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 8.08%/yr vs -3.36%/yr for GDLC. Their 0.76 correlation means they have sometimes moved together and sometimes differently. 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 -27.25% return, which is significantly higher than GDLC's -29.82% return.
GBTC
- 1D
- 0.61%
- 1M
- 4.39%
- 6M
- -16.57%
- YTD
- -27.25%
- 1Y
- -44.89%
- 3Y*
- 37.28%
- 5Y*
- 8.08%
- 10Y*
- 49.90%
- ALL TIME*
- 54.71%
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) |
|---|---|---|---|
| $77.84M | $75.78M | $100.19M | |
| $1.32M | $1.35M | $1.42M |
GBTC vs. GDLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | -27.25% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | -12.03% |
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 GBTC and GDLC is 0.98 - they have historically moved very closely together. At this level, their price movements offset little of one another.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.82 |
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 (0.98) 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 | -0.15 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 0.83 | 0.87 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.84 | -0.74 | -0.10 |
| Martin ratioReturn relative to average drawdown | -1.28 | -1.11 | -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 | -53.75% | -57.18% | +3.43% |
Max Drawdown (3Y)Largest decline over 3 years | -53.75% | -57.18% | +3.43% |
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 | -49.48% | -54.86% | +5.38% |
Average DrawdownAverage peak-to-trough decline | -43.52% | -52.83% | +9.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 35.20% | 38.02% | -2.82% |
Volatility
GBTC vs. GDLC - Volatility Comparison
Grayscale Bitcoin Trust ETF (GBTC) and Grayscale CoinDesk Crypto 5 ETF (GDLC) have volatilities of 8.10% and 8.46%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. 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 | 8.10% | 8.46% | -0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 32.98% | 34.61% | -1.63% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.30% | 48.94% | -4.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 60.53% | 71.56% | -11.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 81.15% | 93.46% | -12.31% |
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 0.98, 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 (8.46%) compared to GBTC (8.10%). In terms of maximum drawdown, GBTC dropped -89.91% vs GDLC's -94.14%.
On 5-year performance, GBTC leads with 8.08% vs -3.36% for GDLC. On fees, GDLC is cheaper at 0.59% per year. On volatility, GBTC has been the lower-risk option at 8.10%. 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 8.08% return vs -3.36%. 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 (-0.86 vs -1.02), 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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