GDLC vs. CBOL
GDLC (Grayscale CoinDesk Crypto 5 ETF) and CBOL (Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF) are both exchange-traded funds - GDLC is a Cryptocurrency fund tracking the CoinDesk 5 Index, while CBOL is a Defined Outcome fund actively managed by Calamos. GDLC is passively managed, while CBOL is actively managed. Their correlation of 0.92 means they have usually moved in the same direction. GDLC charges 0.59%/yr vs 0.79%/yr for CBOL.
Performance
GDLC vs. CBOL - Performance Comparison
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Returns By Period
In the year-to-date period, GDLC achieves a -30.16% return, which is significantly lower than CBOL's -1.82% return.
GDLC
- 1D
- 1.26%
- 1M
- 4.19%
- 6M
- -19.67%
- YTD
- -30.16%
- 1Y
- -42.29%
- 3Y*
- 49.03%
- 5Y*
- -3.08%
- 10Y*
- —
- ALL TIME*
- 20.89%
CBOL
- 1D
- 0.13%
- 1M
- 0.30%
- 6M
- -0.82%
- YTD
- -1.82%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $58.81K | $31.00K | $17.58K | |
| $1.36M | $1.40M | $1.44M |
GDLC vs. CBOL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GDLC Grayscale CoinDesk Crypto 5 ETF | -30.16% | -26.61% |
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | -1.82% | -2.04% |
Correlation
The correlation between GDLC and CBOL is 0.92, meaning they have usually moved in the same direction, including during past declines.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Oct 14, 2025 | 0.92 |
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Return for Risk
GDLC vs. CBOL — Risk / Return Rank
GDLC
CBOL
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
GDLC vs. CBOL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF (CBOL). 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 | CBOL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.87 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | — | — |
| Martin ratioReturn relative to average drawdown | -1.12 | — | — |
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Drawdowns
GDLC vs. CBOL - Drawdown Comparison
The maximum GDLC drawdown since its inception was -94.14%, which is greater than CBOL's maximum drawdown of -5.05%. Use the drawdown chart below to compare losses from any high point for GDLC and CBOL.
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Drawdown Indicators
| GDLC | CBOL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.14% | -5.05% | -89.09% |
Max Drawdown (1Y)Largest decline over 1 year | -57.18% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -57.18% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -94.14% | — | — |
Current DrawdownCurrent decline from peak | -55.07% | -4.44% | -50.63% |
Average DrawdownAverage peak-to-trough decline | -52.83% | -3.49% | -49.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.88% | — | — |
Volatility
GDLC vs. CBOL - Volatility Comparison
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Volatility by Period
| GDLC | CBOL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.27% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 35.61% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 49.03% | 3.65% | +45.38% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 71.69% | 3.65% | +68.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 93.49% | 3.65% | +89.84% |
GDLC vs. CBOL - Expense Ratio Comparison
GDLC has a 0.59% expense ratio, which is lower than CBOL's 0.79% expense ratio.
Dividends
GDLC vs. CBOL - Dividend Comparison
GDLC has not paid dividends to shareholders, while CBOL's dividend yield for the trailing twelve months is around 1.82%.
| Position | TTM | 2025 |
|---|---|---|
CBOL Calamos Laddered Bitcoin 90 Series Structured Alt Protection ETF | 1.82% | 1.79% |
GDLC Grayscale CoinDesk Crypto 5 ETF | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.92, GDLC and CBOL 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.
On fees, GDLC is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.
GDLC is cheaper with a 0.59% expense ratio, compared with 0.79% for CBOL.
CBOL has the higher dividend yield at 1.82%, compared with 0.00% for GDLC.
GDLC is categorized as Cryptocurrency, while CBOL is Defined Outcome. They also come from different issuers: Grayscale and Calamos. Their fees differ too: 0.59% for GDLC and 0.79% for CBOL.
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