GDLC vs. BTC-USD
GDLC (Grayscale CoinDesk Crypto 5 ETF) is Cryptocurrency fund tracking the CoinDesk 5 Index, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 5 years, GDLC returned 4.86%/yr vs 12.68%/yr for BTC-USD. A 0.54 correlation means they provide meaningful diversification when combined.
Performance
GDLC vs. BTC-USD - Performance Comparison
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Returns By Period
In the year-to-date period, GDLC achieves a -32.51% return, which is significantly lower than BTC-USD's -28.07% return.
GDLC
- 1D
- -3.16%
- 1M
- -17.46%
- YTD
- -32.51%
- 6M
- -32.63%
- 1Y
- -38.54%
- 3Y*
- 49.72%
- 5Y*
- 4.86%
- 10Y*
- —
BTC-USD
- 1D
- -1.58%
- 1M
- -18.24%
- YTD
- -28.07%
- 6M
- -28.01%
- 1Y
- -40.30%
- 3Y*
- 27.25%
- 5Y*
- 12.68%
- 10Y*
- 57.41%
GDLC vs. BTC-USD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GDLC Grayscale CoinDesk Crypto 5 ETF | -32.51% | 0.45% | 136.98% | 353.26% | -84.21% | 27.43% | 233.86% | -29.63% |
BTC-USD Bitcoin | -28.07% | -6.27% | 120.76% | 155.82% | -64.23% | 59.40% | 304.57% | -5.92% |
Correlation
The correlation between GDLC and BTC-USD is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2019 | 0.54 |
The correlation between GDLC and BTC-USD shifts across timeframes, from 0.54 (all time) to 0.70 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GDLC vs. BTC-USD — Risk / Return Rank
GDLC
BTC-USD
GDLC vs. BTC-USD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and Bitcoin (BTC-USD). 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 | BTC-USD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.15 | ||
| Sortino ratioReturn per unit of downside risk | +0.30 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 0.86 | +0.02 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | -0.79 | +0.10 |
| Martin ratioReturn relative to average drawdown | -1.16 | -1.32 | +0.17 |
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Drawdowns
GDLC vs. BTC-USD - Drawdown Comparison
The maximum GDLC drawdown since its inception was -94.14%, which is greater than BTC-USD's maximum drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for GDLC and BTC-USD.
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Drawdown Indicators
| GDLC | BTC-USD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.14% | -85.30% | -8.84% |
Max Drawdown (1Y)Largest decline over 1 year | -56.34% | -51.21% | -5.13% |
Max Drawdown (3Y)Largest decline over 3 years | -56.34% | -51.21% | -5.13% |
Max Drawdown (5Y)Largest decline over 5 years | -94.14% | -76.67% | -17.47% |
Max Drawdown (10Y)Largest decline over 10 years | — | -83.80% | — |
Current DrawdownCurrent decline from peak | -56.58% | -49.54% | -7.04% |
Average DrawdownAverage peak-to-trough decline | -52.78% | -42.40% | -10.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.36% | 31.29% | +2.07% |
Volatility
GDLC vs. BTC-USD - Volatility Comparison
Grayscale CoinDesk Crypto 5 ETF (GDLC) has a higher volatility of 13.86% compared to Bitcoin (BTC-USD) at 12.23%. This indicates that GDLC's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDLC | BTC-USD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.86% | 12.23% | +1.63% |
Volatility (6M)Calculated over the trailing 6-month period | 36.82% | 34.57% | +2.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.09% | 35.70% | +13.39% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.78% | 44.26% | +29.52% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 94.18% | 56.41% | +37.77% |
Frequently Asked Questions
GDLC and BTC-USD have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDLC has higher volatility (13.86%) compared to BTC-USD (12.23%). In terms of maximum drawdown, GDLC dropped -94.14% vs BTC-USD's -85.30%.
GDLC currently has the higher Sharpe Ratio (-0.79 vs -0.94), 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.
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