GDLC vs. BITW

Last updated Jun 4, 2026

GDLC (Grayscale CoinDesk Crypto 5 ETF) is Cryptocurrency fund tracking the CoinDesk 5 Index, while BITW (Bitwise 10 Crypto Index Fund) is a stock. Over the past 5 years, GDLC returned 2.21%/yr vs -7.67%/yr for BITW. A 0.69 correlation means they provide meaningful diversification when combined.

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 Fund (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 -28.93% return and BITW slightly higher at -28.62%.

GDLC

• 1D: -3.29%
• 1M: -18.37%
• YTD: -28.93%
• 6M: -33.67%
• 1Y: -33.81%
• 3Y*: 64.48%
• 5Y*: 2.21%
• 10Y*: —

BITW

• 1D: -3.34%
• 1M: -18.81%
• YTD: -28.62%
• 6M: -33.87%
• 1Y: -32.03%
• 3Y*: 58.56%
• 5Y*: -7.67%
• 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	-28.93%	0.45%	136.98%	353.26%	-84.21%	27.43%	9.37%
BITW Bitwise 10 Crypto Index Fund	-28.62%	-2.63%	160.69%	331.10%	-85.92%	-36.83%	403.25%

Correlation

The correlation between GDLC and BITW 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	0.86
Correlation (5Y) Calculated over the trailing 5-year period	0.77
Correlation (All Time) Calculated using the full available price history since Oct 16, 2020	0.69

Over the past year, GDLC and BITW have become more correlated (0.97) 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: 4

BITW

BITW Risk / Return Rank: 16
BITW Sharpe Ratio Rank: 13
BITW Sortino Ratio Rank: 15
BITW Omega Ratio Rank: 16
BITW Calmar Ratio Rank: 18
BITW Martin Ratio Rank: 18

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 Fund (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.

	GDLC	BITW	Difference
Sharpe ratio Return per unit of total volatility	-0.70	-0.66	-0.04
Sortino ratio Return per unit of downside risk	-0.84	-0.75	-0.08
Omega ratio Gain probability vs. loss probability	0.90	0.91	-0.01
Calmar ratio Return relative to maximum drawdown	-0.64	-0.62	-0.02
Martin ratio Return relative to average drawdown	-1.09	-1.06	-0.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDLC vs. BITW - Sharpe Ratio Comparison

The current GDLC Sharpe Ratio is -0.70, which is comparable to the BITW Sharpe Ratio of -0.66. 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.

Sharpe Ratios by Period

	GDLC	BITW	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.70	-0.66	-0.04
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	-0.12	+0.15
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.23	+0.06

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	-52.91%	-52.10%	-0.81%
Max Drawdown (3Y) Largest decline over 3 years	-52.91%	-52.10%	-0.81%
Max Drawdown (5Y) Largest decline over 5 years	-94.14%	-92.13%	-2.01%
Current Drawdown Current decline from peak	-54.28%	-69.83%	+15.55%
Average Drawdown Average peak-to-trough decline	-52.73%	-69.59%	+16.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.04%	30.25%	+0.79%

Volatility

GDLC vs. BITW - Volatility Comparison

Grayscale CoinDesk Crypto 5 ETF (GDLC) and Bitwise 10 Crypto Index Fund (BITW) have volatilities of 9.78% and 9.49%, 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	9.78%	9.49%	+0.29%
Volatility (6M) Calculated over the trailing 6-month period	36.66%	37.71%	-1.05%
Volatility (1Y) Calculated over the trailing 1-year period	48.54%	49.10%	-0.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.43%	66.30%	+8.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.91%	108.75%	-14.84%

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 0.97, 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?

GDLC has higher volatility (9.78%) compared to BITW (9.49%). In terms of maximum drawdown, GDLC dropped -94.14% vs BITW's -96.46%.

Which has better risk-adjusted returns?

BITW currently has the higher Sharpe Ratio (-0.66 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.