GBAT vs. GDLC
GBAT (Grayscale Basic Attention Token Trust) and GDLC (Grayscale CoinDesk Crypto 5 ETF) are both Cryptocurrency funds from Grayscale. GBAT is actively managed, while GDLC is passively managed. Over the past 3 years, GBAT returned -32.44%/yr vs 49.45%/yr for GDLC. At a 0.28 correlation, their price movements are largely independent.
Performance
GBAT vs. GDLC - Performance Comparison
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Returns By Period
In the year-to-date period, GBAT achieves a -63.16% return, which is significantly lower than GDLC's -34.49% return.
GBAT
- 1D
- 2.77%
- 1M
- -27.03%
- YTD
- -63.16%
- 6M
- -63.28%
- 1Y
- -49.06%
- 3Y*
- -32.44%
- 5Y*
- —
- 10Y*
- —
GDLC
- 1D
- 1.27%
- 1M
- -17.54%
- YTD
- -34.49%
- 6M
- -34.13%
- 1Y
- -42.89%
- 3Y*
- 49.45%
- 5Y*
- 4.05%
- 10Y*
- —
GBAT vs. GDLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GBAT Grayscale Basic Attention Token Trust | -63.16% | -77.32% | -26.98% | 1,029.41% | -78.75% |
GDLC Grayscale CoinDesk Crypto 5 ETF | -34.49% | 0.45% | 136.98% | 353.26% | -63.56% |
Correlation
The correlation between GBAT and GDLC is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.31 |
Correlation (All Time) Calculated using the full available price history since May 27, 2022 | 0.28 |
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Return for Risk
GBAT vs. GDLC — Risk / Return Rank
GBAT
GDLC
GBAT vs. GDLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Basic Attention Token Trust (GBAT) 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.
| GBAT | GDLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.50 | ||
| Sortino ratioReturn per unit of downside risk | +1.41 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 0.86 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | -0.63 | -0.75 | +0.13 |
| Martin ratioReturn relative to average drawdown | -1.04 | -1.26 | +0.22 |
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Drawdowns
GBAT vs. GDLC - Drawdown Comparison
The maximum GBAT drawdown since its inception was -98.13%, roughly equal to the maximum GDLC drawdown of -94.14%. Use the drawdown chart below to compare losses from any high point for GBAT and GDLC.
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Drawdown Indicators
| GBAT | GDLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -98.13% | -94.14% | -3.99% |
Max Drawdown (1Y)Largest decline over 1 year | -78.53% | -57.05% | -21.48% |
Max Drawdown (3Y)Largest decline over 3 years | -98.13% | -57.05% | -41.08% |
Max Drawdown (5Y)Largest decline over 5 years | — | -94.14% | — |
Current DrawdownCurrent decline from peak | -97.68% | -57.86% | -39.82% |
Average DrawdownAverage peak-to-trough decline | -69.04% | -52.79% | -16.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 47.29% | 34.11% | +13.18% |
Volatility
GBAT vs. GDLC - Volatility Comparison
Grayscale Basic Attention Token Trust (GBAT) has a higher volatility of 31.49% compared to Grayscale CoinDesk Crypto 5 ETF (GDLC) at 14.31%. This indicates that GBAT'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
| GBAT | GDLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 31.49% | 14.31% | +17.18% |
Volatility (6M)Calculated over the trailing 6-month period | 72.98% | 36.70% | +36.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 132.10% | 49.16% | +82.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 169.39% | 73.51% | +95.88% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 169.39% | 94.09% | +75.30% |
Dividends
GBAT vs. GDLC - Dividend Comparison
Neither GBAT nor GDLC has paid dividends to shareholders.
Frequently Asked Questions
GBAT and GDLC have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBAT has higher volatility (31.49%) compared to GDLC (14.31%). In terms of maximum drawdown, GBAT dropped -98.13% vs GDLC's -94.14%.
On 3-year performance, GDLC leads with 49.45% vs -32.44% for GBAT. On volatility, GDLC has been the lower-risk option at 14.31%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GDLC has performed better with a 49.45% return vs -32.44%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GBAT and GDLC have nearly identical dividend yields, around 0.00%.
GBAT currently has the higher Sharpe Ratio (-0.37 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.
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