GDLC vs. CEPI

Last updated Aug 4, 2026

GDLC (Grayscale CoinDesk Crypto 5 ETF) and CEPI (REX Crypto Equity Premium Income ETF) are both exchange-traded funds - GDLC is a Cryptocurrency fund tracking the CoinDesk 5 Index, while CEPI is a Derivative Income fund actively managed by REX. GDLC is passively managed, while CEPI is actively managed. Over the past year, GDLC returned -42.29% vs 23.11% for CEPI. Their 0.66 correlation means they have sometimes moved together and sometimes differently. GDLC charges 0.59%/yr vs 0.85%/yr for CEPI.

Performance

GDLC vs. CEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale CoinDesk Crypto 5 ETF (GDLC) and REX Crypto Equity Premium Income ETF (CEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDLC achieves a -30.16% return, which is significantly lower than CEPI's 17.46% 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%

CEPI

• 1D: 2.01%
• 1M: 0.84%
• 6M: 14.49%
• YTD: 17.46%
• 1Y: 23.11%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 12.13%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
CEPI REX Crypto Equity Premium Income ETF	$1.23M	$1.28M	$1.61M
GDLC Grayscale CoinDesk Crypto 5 ETF	$1.36M	$1.40M	$1.44M

GDLC vs. CEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GDLC Grayscale CoinDesk Crypto 5 ETF	-30.16%	0.45%	-6.18%
CEPI REX Crypto Equity Premium Income ETF	17.46%	10.75%	-7.02%

Correlation

The correlation between GDLC and CEPI is 0.67, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.67
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	0.66

The correlation between GDLC and CEPI has been stable across timeframes, ranging from 0.66 to 0.67 - a consistent structural relationship.

Return for Risk

GDLC vs. CEPI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GDLC

GDLC Risk / Return Rank: 3
GDLC Sharpe Ratio Rank: 2
GDLC Sortino Ratio Rank: 3
GDLC Omega Ratio Rank: 3
GDLC Calmar Ratio Rank: 3
GDLC Martin Ratio Rank: 4

CEPI

CEPI Risk / Return Rank: 31
CEPI Sharpe Ratio Rank: 32
CEPI Sortino Ratio Rank: 32
CEPI Omega Ratio Rank: 32
CEPI Calmar Ratio Rank: 31
CEPI Martin Ratio Rank: 28

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GDLC vs. CEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and REX Crypto Equity Premium Income ETF (CEPI). 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	CEPI	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	0.79	-1.66
Sortino ratio: Return per unit of downside risk	-1.20	1.24	-2.45
Omega ratio: Gain probability vs. loss probability	0.87	1.16	-0.29
Calmar ratio: Return relative to maximum drawdown	-0.74	1.03	-1.78
Martin ratio: Return relative to average drawdown	-1.12	2.40	-3.52

GDLC vs. CEPI - Sharpe Ratio Comparison

The current GDLC Sharpe Ratio is -0.87, which is lower than the CEPI Sharpe Ratio of 0.79. The chart below compares the historical Sharpe Ratios of GDLC and CEPI, 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. CEPI - Drawdown Comparison

The maximum GDLC drawdown since its inception was -94.14%, which is greater than CEPI's maximum drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for GDLC and CEPI.

Drawdown Indicators

	GDLC	CEPI	Difference
Max Drawdown Largest peak-to-trough decline	-94.14%	-29.48%	-64.66%
Max Drawdown (1Y) Largest decline over 1 year	-57.18%	-22.47%	-34.71%
Max Drawdown (3Y) Largest decline over 3 years	-57.18%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-94.14%	—	—
Current Drawdown Current decline from peak	-55.07%	-5.73%	-49.34%
Average Drawdown Average peak-to-trough decline	-52.83%	-8.23%	-44.60%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.88%	9.65%	+28.23%

Volatility

GDLC vs. CEPI - Volatility Comparison

The current volatility for Grayscale CoinDesk Crypto 5 ETF (GDLC) is 9.27%, while REX Crypto Equity Premium Income ETF (CEPI) has a volatility of 11.47%. This indicates that GDLC experiences smaller price fluctuations and is considered to be less risky than CEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDLC	CEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.27%	11.47%	-2.20%
Volatility (6M) Calculated over the trailing 6-month period	35.61%	23.71%	+11.90%
Volatility (1Y) Calculated over the trailing 1-year period	49.03%	29.38%	+19.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.69%	31.91%	+39.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.49%	31.91%	+61.58%

GDLC vs. CEPI - Expense Ratio Comparison

GDLC has a 0.59% expense ratio, which is lower than CEPI's 0.85% expense ratio.

Dividends

GDLC vs. CEPI - Dividend Comparison

GDLC has not paid dividends to shareholders, while CEPI's dividend yield for the trailing twelve months is around 44.70%.

Position	TTM	2025
CEPI REX Crypto Equity Premium Income ETF	44.70%	50.78%
GDLC Grayscale CoinDesk Crypto 5 ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both GDLC and CEPI in my portfolio?

GDLC and CEPI have a correlation of 0.67, 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 CEPI?

CEPI has higher volatility (11.47%) compared to GDLC (9.27%). In terms of maximum drawdown, GDLC dropped -94.14% vs CEPI's -29.48%.

Which ETF is better, GDLC or CEPI?

On 1-year performance, CEPI leads with 23.11% vs -42.29% for GDLC. On fees, GDLC is cheaper at 0.59% per year. On volatility, GDLC has been the lower-risk option at 9.27%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDLC or CEPI?

Over the 1-year period, CEPI has performed better with a 23.11% return vs -42.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDLC or CEPI?

GDLC is cheaper with a 0.59% expense ratio, compared with 0.85% for CEPI.

Which ETF pays a higher dividend yield, GDLC or CEPI?

CEPI has the higher dividend yield at 44.70%, compared with 0.00% for GDLC.

What is the main difference between GDLC and CEPI?

GDLC is categorized as Cryptocurrency, while CEPI is Derivative Income. They also come from different issuers: Grayscale and REX. Their fees differ too: 0.59% for GDLC and 0.85% for CEPI.

Which has better risk-adjusted returns?

CEPI currently has the higher Sharpe Ratio (0.79 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.