GDLC vs. BITW

Last updated Jun 24, 2026

GDLC (Grayscale CoinDesk Crypto 5 ETF) and BITW (Bitwise 10 Crypto Index ETF) are both Cryptocurrency funds - GDLC tracks the CoinDesk 5 Index while BITW tracks the Bitwise 10 Large Cap Crypto Index. Both are passively managed. Over the past 5 years, GDLC returned 4.86%/yr vs 1.78%/yr for BITW. A 0.69 correlation means they provide meaningful diversification when combined. GDLC charges 0.59%/yr vs 0.75%/yr for BITW.

Performance

GDLC vs. BITW - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with GDLC having a -32.51% return and BITW slightly higher at -32.35%.

GDLC

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

BITW

• 1D: -3.24%
• 1M: -17.92%
• YTD: -32.35%
• 6M: -32.63%
• 1Y: -35.22%
• 3Y*: 52.08%
• 5Y*: 1.78%
• 10Y*: —

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

GDLC vs. BITW - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
GDLC Grayscale CoinDesk Crypto 5 ETF	-32.51%	0.45%	136.98%	353.26%	-84.21%	27.43%	5.72%
BITW Bitwise 10 Crypto Index ETF	-32.35%	-2.63%	160.69%	331.10%	-85.92%	-36.83%	403.25%

Correlation

The correlation between GDLC and BITW is 0.98 - 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	0.98
Correlation (3Y) Calculated over the trailing 3-year period	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Oct 15, 2020	0.69

Over the past year, GDLC and BITW have become more correlated (0.98) than their long-term average of 0.69, meaning their price movements have been converging.

Return for Risk

GDLC vs. BITW — 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

BITW

BITW Risk / Return Rank: 4
BITW Sharpe Ratio Rank: 3
BITW Sortino Ratio Rank: 4
BITW Omega Ratio Rank: 4
BITW Calmar Ratio Rank: 4
BITW Martin Ratio Rank: 4

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. BITW - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and Bitwise 10 Crypto Index ETF (BITW). 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	BITW	Difference
Sharpe ratio: Return per unit of total volatility	-0.79	-0.71	-0.08
Sortino ratio: Return per unit of downside risk	-1.03	-0.86	-0.17
Omega ratio: Gain probability vs. loss probability	0.88	0.90	-0.02
Calmar ratio: Return relative to maximum drawdown	-0.69	-0.64	-0.05
Martin ratio: Return relative to average drawdown	-1.16	-1.08	-0.07

GDLC vs. BITW - Sharpe Ratio Comparison

The current GDLC Sharpe Ratio is -0.79, which is comparable to the BITW Sharpe Ratio of -0.71. The chart below compares the historical Sharpe Ratios of GDLC and BITW, 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. BITW - Drawdown Comparison

The maximum GDLC drawdown since its inception was -94.14%, roughly equal to the maximum BITW drawdown of -96.46%. Use the drawdown chart below to compare losses from any high point for GDLC and BITW.

Drawdown Indicators

	GDLC	BITW	Difference
Max Drawdown Largest peak-to-trough decline	-94.14%	-96.46%	+2.32%
Max Drawdown (1Y) Largest decline over 1 year	-56.34%	-55.51%	-0.83%
Max Drawdown (3Y) Largest decline over 3 years	-56.34%	-55.51%	-0.83%
Max Drawdown (5Y) Largest decline over 5 years	-94.14%	-91.93%	-2.21%
Current Drawdown Current decline from peak	-56.58%	-71.40%	+14.82%
Average Drawdown Average peak-to-trough decline	-52.78%	-69.56%	+16.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.36%	32.56%	+0.80%

Volatility

GDLC vs. BITW - Volatility Comparison

Grayscale CoinDesk Crypto 5 ETF (GDLC) and Bitwise 10 Crypto Index ETF (BITW) have volatilities of 13.86% and 14.10%, 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	BITW	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.86%	14.10%	-0.24%
Volatility (6M) Calculated over the trailing 6-month period	36.82%	37.34%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	49.09%	49.87%	-0.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.78%	65.59%	+8.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.18%	108.35%	-14.17%

GDLC vs. BITW - Expense Ratio Comparison

GDLC has a 0.59% expense ratio, which is lower than BITW's 0.75% expense ratio.

Dividends

GDLC vs. BITW - Dividend Comparison

Neither GDLC nor BITW has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GDLC and BITW in my portfolio?

With a correlation of 0.98, GDLC and BITW 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 BITW?

BITW has higher volatility (14.10%) compared to GDLC (13.86%). In terms of maximum drawdown, GDLC dropped -94.14% vs BITW's -96.46%.

Which ETF is better, GDLC or BITW?

On 5-year performance, GDLC leads with 4.86% vs 1.78% for BITW. On fees, GDLC is cheaper at 0.59% per year. On volatility, GDLC has been the lower-risk option at 13.86%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDLC or BITW?

Over the 5-year period, GDLC has performed better with a 4.86% return vs 1.78%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDLC or BITW?

GDLC is cheaper with a 0.59% expense ratio, compared with 0.75% for BITW.

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

GDLC and BITW have nearly identical dividend yields, around 0.00%.

What is the main difference between GDLC and BITW?

GDLC tracks CoinDesk 5 Index, while BITW tracks Bitwise 10 Large Cap Crypto Index. They also come from different issuers: Grayscale and Bitwise. Their fees differ too: 0.59% for GDLC and 0.75% for BITW.

Which has better risk-adjusted returns?

BITW currently has the higher Sharpe Ratio (-0.71 vs -0.79), 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.