GDLC vs. DBE
GDLC (Grayscale CoinDesk Crypto 5 ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - GDLC is a Cryptocurrency fund tracking the CoinDesk 5 Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past 5 years, GDLC returned 2.21%/yr vs 19.66%/yr for DBE. At a 0.07 correlation, their price movements are largely independent. GDLC charges 0.59%/yr vs 0.78%/yr for DBE.
Performance
GDLC vs. DBE - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, GDLC achieves a -28.93% return, which is significantly lower than DBE's 83.68% return.
GDLC
- 1D
- -3.29%
- 1M
- -18.37%
- YTD
- -28.93%
- 6M
- -33.67%
- 1Y
- -33.81%
- 3Y*
- 64.48%
- 5Y*
- 2.21%
- 10Y*
- —
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
GDLC vs. DBE - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GDLC Grayscale CoinDesk Crypto 5 ETF | -28.93% | 0.45% | 136.98% | 353.26% | -84.21% | 27.43% | 233.86% | -5.00% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | 33.77% | 57.56% | -25.91% | 3.72% |
Correlation
The correlation between GDLC and DBE is -0.11, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.11 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.02 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.04 |
Correlation (All Time) Calculated using the full available price history since Nov 25, 2019 | 0.07 |
The correlation between GDLC and DBE shifts across timeframes, from -0.11 (1 year) to 0.07 (all time), reflecting how their relationship changes across market environments.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
GDLC vs. DBE — Risk / Return Rank
GDLC
DBE
GDLC vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and Invesco DB Energy Fund (DBE). 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 | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.13 | ||
| Sortino ratioReturn per unit of downside risk | -3.79 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.40 | -0.50 |
| Calmar ratioReturn relative to maximum drawdown | -0.64 | 5.89 | -6.53 |
| Martin ratioReturn relative to average drawdown | -1.09 | 11.53 | -12.62 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| GDLC | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.70 | 2.43 | -3.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | 0.67 | -0.64 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 0.09 | +0.20 |
Drawdowns
GDLC vs. DBE - Drawdown Comparison
The maximum GDLC drawdown since its inception was -94.14%, which is greater than DBE's maximum drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for GDLC and DBE.
Loading charts...
Drawdown Indicators
| GDLC | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.14% | -86.69% | -7.45% |
Max Drawdown (1Y)Largest decline over 1 year | -52.91% | -14.41% | -38.50% |
Max Drawdown (3Y)Largest decline over 3 years | -52.91% | -23.89% | -29.02% |
Max Drawdown (5Y)Largest decline over 5 years | -94.14% | -38.74% | -55.40% |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -54.28% | -30.27% | -24.01% |
Average DrawdownAverage peak-to-trough decline | -52.73% | -57.31% | +4.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.04% | 7.35% | +23.69% |
Volatility
GDLC vs. DBE - Volatility Comparison
The current volatility for Grayscale CoinDesk Crypto 5 ETF (GDLC) is 9.78%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that GDLC experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| GDLC | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.78% | 12.95% | -3.17% |
Volatility (6M)Calculated over the trailing 6-month period | 36.66% | 30.86% | +5.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.54% | 34.97% | +13.57% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.43% | 29.39% | +45.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 93.91% | 28.33% | +65.58% |
GDLC vs. DBE - Expense Ratio Comparison
GDLC has a 0.59% expense ratio, which is lower than DBE's 0.78% expense ratio.
Dividends
GDLC vs. DBE - Dividend Comparison
GDLC has not paid dividends to shareholders, while DBE's dividend yield for the trailing twelve months is around 2.10%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
GDLC Grayscale CoinDesk Crypto 5 ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
GDLC and DBE have a correlation of -0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.95%) compared to GDLC (9.78%). In terms of maximum drawdown, GDLC dropped -94.14% vs DBE's -86.69%.
On 5-year performance, DBE leads with 19.66% vs 2.21% for GDLC. On fees, GDLC is cheaper at 0.59% per year. On volatility, GDLC has been the lower-risk option at 9.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, DBE has performed better with a 19.66% return vs 2.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDLC is cheaper with a 0.59% expense ratio, compared with 0.78% for DBE.
DBE has the higher dividend yield at 2.10%, compared with 0.00% for GDLC.
GDLC is categorized as Cryptocurrency, while DBE is Oil & Gas. GDLC tracks CoinDesk 5 Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Grayscale and Invesco. Their fees differ too: 0.59% for GDLC and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 vs -0.70), 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.
Find the right allocation for GDLC and DBE
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer