GDLC vs. BITO

Last updated Jun 24, 2026

GDLC (Grayscale CoinDesk Crypto 5 ETF) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds. GDLC is passively managed, while BITO is actively managed. Over the past 3 years, GDLC returned 49.72%/yr vs 18.00%/yr for BITO. Their correlation of 0.84 suggests significant overlap in exposure. GDLC charges 0.59%/yr vs 0.95%/yr for BITO.

Performance

GDLC vs. BITO - Performance Comparison

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

Returns By Period

In the year-to-date period, GDLC achieves a -32.51% return, which is significantly lower than BITO's -29.93% return.

GDLC

• 1D: -3.16%
• 1M: -17.46%
• YTD: -32.51%
• 6M: -32.63%
• 1Y: -38.54%
• 3Y*: 49.72%
• 5Y*: 4.86%
• 10Y*: —

BITO

• 1D: -3.31%
• 1M: -18.05%
• YTD: -29.93%
• 6M: -30.03%
• 1Y: -42.09%
• 3Y*: 18.00%
• 5Y*: —
• 10Y*: —

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

GDLC vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GDLC Grayscale CoinDesk Crypto 5 ETF	-32.51%	0.45%	136.98%	353.26%	-84.21%	-17.24%
BITO ProShares Bitcoin Strategy ETF	-29.93%	-11.19%	104.45%	137.33%	-63.91%	-29.31%

Correlation

The correlation between GDLC and BITO is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	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 Oct 19, 2021	0.84

The correlation between GDLC and BITO shifts across timeframes, from 0.84 (all time) to 0.97 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GDLC vs. BITO — Risk / Return Rank

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

GDLC

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

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 1
BITO Sortino Ratio Rank: 2
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 2
BITO 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. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and ProShares Bitcoin Strategy ETF (BITO). 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	BITO	Difference
Sharpe ratio: Return per unit of total volatility	-0.79	-0.96	+0.17
Sortino ratio: Return per unit of downside risk	-1.03	-1.38	+0.35
Omega ratio: Gain probability vs. loss probability	0.88	0.85	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.69	-0.80	+0.11
Martin ratio: Return relative to average drawdown	-1.16	-1.35	+0.19

GDLC vs. BITO - Sharpe Ratio Comparison

The current GDLC Sharpe Ratio is -0.79, which is comparable to the BITO Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of GDLC and BITO, 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. BITO - Drawdown Comparison

The maximum GDLC drawdown since its inception was -94.14%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for GDLC and BITO.

Drawdown Indicators

	GDLC	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-94.14%	-77.86%	-16.28%
Max Drawdown (1Y) Largest decline over 1 year	-56.34%	-53.10%	-3.24%
Max Drawdown (3Y) Largest decline over 3 years	-56.34%	-53.10%	-3.24%
Max Drawdown (5Y) Largest decline over 5 years	-94.14%	—	—
Current Drawdown Current decline from peak	-56.58%	-51.67%	-4.91%
Average Drawdown Average peak-to-trough decline	-52.78%	-36.86%	-15.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.36%	31.28%	+2.08%

Volatility

GDLC vs. BITO - Volatility Comparison

Grayscale CoinDesk Crypto 5 ETF (GDLC) has a higher volatility of 13.86% compared to ProShares Bitcoin Strategy ETF (BITO) at 12.79%. This indicates that GDLC's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDLC	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.86%	12.79%	+1.07%
Volatility (6M) Calculated over the trailing 6-month period	36.82%	34.39%	+2.43%
Volatility (1Y) Calculated over the trailing 1-year period	49.09%	44.08%	+5.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.78%	55.02%	+18.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.18%	55.02%	+39.16%

GDLC vs. BITO - Expense Ratio Comparison

GDLC has a 0.59% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

GDLC vs. BITO - Dividend Comparison

GDLC has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 71.07%.

Position	TTM	2025	2024	2023
BITO ProShares Bitcoin Strategy ETF	71.07%	78.29%	61.59%	15.14%
GDLC Grayscale CoinDesk Crypto 5 ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDLC and BITO in my portfolio?

With a correlation of 0.97, GDLC and BITO 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.

Which is riskier, GDLC or BITO?

GDLC has higher volatility (13.86%) compared to BITO (12.79%). In terms of maximum drawdown, GDLC dropped -94.14% vs BITO's -77.86%.

Which ETF is better, GDLC or BITO?

On 3-year performance, GDLC leads with 49.72% vs 18.00% for BITO. On fees, GDLC is cheaper at 0.59% per year. On volatility, BITO has been the lower-risk option at 12.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDLC or BITO?

Over the 3-year period, GDLC has performed better with a 49.72% return vs 18.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDLC or BITO?

GDLC is cheaper with a 0.59% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 71.07%, compared with 0.00% for GDLC.

What is the main difference between GDLC and BITO?

They also come from different issuers: Grayscale and ProShares. Their fees differ too: 0.59% for GDLC and 0.95% for BITO.

Which has better risk-adjusted returns?

GDLC currently has the higher Sharpe Ratio (-0.79 vs -0.96), 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.