GDLC vs. BCDF
Compare and contrast key facts about Grayscale CoinDesk Crypto 5 ETF (GDLC) and Horizon Kinetics Blockchain Development ETF (BCDF).
GDLC and BCDF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GDLC is a passively managed fund by Grayscale that tracks the performance of the CoinDesk 5 Index. It was launched on Feb 1, 2018. BCDF is an actively managed fund by Horizon. It was launched on Aug 1, 2022.
Performance
GDLC vs. BCDF - Performance Comparison
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GDLC vs. BCDF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GDLC Grayscale CoinDesk Crypto 5 ETF | -24.52% | 0.45% | 136.98% | 353.26% | -60.10% |
BCDF Horizon Kinetics Blockchain Development ETF | 1.72% | 11.63% | 14.87% | 24.99% | -22.71% |
Returns By Period
In the year-to-date period, GDLC achieves a -24.52% return, which is significantly lower than BCDF's 1.72% return.
GDLC
- 1D
- 2.20%
- 1M
- 3.93%
- YTD
- -24.52%
- 6M
- -44.20%
- 1Y
- -10.19%
- 3Y*
- 65.34%
- 5Y*
- -3.20%
- 10Y*
- —
BCDF
- 1D
- 2.24%
- 1M
- -3.88%
- YTD
- 1.72%
- 6M
- -0.09%
- 1Y
- 13.04%
- 3Y*
- 15.60%
- 5Y*
- —
- 10Y*
- —
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GDLC vs. BCDF - Expense Ratio Comparison
GDLC has a 0.59% expense ratio, which is lower than BCDF's 0.85% expense ratio.
Return for Risk
GDLC vs. BCDF — Risk / Return Rank
GDLC
BCDF
GDLC vs. BCDF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and Horizon Kinetics Blockchain Development ETF (BCDF). 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.
| GDLC | BCDF | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.20 | 0.78 | -0.98 |
Sortino ratioReturn per unit of downside risk | 0.06 | 1.19 | -1.13 |
Omega ratioGain probability vs. loss probability | 1.01 | 1.15 | -0.15 |
Calmar ratioReturn relative to maximum drawdown | -0.19 | 1.40 | -1.60 |
Martin ratioReturn relative to average drawdown | -0.41 | 3.61 | -4.02 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GDLC | BCDF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.20 | 0.78 | -0.98 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.04 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.38 | -0.07 |
Correlation
The correlation between GDLC and BCDF is 0.45, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.
Dividends
GDLC vs. BCDF - Dividend Comparison
GDLC has not paid dividends to shareholders, while BCDF's dividend yield for the trailing twelve months is around 2.48%.
| TTM | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GDLC Grayscale CoinDesk Crypto 5 ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
BCDF Horizon Kinetics Blockchain Development ETF | 2.48% | 2.53% | 1.63% | 0.69% | 0.38% |
Drawdowns
GDLC vs. BCDF - Drawdown Comparison
The maximum GDLC drawdown since its inception was -94.14%, which is greater than BCDF's maximum drawdown of -27.70%. Use the drawdown chart below to compare losses from any high point for GDLC and BCDF.
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Drawdown Indicators
| GDLC | BCDF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.14% | -27.70% | -66.44% |
Max Drawdown (1Y)Largest decline over 1 year | -52.91% | -8.84% | -44.07% |
Max Drawdown (5Y)Largest decline over 5 years | -94.14% | — | — |
Current DrawdownCurrent decline from peak | -51.45% | -5.09% | -46.36% |
Average DrawdownAverage peak-to-trough decline | -52.90% | -10.23% | -42.67% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 24.86% | 3.44% | +21.42% |
Volatility
GDLC vs. BCDF - Volatility Comparison
Grayscale CoinDesk Crypto 5 ETF (GDLC) has a higher volatility of 13.67% compared to Horizon Kinetics Blockchain Development ETF (BCDF) at 5.22%. This indicates that GDLC's price experiences larger fluctuations and is considered to be riskier than BCDF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDLC | BCDF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.67% | 5.22% | +8.45% |
Volatility (6M)Calculated over the trailing 6-month period | 40.43% | 11.75% | +28.68% |
Volatility (1Y)Calculated over the trailing 1-year period | 50.42% | 16.82% | +33.60% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 77.87% | 17.06% | +60.81% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 95.02% | 17.06% | +77.96% |