GDLC vs. BITC

Last updated Jul 14, 2026

GDLC (Grayscale CoinDesk Crypto 5 ETF) and BITC (Bitwise Bitcoin Strategy Optimum Roll ETF) are both Cryptocurrency funds. GDLC is passively managed, while BITC is actively managed. Over the past 3 years, GDLC returned 42.64%/yr vs 27.90%/yr for BITC. A 0.71 correlation means they provide meaningful diversification when combined. GDLC charges 0.59%/yr vs 0.88%/yr for BITC.

Performance

GDLC vs. BITC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale CoinDesk Crypto 5 ETF (GDLC) and Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDLC achieves a -32.34% return, which is significantly lower than BITC's -2.70% return.

GDLC

• 1D: -2.77%
• 1M: -1.51%
• 6M: -35.66%
• YTD: -32.34%
• 1Y: -45.99%
• 3Y*: 42.64%
• 5Y*: 2.39%
• 10Y*: —

BITC

• 1D: -2.63%
• 1M: -9.11%
• 6M: -4.20%
• YTD: -2.70%
• 1Y: -26.25%
• 3Y*: 27.90%
• 5Y*: —
• 10Y*: —

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

GDLC vs. BITC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
GDLC Grayscale CoinDesk Crypto 5 ETF	-32.34%	0.45%	136.98%	151.59%
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	-2.70%	-20.46%	97.86%	42.71%

Correlation

The correlation between GDLC and BITC 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	0.70
Correlation (All Time) Calculated using the full available price history since Mar 21, 2023	0.71

Over the past year, the correlation between GDLC and BITC has dropped to 0.50 - well below their long-term average of 0.71, suggesting their price drivers have been diverging.

Return for Risk

GDLC vs. BITC — Risk / Return Rank

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

GDLC

GDLC Risk / Return Rank: 2
GDLC Sharpe Ratio Rank: 2
GDLC Sortino Ratio Rank: 2
GDLC Omega Ratio Rank: 2
GDLC Calmar Ratio Rank: 2
GDLC Martin Ratio Rank: 3

BITC

BITC Risk / Return Rank: 1
BITC Sharpe Ratio Rank: 1
BITC Sortino Ratio Rank: 2
BITC Omega Ratio Rank: 1
BITC Calmar Ratio Rank: 1
BITC Martin Ratio Rank: 2

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.

GDLC vs. BITC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and Bitwise Bitcoin Strategy Optimum Roll ETF (BITC). 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.

	GDLC	BITC	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	-1.06	+0.12
Sortino ratio: Return per unit of downside risk	-1.38	-1.46	+0.08
Omega ratio: Gain probability vs. loss probability	0.85	0.78	+0.06
Calmar ratio: Return relative to maximum drawdown	-0.81	-0.94	+0.14
Martin ratio: Return relative to average drawdown	-1.29	-1.32	+0.03

GDLC vs. BITC - Sharpe Ratio Comparison

The current GDLC Sharpe Ratio is -0.94, which is comparable to the BITC Sharpe Ratio of -1.06. The chart below compares the historical Sharpe Ratios of GDLC and BITC, 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

GDLC vs. BITC - Drawdown Comparison

The maximum GDLC drawdown since its inception was -94.14%, which is greater than BITC's maximum drawdown of -38.51%. Use the drawdown chart below to compare losses from any high point for GDLC and BITC.

Drawdown Indicators

	GDLC	BITC	Difference
Max Drawdown Largest peak-to-trough decline	-94.14%	-38.51%	-55.63%
Max Drawdown (1Y) Largest decline over 1 year	-57.18%	-27.89%	-29.29%
Max Drawdown (3Y) Largest decline over 3 years	-57.18%	-38.51%	-18.67%
Max Drawdown (5Y) Largest decline over 5 years	-94.14%	—	—
Current Drawdown Current decline from peak	-56.48%	-33.13%	-23.35%
Average Drawdown Average peak-to-trough decline	-52.81%	-16.75%	-36.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.64%	19.87%	+15.77%

Volatility

GDLC vs. BITC - Volatility Comparison

Grayscale CoinDesk Crypto 5 ETF (GDLC) has a higher volatility of 11.89% compared to Bitwise Bitcoin Strategy Optimum Roll ETF (BITC) at 6.65%. This indicates that GDLC's price experiences larger fluctuations and is considered to be riskier than BITC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDLC	BITC	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.89%	6.65%	+5.24%
Volatility (6M) Calculated over the trailing 6-month period	36.71%	19.15%	+17.56%
Volatility (1Y) Calculated over the trailing 1-year period	49.09%	24.83%	+24.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.15%	46.05%	+27.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.87%	46.05%	+47.82%

GDLC vs. BITC - Expense Ratio Comparison

GDLC has a 0.59% expense ratio, which is lower than BITC's 0.88% expense ratio.

Dividends

GDLC vs. BITC - Dividend Comparison

GDLC has not paid dividends to shareholders, while BITC's dividend yield for the trailing twelve months is around 3.46%.

Position	TTM	2025	2024	2023
BITC Bitwise Bitcoin Strategy Optimum Roll ETF	3.46%	3.36%	42.68%	5.82%
GDLC Grayscale CoinDesk Crypto 5 ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDLC and BITC in my portfolio?

GDLC and BITC 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, GDLC or BITC?

GDLC has higher volatility (11.89%) compared to BITC (6.65%). In terms of maximum drawdown, GDLC dropped -94.14% vs BITC's -38.51%.

Which ETF is better, GDLC or BITC?

On 3-year performance, GDLC leads with 42.64% vs 27.90% for BITC. On fees, GDLC is cheaper at 0.59% per year. On volatility, BITC has been the lower-risk option at 6.65%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDLC or BITC?

Over the 3-year period, GDLC has performed better with a 42.64% return vs 27.90%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDLC or BITC?

GDLC is cheaper with a 0.59% expense ratio, compared with 0.88% for BITC.

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

BITC has the higher dividend yield at 3.46%, compared with 0.00% for GDLC.

What is the main difference between GDLC and BITC?

They also come from different issuers: Grayscale and Bitwise. Their fees differ too: 0.59% for GDLC and 0.88% for BITC.

Which has better risk-adjusted returns?

GDLC currently has the higher Sharpe Ratio (-0.94 vs -1.06), 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.