GDLC vs. BLOX

Last updated Jun 24, 2026

GDLC (Grayscale CoinDesk Crypto 5 ETF) and BLOX (Nicholas Crypto Income ETF) are both Cryptocurrency funds. GDLC is passively managed, while BLOX is actively managed. Over the past year, GDLC returned -38.54% vs 25.91% for BLOX. Their correlation of 0.81 suggests significant overlap in exposure. GDLC charges 0.59%/yr vs 1.03%/yr for BLOX.

Performance

GDLC vs. BLOX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale CoinDesk Crypto 5 ETF (GDLC) and Nicholas Crypto Income ETF (BLOX). 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 BLOX's 14.14% return.

GDLC

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

BLOX

• 1D: -2.16%
• 1M: 1.81%
• YTD: 14.14%
• 6M: 8.96%
• 1Y: 25.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDLC vs. BLOX - Yearly Performance Comparison

	2026 (YTD)	2025
GDLC Grayscale CoinDesk Crypto 5 ETF	-32.51%	-10.46%
BLOX Nicholas Crypto Income ETF	14.14%	8.17%

Correlation

The correlation between GDLC and BLOX is 0.81, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.81
Correlation (All Time) Calculated using the full available price history since Jun 17, 2025	0.81

The correlation between GDLC and BLOX has been stable across timeframes, ranging from 0.81 to 0.81 - a consistent structural relationship.

Return for Risk

GDLC vs. BLOX — 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

BLOX

BLOX Risk / Return Rank: 16
BLOX Sharpe Ratio Rank: 16
BLOX Sortino Ratio Rank: 19
BLOX Omega Ratio Rank: 18
BLOX Calmar Ratio Rank: 15
BLOX Martin Ratio Rank: 14

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. BLOX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and Nicholas Crypto Income ETF (BLOX). 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	BLOX	Difference
Sharpe ratio: Return per unit of total volatility	-0.79	0.48	-1.27
Sortino ratio: Return per unit of downside risk	-1.03	1.00	-2.03
Omega ratio: Gain probability vs. loss probability	0.88	1.12	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.69	0.55	-1.24
Martin ratio: Return relative to average drawdown	-1.16	1.11	-2.26

GDLC vs. BLOX - Sharpe Ratio Comparison

The current GDLC Sharpe Ratio is -0.79, which is lower than the BLOX Sharpe Ratio of 0.48. The chart below compares the historical Sharpe Ratios of GDLC and BLOX, 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. BLOX - Drawdown Comparison

The maximum GDLC drawdown since its inception was -94.14%, which is greater than BLOX's maximum drawdown of -47.09%. Use the drawdown chart below to compare losses from any high point for GDLC and BLOX.

Drawdown Indicators

	GDLC	BLOX	Difference
Max Drawdown Largest peak-to-trough decline	-94.14%	-47.09%	-47.05%
Max Drawdown (1Y) Largest decline over 1 year	-56.34%	-47.09%	-9.25%
Max Drawdown (3Y) Largest decline over 3 years	-56.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-94.14%	—	—
Current Drawdown Current decline from peak	-56.58%	-21.10%	-35.48%
Average Drawdown Average peak-to-trough decline	-52.78%	-18.66%	-34.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.36%	23.45%	+9.91%

Volatility

GDLC vs. BLOX - Volatility Comparison

The current volatility for Grayscale CoinDesk Crypto 5 ETF (GDLC) is 13.86%, while Nicholas Crypto Income ETF (BLOX) has a volatility of 15.68%. This indicates that GDLC experiences smaller price fluctuations and is considered to be less risky than BLOX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDLC	BLOX	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.86%	15.68%	-1.82%
Volatility (6M) Calculated over the trailing 6-month period	36.82%	41.09%	-4.27%
Volatility (1Y) Calculated over the trailing 1-year period	49.09%	54.17%	-5.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.78%	53.89%	+19.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.18%	53.89%	+40.29%

GDLC vs. BLOX - Expense Ratio Comparison

GDLC has a 0.59% expense ratio, which is lower than BLOX's 1.03% expense ratio.

Dividends

GDLC vs. BLOX - Dividend Comparison

GDLC has not paid dividends to shareholders, while BLOX's dividend yield for the trailing twelve months is around 40.47%.

Position	TTM	2025
BLOX Nicholas Crypto Income ETF	40.47%	22.69%
GDLC Grayscale CoinDesk Crypto 5 ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDLC and BLOX in my portfolio?

GDLC and BLOX have a correlation of 0.81, 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 BLOX?

BLOX has higher volatility (15.68%) compared to GDLC (13.86%). In terms of maximum drawdown, GDLC dropped -94.14% vs BLOX's -47.09%.

Which ETF is better, GDLC or BLOX?

On 1-year performance, BLOX leads with 25.91% vs -38.54% for GDLC. 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 BLOX?

Over the 1-year period, BLOX has performed better with a 25.91% return vs -38.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDLC or BLOX?

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

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

BLOX has the higher dividend yield at 40.47%, compared with 0.00% for GDLC.

What is the main difference between GDLC and BLOX?

They also come from different issuers: Grayscale and Nicholas. Their fees differ too: 0.59% for GDLC and 1.03% for BLOX.

Which has better risk-adjusted returns?

BLOX currently has the higher Sharpe Ratio (0.48 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.