GDLC vs. CEF

Last updated Jul 14, 2026

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 2.39%/yr vs 15.73%/yr for CEF. At a 0.21 correlation, their price movements are largely independent. GDLC charges 0.59%/yr vs 0.48%/yr for CEF.

Performance

GDLC vs. CEF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale CoinDesk Crypto 5 ETF (GDLC) and Sprott Physical Gold and Silver Trust (CEF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDLC achieves a -32.34% return, which is significantly lower than CEF's -13.23% return.

GDLC

• 1D: -2.77%
• 1M: -1.51%
• 6M: -35.66%
• YTD: -32.34%
• 1Y: -45.99%
• 3Y*: 42.64%
• 5Y*: 2.39%
• 10Y*: —

CEF

• 1D: -3.26%
• 1M: -8.75%
• 6M: -21.20%
• YTD: -13.23%
• 1Y: 27.95%
• 3Y*: 28.70%
• 5Y*: 15.73%
• 10Y*: 10.74%

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

GDLC vs. CEF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GDLC Grayscale CoinDesk Crypto 5 ETF	-32.34%	0.45%	136.98%	353.26%	-84.21%	27.43%	233.86%	-29.63%
CEF Sprott Physical Gold and Silver Trust	-13.23%	92.76%	24.07%	6.80%	1.07%	-8.32%	31.99%	4.19%

Correlation

The correlation between GDLC and CEF is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.17
Correlation (All Time) Calculated using the full available price history since Nov 22, 2019	0.21

Return for Risk

GDLC vs. CEF — Risk / Return Rank

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

GDLC

GDLC Risk / Return Rank: 2
GDLC Sharpe Ratio Rank: 2
GDLC Sortino Ratio Rank: 2
GDLC Omega Ratio Rank: 2
GDLC Calmar Ratio Rank: 2
GDLC Martin Ratio Rank: 3

CEF

CEF Risk / Return Rank: 13
CEF Sharpe Ratio Rank: 13
CEF Sortino Ratio Rank: 13
CEF Omega Ratio Rank: 17
CEF Calmar Ratio Rank: 13
CEF Martin Ratio Rank: 10

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. 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 ratio: Return per unit of total volatility	-0.94	0.71	-1.65
Sortino ratio: Return per unit of downside risk	-1.38	1.08	-2.46
Omega ratio: Gain probability vs. loss probability	0.85	1.16	-0.31
Calmar ratio: Return relative to maximum drawdown	-0.81	0.84	-1.64
Martin ratio: Return relative to average drawdown	-1.29	2.00	-3.29

GDLC vs. CEF - Sharpe Ratio Comparison

The current GDLC Sharpe Ratio is -0.94, which is lower than the CEF Sharpe Ratio of 0.71. The chart below compares the historical Sharpe Ratios of GDLC and CEF, 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. 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.

Drawdown Indicators

	GDLC	CEF	Difference
Max Drawdown Largest peak-to-trough decline	-94.14%	-62.29%	-31.85%
Max Drawdown (1Y) Largest decline over 1 year	-57.18%	-33.61%	-23.57%
Max Drawdown (3Y) Largest decline over 3 years	-57.18%	-33.61%	-23.57%
Max Drawdown (5Y) Largest decline over 5 years	-94.14%	-33.61%	-60.53%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.61%	—
Current Drawdown Current decline from peak	-56.48%	-32.88%	-23.60%
Average Drawdown Average peak-to-trough decline	-52.81%	-27.34%	-25.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.64%	14.03%	+21.61%

Volatility

GDLC vs. CEF - Volatility Comparison

Grayscale CoinDesk Crypto 5 ETF (GDLC) has a higher volatility of 11.89% compared to Sprott Physical Gold and Silver Trust (CEF) at 10.82%. 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.

Volatility by Period

	GDLC	CEF	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.89%	10.82%	+1.07%
Volatility (6M) Calculated over the trailing 6-month period	36.71%	35.82%	+0.89%
Volatility (1Y) Calculated over the trailing 1-year period	49.09%	39.86%	+9.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.15%	24.84%	+48.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.87%	22.07%	+71.80%

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

Can I hold both GDLC and CEF in my portfolio?

GDLC and CEF have a correlation of 0.26, 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 CEF?

GDLC has higher volatility (11.89%) compared to CEF (10.82%). In terms of maximum drawdown, GDLC dropped -94.14% vs CEF's -62.29%.

Which has better risk-adjusted returns?

CEF currently has the higher Sharpe Ratio (0.71 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.