GDLC vs. BITI
GDLC (Grayscale CoinDesk Crypto 5 ETF) and BITI (ProShares Shrt Bitcoin ETF) are both Cryptocurrency funds - GDLC tracks the CoinDesk 5 Index while BITI tracks the Bloomberg Bitcoin Index (-100%). Both are passively managed. Over the past 3 years, GDLC returned 64.48%/yr vs -34.09%/yr for BITI. At a correlation of -0.85, they often move in opposite directions. GDLC charges 0.59%/yr vs 1.03%/yr for BITI.
Performance
GDLC vs. BITI - Performance Comparison
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Returns By Period
In the year-to-date period, GDLC achieves a -28.93% return, which is significantly lower than BITI's 24.06% return.
GDLC
- 1D
- -3.29%
- 1M
- -18.37%
- YTD
- -28.93%
- 6M
- -33.67%
- 1Y
- -33.81%
- 3Y*
- 64.48%
- 5Y*
- 2.21%
- 10Y*
- —
BITI
- 1D
- 2.69%
- 1M
- 22.00%
- YTD
- 24.06%
- 6M
- 31.50%
- 1Y
- 45.79%
- 3Y*
- -34.09%
- 5Y*
- —
- 10Y*
- —
GDLC vs. BITI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GDLC Grayscale CoinDesk Crypto 5 ETF | -28.93% | 0.45% | 136.98% | 353.26% | -51.07% |
BITI ProShares Shrt Bitcoin ETF | 24.06% | -1.76% | -62.60% | -66.17% | -0.06% |
Correlation
The correlation between GDLC and BITI is -0.97, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.88 |
Correlation (All Time) Calculated using the full available price history since Jun 22, 2022 | -0.85 |
The correlation between GDLC and BITI shifts across timeframes, from -0.97 (1 year) to -0.85 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
GDLC vs. BITI — Risk / Return Rank
GDLC
BITI
GDLC vs. BITI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and ProShares Shrt Bitcoin ETF (BITI). 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 | BITI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -2.46 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.19 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.64 | 1.82 | -2.46 |
| Martin ratioReturn relative to average drawdown | -1.09 | 3.89 | -4.98 |
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 | BITI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.70 | 1.06 | -1.76 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | -0.72 | +1.02 |
Drawdowns
GDLC vs. BITI - Drawdown Comparison
The maximum GDLC drawdown since its inception was -94.14%, roughly equal to the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for GDLC and BITI.
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Drawdown Indicators
| GDLC | BITI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.14% | -92.16% | -1.98% |
Max Drawdown (1Y)Largest decline over 1 year | -52.91% | -25.28% | -27.63% |
Max Drawdown (3Y)Largest decline over 3 years | -52.91% | -84.63% | +31.72% |
Max Drawdown (5Y)Largest decline over 5 years | -94.14% | — | — |
Current DrawdownCurrent decline from peak | -54.28% | -86.46% | +32.18% |
Average DrawdownAverage peak-to-trough decline | -52.73% | -67.95% | +15.22% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.04% | 11.80% | +19.24% |
Volatility
GDLC vs. BITI - Volatility Comparison
Grayscale CoinDesk Crypto 5 ETF (GDLC) has a higher volatility of 9.78% compared to ProShares Shrt Bitcoin ETF (BITI) at 9.29%. This indicates that GDLC's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDLC | BITI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.78% | 9.29% | +0.49% |
Volatility (6M)Calculated over the trailing 6-month period | 36.66% | 34.02% | +2.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.54% | 43.52% | +5.02% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.43% | 52.50% | +21.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 93.91% | 52.50% | +41.41% |
GDLC vs. BITI - Expense Ratio Comparison
GDLC has a 0.59% expense ratio, which is lower than BITI's 1.03% expense ratio.
Dividends
GDLC vs. BITI - Dividend Comparison
GDLC has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 9.52%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
BITI ProShares Shrt Bitcoin ETF | 9.52% | 1.60% | 3.91% | 3.33% | 0.06% |
GDLC Grayscale CoinDesk Crypto 5 ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GDLC and BITI have a correlation of -0.97, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDLC has higher volatility (9.78%) compared to BITI (9.29%). In terms of maximum drawdown, GDLC dropped -94.14% vs BITI's -92.16%.
On 3-year performance, GDLC leads with 64.48% vs -34.09% for BITI. On fees, GDLC is cheaper at 0.59% per year. On volatility, BITI has been the lower-risk option at 9.29%. 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 64.48% return vs -34.09%. 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 1.03% for BITI.
BITI has the higher dividend yield at 9.52%, compared with 0.00% for GDLC.
GDLC tracks CoinDesk 5 Index, while BITI tracks Bloomberg Bitcoin Index (-100%). They also come from different issuers: Grayscale and ProShares. Their fees differ too: 0.59% for GDLC and 1.03% for BITI.
BITI currently has the higher Sharpe Ratio (1.06 vs -0.70), 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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