GDLC vs. BTC-USD

Last updated Jun 3, 2026

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 2.01%/yr vs 11.41%/yr for BTC-USD. A 0.54 correlation means they provide meaningful diversification when combined.

Performance

GDLC vs. BTC-USD - Performance Comparison

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

Returns By Period

The year-to-date returns for both stocks are quite close, with GDLC having a -26.51% return and BTC-USD slightly lower at -27.71%.

GDLC

• 1D: -5.98%
• 1M: -13.72%
• YTD: -26.51%
• 6M: -29.75%
• 1Y: -29.37%
• 3Y*: 66.33%
• 5Y*: 2.01%
• 10Y*: —

BTC-USD

• 1D: -5.18%
• 1M: -20.79%
• YTD: -27.71%
• 6M: -32.32%
• 1Y: -40.02%
• 3Y*: 32.61%
• 5Y*: 11.41%
• 10Y*: 60.00%

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

GDLC vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GDLC Grayscale CoinDesk Crypto 5 ETF	-26.51%	0.45%	136.98%	353.26%	-84.21%	27.43%	233.86%	-5.00%
BTC-USD Bitcoin	-27.71%	-6.27%	120.76%	155.82%	-64.23%	59.40%	304.57%	-1.61%

Correlation

The correlation between GDLC and BTC-USD 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	0.63
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (All Time) Calculated using the full available price history since Nov 23, 2019	0.54

The correlation between GDLC and BTC-USD shifts across timeframes, from 0.54 (all time) to 0.69 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GDLC vs. BTC-USD — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GDLC

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

BTC-USD

BTC-USD Risk / Return Rank: 39
BTC-USD Sharpe Ratio Rank: 12
BTC-USD Sortino Ratio Rank: 32
BTC-USD Omega Ratio Rank: 31
BTC-USD Calmar Ratio Rank: 71
BTC-USD Martin Ratio Rank: 50

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. 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.

	GDLC	BTC-USD	Difference
Sharpe ratio Return per unit of total volatility	-0.61	-0.93	+0.33
Sortino ratio Return per unit of downside risk	-0.66	-1.31	+0.65
Omega ratio Gain probability vs. loss probability	0.93	0.87	+0.06
Calmar ratio Return relative to maximum drawdown	-0.57	-0.81	+0.23
Martin ratio Return relative to average drawdown	-0.99	-1.42	+0.43
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. BTC-USD - Sharpe Ratio Comparison

The current GDLC Sharpe Ratio is -0.61, which is higher than the BTC-USD Sharpe Ratio of -0.93. The chart below compares the historical Sharpe Ratios of GDLC and BTC-USD, 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	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.61	-0.93	+0.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	0.21	-0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.88	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	1.13	-0.83

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.

Drawdown Indicators

	GDLC	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-94.14%	-85.30%	-8.84%
Max Drawdown (1Y) Largest decline over 1 year	-52.91%	-49.65%	-3.26%
Max Drawdown (3Y) Largest decline over 3 years	-52.91%	-49.65%	-3.26%
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 Drawdown Current decline from peak	-52.72%	-49.29%	-3.43%
Average Drawdown Average peak-to-trough decline	-52.73%	-42.27%	-10.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.86%	33.73%	-2.87%

Volatility

GDLC vs. BTC-USD - Volatility Comparison

The current volatility for Grayscale CoinDesk Crypto 5 ETF (GDLC) is 9.93%, while Bitcoin (BTC-USD) has a volatility of 10.81%. This indicates that GDLC experiences smaller price fluctuations and is considered to be less risky than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDLC	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.93%	10.81%	-0.88%
Volatility (6M) Calculated over the trailing 6-month period	37.13%	34.33%	+2.80%
Volatility (1Y) Calculated over the trailing 1-year period	48.45%	35.60%	+12.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.43%	45.05%	+29.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.93%	56.69%	+37.24%

Frequently Asked Questions

Can I hold both GDLC and BTC-USD in my portfolio?

GDLC and BTC-USD 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.

Which is riskier, GDLC or BTC-USD?

BTC-USD has higher volatility (10.81%) compared to GDLC (9.93%). In terms of maximum drawdown, GDLC dropped -94.14% vs BTC-USD's -85.30%.

Which has better risk-adjusted returns?

GDLC currently has the higher Sharpe Ratio (-0.61 vs -0.93), 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.