GDLC vs. BITQ
GDLC (Grayscale CoinDesk Crypto 5 ETF) and BITQ (Bitwise Crypto Industry Innovators ETF) are both exchange-traded funds - GDLC is a Cryptocurrency fund tracking the CoinDesk 5 Index, while BITQ is a Technology Equities fund tracking the Bitwise Crypto Innovators 30 Total Return. Both are passively managed. Over the past 5 years, GDLC returned 2.21%/yr vs 5.19%/yr for BITQ. A 0.69 correlation means they provide meaningful diversification when combined. GDLC charges 0.59%/yr vs 0.85%/yr for BITQ.
Performance
GDLC vs. BITQ - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GDLC achieves a -28.93% return, which is significantly lower than BITQ's 39.79% return.
GDLC
- 1D
- -3.29%
- 1M
- -18.37%
- YTD
- -28.93%
- 6M
- -33.67%
- 1Y
- -33.81%
- 3Y*
- 64.48%
- 5Y*
- 2.21%
- 10Y*
- —
BITQ
- 1D
- -2.21%
- 1M
- 11.04%
- YTD
- 39.79%
- 6M
- 21.39%
- 1Y
- 60.30%
- 3Y*
- 58.56%
- 5Y*
- 5.19%
- 10Y*
- —
GDLC vs. BITQ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
GDLC Grayscale CoinDesk Crypto 5 ETF | -28.93% | 0.45% | 136.98% | 353.26% | -84.21% | -41.50% |
BITQ Bitwise Crypto Industry Innovators ETF | 39.79% | 18.00% | 46.97% | 246.83% | -83.86% | -7.06% |
Correlation
The correlation between GDLC and BITQ is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.69 |
Correlation (All Time) Calculated using the full available price history since May 13, 2021 | 0.69 |
The correlation between GDLC and BITQ has been stable across timeframes, ranging from 0.69 to 0.69 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GDLC vs. BITQ — Risk / Return Rank
GDLC
BITQ
GDLC vs. BITQ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and Bitwise Crypto Industry Innovators ETF (BITQ). 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 | BITQ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.78 | ||
| Sortino ratioReturn per unit of downside risk | -2.52 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.20 | -0.29 |
| Calmar ratioReturn relative to maximum drawdown | -0.64 | 1.35 | -1.99 |
| Martin ratioReturn relative to average drawdown | -1.09 | 2.84 | -3.93 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GDLC | BITQ | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.70 | 1.08 | -1.78 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | 0.08 | -0.05 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 0.07 | +0.22 |
Drawdowns
GDLC vs. BITQ - Drawdown Comparison
The maximum GDLC drawdown since its inception was -94.14%, roughly equal to the maximum BITQ drawdown of -90.32%. Use the drawdown chart below to compare losses from any high point for GDLC and BITQ.
Loading charts...
Drawdown Indicators
| GDLC | BITQ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.14% | -90.32% | -3.82% |
Max Drawdown (1Y)Largest decline over 1 year | -52.91% | -44.99% | -7.92% |
Max Drawdown (3Y)Largest decline over 3 years | -52.91% | -51.22% | -1.69% |
Max Drawdown (5Y)Largest decline over 5 years | -94.14% | -90.32% | -3.82% |
Current DrawdownCurrent decline from peak | -54.28% | -14.06% | -40.22% |
Average DrawdownAverage peak-to-trough decline | -52.73% | -52.80% | +0.07% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.04% | 21.32% | +9.72% |
Volatility
GDLC vs. BITQ - Volatility Comparison
The current volatility for Grayscale CoinDesk Crypto 5 ETF (GDLC) is 9.78%, while Bitwise Crypto Industry Innovators ETF (BITQ) has a volatility of 14.73%. This indicates that GDLC experiences smaller price fluctuations and is considered to be less risky than BITQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GDLC | BITQ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.78% | 14.73% | -4.95% |
Volatility (6M)Calculated over the trailing 6-month period | 36.66% | 42.74% | -6.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.54% | 56.05% | -7.51% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.43% | 67.17% | +7.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 93.91% | 67.23% | +26.68% |
GDLC vs. BITQ - Expense Ratio Comparison
GDLC has a 0.59% expense ratio, which is lower than BITQ's 0.85% expense ratio.
Dividends
GDLC vs. BITQ - Dividend Comparison
Neither GDLC nor BITQ has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
BITQ Bitwise Crypto Industry Innovators ETF | 0.00% | 0.00% | 0.90% | 1.51% | 0.00% | 3.12% |
GDLC Grayscale CoinDesk Crypto 5 ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GDLC and BITQ have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BITQ has higher volatility (14.73%) compared to GDLC (9.78%). In terms of maximum drawdown, GDLC dropped -94.14% vs BITQ's -90.32%.
On 5-year performance, BITQ leads with 5.19% vs 2.21% for GDLC. On fees, GDLC is cheaper at 0.59% per year. On volatility, GDLC has been the lower-risk option at 9.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BITQ has performed better with a 5.19% return vs 2.21%. 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 0.85% for BITQ.
GDLC and BITQ have nearly identical dividend yields, around 0.00%.
GDLC is categorized as Cryptocurrency, while BITQ is Technology Equities. GDLC tracks CoinDesk 5 Index, while BITQ tracks Bitwise Crypto Innovators 30 Total Return. They also come from different issuers: Grayscale and Exchange Traded Concepts. Their fees differ too: 0.59% for GDLC and 0.85% for BITQ.
BITQ currently has the higher Sharpe Ratio (1.08 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.
Find the right allocation for GDLC and BITQ
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer