rank: 3

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.

FILG vs. GDLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Filecoin Trust (FIL) (FILG) 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.

	FILG	GDLC	Difference
Sharpe ratio: Return per unit of total volatility	-0.54	-0.92	+0.37
Sortino ratio: Return per unit of downside risk	-0.47	-1.32	+0.85
Omega ratio: Gain probability vs. loss probability	0.95	0.85	+0.09
Calmar ratio: Return relative to maximum drawdown	-0.90	-0.79	-0.11
Martin ratio: Return relative to average drawdown	-1.20	-1.23	+0.03

FILG vs. GDLC - Sharpe Ratio Comparison

The current FILG Sharpe Ratio is -0.54, which is higher than the GDLC Sharpe Ratio of -0.92. The chart below compares the historical Sharpe Ratios of FILG 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

FILG vs. GDLC - Drawdown Comparison

The maximum FILG drawdown since its inception was -99.69%, which is greater than GDLC's maximum drawdown of -94.14%. Use the drawdown chart below to compare losses from any high point for FILG and GDLC.

Drawdown Indicators

	FILG	GDLC	Difference
Max Drawdown Largest peak-to-trough decline	-99.69%	-94.14%	-5.55%
Max Drawdown (1Y) Largest decline over 1 year	-76.85%	-57.18%	-19.67%
Max Drawdown (3Y) Largest decline over 3 years	-99.69%	-57.18%	-42.51%
Max Drawdown (5Y) Largest decline over 5 years	—	-94.14%	—
Current Drawdown Current decline from peak	-99.65%	-54.34%	-45.31%
Average Drawdown Average peak-to-trough decline	-69.43%	-52.82%	-16.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	57.25%	36.40%	+20.85%

Volatility

FILG vs. GDLC - Volatility Comparison

Grayscale Filecoin Trust (FIL) (FILG) has a higher volatility of 25.32% compared to Grayscale CoinDesk Crypto 5 ETF (GDLC) at 10.81%. This indicates that FILG'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

	FILG	GDLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.32%	10.81%	+14.51%
Volatility (6M) Calculated over the trailing 6-month period	71.46%	36.58%	+34.88%
Volatility (1Y) Calculated over the trailing 1-year period	127.68%	49.08%	+78.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	191.02%	72.99%	+118.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	191.02%	93.75%	+97.27%

Dividends

FILG vs. GDLC - Dividend Comparison

Neither FILG nor GDLC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both FILG and GDLC in my portfolio?

FILG and GDLC have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FILG or GDLC?

FILG has higher volatility (25.32%) compared to GDLC (10.81%). In terms of maximum drawdown, FILG dropped -99.69% vs GDLC's -94.14%.

Which ETF is better, FILG or GDLC?

On 3-year performance, GDLC leads with 47.07% vs -64.00% for FILG. On volatility, GDLC has been the lower-risk option at 10.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FILG or GDLC?

Over the 3-year period, GDLC has performed better with a 47.07% return vs -64.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

FILG and GDLC have nearly identical dividend yields, around 0.00%.

Which has better risk-adjusted returns?

FILG currently has the higher Sharpe Ratio (-0.54 vs -0.92), 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.