GDLC vs. BITI

Last updated Jul 14, 2026

GDLC (Grayscale CoinDesk Crypto 5 ETF) and BITI (ProShares Short Bitcoin ETF) are both Cryptocurrency funds - GDLC tracks the CoinDesk 5 Index while BITI tracks the Bloomberg Bitcoin Index. Both are passively managed. Over the past 3 years, GDLC returned 42.64%/yr vs -30.65%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale CoinDesk Crypto 5 ETF (GDLC) and ProShares Short Bitcoin ETF (BITI). 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 BITI's 28.75% return.

GDLC

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

BITI

• 1D: 2.65%
• 1M: 1.46%
• 6M: 34.68%
• YTD: 28.75%
• 1Y: 68.34%
• 3Y*: -30.65%
• 5Y*: —
• 10Y*: —

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

GDLC vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GDLC Grayscale CoinDesk Crypto 5 ETF	-32.34%	0.45%	136.98%	353.26%	-49.93%
BITI ProShares Short Bitcoin ETF	28.75%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between GDLC and BITI is -0.98, 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	-0.98
Correlation (3Y) Calculated over the trailing 3-year period	-0.88
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.85

The correlation between GDLC and BITI shifts across timeframes, from -0.98 (1 year) to -0.85 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GDLC vs. BITI — 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

BITI

BITI Risk / Return Rank: 57
BITI Sharpe Ratio Rank: 58
BITI Sortino Ratio Rank: 55
BITI Omega Ratio Rank: 50
BITI Calmar Ratio Rank: 68
BITI Martin Ratio Rank: 51

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. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and ProShares Short 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.

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	BITI	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	1.56	-2.50
Sortino ratio: Return per unit of downside risk	-1.38	2.13	-3.50
Omega ratio: Gain probability vs. loss probability	0.85	1.26	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.81	2.72	-3.52
Martin ratio: Return relative to average drawdown	-1.29	6.78	-8.07

GDLC vs. BITI - Sharpe Ratio Comparison

The current GDLC Sharpe Ratio is -0.94, which is lower than the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of GDLC and BITI, 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. 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.

Drawdown Indicators

	GDLC	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-94.14%	-92.16%	-1.98%
Max Drawdown (1Y) Largest decline over 1 year	-57.18%	-25.28%	-31.90%
Max Drawdown (3Y) Largest decline over 3 years	-57.18%	-84.63%	+27.45%
Max Drawdown (5Y) Largest decline over 5 years	-94.14%	—	—
Current Drawdown Current decline from peak	-56.48%	-85.94%	+29.46%
Average Drawdown Average peak-to-trough decline	-52.81%	-68.34%	+15.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.64%	10.11%	+25.53%

Volatility

GDLC vs. BITI - Volatility Comparison

Grayscale CoinDesk Crypto 5 ETF (GDLC) and ProShares Short Bitcoin ETF (BITI) have volatilities of 11.89% and 11.38%, 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.

Volatility by Period

	GDLC	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.89%	11.38%	+0.51%
Volatility (6M) Calculated over the trailing 6-month period	36.71%	34.25%	+2.46%
Volatility (1Y) Calculated over the trailing 1-year period	49.09%	44.14%	+4.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.15%	52.28%	+20.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.87%	52.28%	+41.59%

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 15.10%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.10%	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

Can I hold both GDLC and BITI in my portfolio?

GDLC and BITI have a correlation of -0.98, 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 BITI?

GDLC has higher volatility (11.89%) compared to BITI (11.38%). In terms of maximum drawdown, GDLC dropped -94.14% vs BITI's -92.16%.

Which ETF is better, GDLC or BITI?

On 3-year performance, GDLC leads with 42.64% vs -30.65% for BITI. On fees, GDLC is cheaper at 0.59% per year. On volatility, BITI has been the lower-risk option at 11.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDLC or BITI?

Over the 3-year period, GDLC has performed better with a 42.64% return vs -30.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDLC or BITI?

GDLC is cheaper with a 0.59% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 15.10%, compared with 0.00% for GDLC.

What is the main difference between GDLC and BITI?

GDLC tracks CoinDesk 5 Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Grayscale and ProShares. Their fees differ too: 0.59% for GDLC and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.56 vs -0.94), 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.