GBTC vs. GDLC
GBTC (Grayscale Bitcoin Trust ETF) and GDLC (Grayscale CoinDesk Crypto 5 ETF) are both Cryptocurrency funds from Grayscale - GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index while GDLC tracks the CoinDesk 5 Index. Both are passively managed. Over the past 5 years, GBTC returned 10.64%/yr vs 5.70%/yr for GDLC. A 0.76 correlation means they provide meaningful diversification when combined. GBTC charges 1.50%/yr vs 0.59%/yr for GDLC.
Performance
GBTC vs. GDLC - Performance Comparison
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Returns By Period
In the year-to-date period, GBTC achieves a -32.86% return, which is significantly higher than GDLC's -35.94% return.
GBTC
- 1D
- -1.10%
- 1M
- -22.12%
- YTD
- -32.86%
- 6M
- -32.70%
- 1Y
- -45.93%
- 3Y*
- 36.17%
- 5Y*
- 10.64%
- 10Y*
- 44.37%
GDLC
- 1D
- -1.16%
- 1M
- -21.96%
- YTD
- -35.94%
- 6M
- -35.67%
- 1Y
- -44.01%
- 3Y*
- 48.09%
- 5Y*
- 5.70%
- 10Y*
- —
GBTC vs. GDLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -32.86% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | -12.03% |
GDLC Grayscale CoinDesk Crypto 5 ETF | -35.94% | 0.45% | 136.98% | 353.26% | -84.21% | 27.43% | 233.86% | -29.63% |
Correlation
The correlation between GBTC and GDLC is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2019 | 0.76 |
Over the past year, GBTC and GDLC have become more correlated (0.97) than their long-term average of 0.76, meaning their price movements have been converging.
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Return for Risk
GBTC vs. GDLC — Risk / Return Rank
GBTC
GDLC
GBTC vs. GDLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) 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.
| GBTC | GDLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.14 | ||
| Sortino ratioReturn per unit of downside risk | -0.29 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.86 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.86 | -0.77 | -0.09 |
| Martin ratioReturn relative to average drawdown | -1.48 | -1.31 | -0.17 |
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Drawdowns
GBTC vs. GDLC - Drawdown Comparison
The maximum GBTC drawdown since its inception was -89.91%, roughly equal to the maximum GDLC drawdown of -94.14%. Use the drawdown chart below to compare losses from any high point for GBTC and GDLC.
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Drawdown Indicators
| GBTC | GDLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -89.91% | -94.14% | +4.23% |
Max Drawdown (1Y)Largest decline over 1 year | -53.37% | -57.05% | +3.68% |
Max Drawdown (3Y)Largest decline over 3 years | -53.37% | -57.05% | +3.68% |
Max Drawdown (5Y)Largest decline over 5 years | -85.42% | -94.14% | +8.72% |
Max Drawdown (10Y)Largest decline over 10 years | -89.91% | — | — |
Current DrawdownCurrent decline from peak | -53.37% | -58.80% | +5.43% |
Average DrawdownAverage peak-to-trough decline | -43.45% | -52.78% | +9.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.15% | 33.74% | -2.59% |
Volatility
GBTC vs. GDLC - Volatility Comparison
The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 13.27%, while Grayscale CoinDesk Crypto 5 ETF (GDLC) has a volatility of 13.98%. This indicates that GBTC experiences smaller price fluctuations and is considered to be less risky 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
| GBTC | GDLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.27% | 13.98% | -0.71% |
Volatility (6M)Calculated over the trailing 6-month period | 34.52% | 36.64% | -2.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.31% | 49.05% | -4.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 62.02% | 73.66% | -11.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.44% | 94.14% | -12.70% |
GBTC vs. GDLC - Expense Ratio Comparison
GBTC has a 1.50% expense ratio, which is higher than GDLC's 0.59% expense ratio.
Dividends
GBTC vs. GDLC - Dividend Comparison
Neither GBTC nor GDLC has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
GDLC Grayscale CoinDesk Crypto 5 ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.97, GBTC 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.
GDLC has higher volatility (13.98%) compared to GBTC (13.27%). In terms of maximum drawdown, GBTC dropped -89.91% vs GDLC's -94.14%.
On 5-year performance, GBTC leads with 10.64% vs 5.70% for GDLC. On fees, GDLC is cheaper at 0.59% per year. On volatility, GBTC has been the lower-risk option at 13.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GBTC has performed better with a 10.64% return vs 5.70%. 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 1.50% for GBTC.
GBTC and GDLC have nearly identical dividend yields, around 0.00%.
GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while GDLC tracks CoinDesk 5 Index. Their fees differ too: 1.50% for GBTC and 0.59% for GDLC.
GDLC currently has the higher Sharpe Ratio (-0.90 vs -1.04), 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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