GDLC vs. CEF
GDLC (Grayscale CoinDesk Crypto 5 ETF) and CEF (Sprott Physical Gold and Silver Trust) are both funds - GDLC is a Cryptocurrency fund tracking the CoinDesk 5 Index, while CEF is a Gold fund actively managed by Sprott. GDLC is passively managed, while CEF is actively managed. Over the past 5 years, GDLC returned -3.08%/yr vs 16.52%/yr for CEF. Their 0.21 correlation means their historical movements had little consistent relationship. GDLC charges 0.59%/yr vs 0.48%/yr for CEF.
Performance
GDLC vs. CEF - 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 CEF's -12.40% 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%
CEF
- 1D
- 0.27%
- 1M
- -2.93%
- 6M
- -16.42%
- YTD
- -12.40%
- 1Y
- 30.81%
- 3Y*
- 30.03%
- 5Y*
- 16.52%
- 10Y*
- 10.97%
- ALL TIME*
- 5.77%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $23.04M | $23.77M | $29.26M | |
| $1.36M | $1.40M | $1.44M |
GDLC vs. CEF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GDLC Grayscale CoinDesk Crypto 5 ETF | -30.16% | 0.45% | 136.98% | 353.26% | -84.21% | 27.43% | 233.86% | -29.63% |
CEF Sprott Physical Gold and Silver Trust | -12.40% | 92.76% | 24.07% | 6.80% | 1.07% | -8.32% | 31.99% | 4.19% |
Correlation
The correlation between GDLC and CEF is 0.28, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.28 |
Correlation (3Y) Balances recent behavior with more history. | 0.18 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.18 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2019 | 0.21 |
The correlation between GDLC and CEF shifts across timeframes, from 0.18 (3 years) to 0.28 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
GDLC vs. CEF — Risk / Return Rank
GDLC
CEF
GDLC vs. CEF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and Sprott Physical Gold and Silver Trust (CEF). 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 | CEF | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.64 | ||
| Sortino ratioReturn per unit of downside risk | -2.35 | ||
| Omega ratioGain probability vs. loss probability | 0.87 | 1.17 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.74 | 0.91 | -1.65 |
| Martin ratioReturn relative to average drawdown | -1.12 | 1.92 | -3.04 |
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Drawdowns
GDLC vs. CEF - Drawdown Comparison
The maximum GDLC drawdown since its inception was -94.14%, which is greater than CEF's maximum drawdown of -62.29%. Use the drawdown chart below to compare losses from any high point for GDLC and CEF.
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Drawdown Indicators
| GDLC | CEF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.14% | -62.29% | -31.85% |
Max Drawdown (1Y)Largest decline over 1 year | -57.18% | -34.12% | -23.06% |
Max Drawdown (3Y)Largest decline over 3 years | -57.18% | -34.12% | -23.06% |
Max Drawdown (5Y)Largest decline over 5 years | -94.14% | -34.12% | -60.02% |
Max Drawdown (10Y)Largest decline over 10 years | — | -34.12% | — |
Current DrawdownCurrent decline from peak | -55.07% | -32.24% | -22.83% |
Average DrawdownAverage peak-to-trough decline | -52.83% | -27.35% | -25.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.88% | 16.07% | +21.81% |
Volatility
GDLC vs. CEF - Volatility Comparison
Grayscale CoinDesk Crypto 5 ETF (GDLC) has a higher volatility of 9.27% compared to Sprott Physical Gold and Silver Trust (CEF) at 8.21%. This indicates that GDLC's price experiences larger fluctuations and is considered to be riskier than CEF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDLC | CEF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.27% | 8.21% | +1.06% |
Volatility (6M)Calculated over the trailing 6-month period | 35.61% | 30.51% | +5.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.03% | 40.18% | +8.85% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 71.69% | 24.96% | +46.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 93.49% | 22.06% | +71.43% |
GDLC vs. CEF - Expense Ratio Comparison
GDLC has a 0.59% expense ratio, which is higher than CEF's 0.48% expense ratio.
Dividends
GDLC vs. CEF - Dividend Comparison
Neither GDLC nor CEF has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CEF Sprott Physical Gold and Silver Trust | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.08% | 0.07% | 0.09% | 0.10% |
GDLC Grayscale CoinDesk Crypto 5 ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GDLC and CEF have a correlation of 0.28, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GDLC has higher volatility (9.27%) compared to CEF (8.21%). In terms of maximum drawdown, GDLC dropped -94.14% vs CEF's -62.29%.
CEF currently has the higher Sharpe Ratio (0.77 vs -0.87), 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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