GDLC vs. ETCO
GDLC (Grayscale CoinDesk Crypto 5 ETF) and ETCO (Grayscale Ethereum Covered Call ETF) are both Cryptocurrency funds from Grayscale. GDLC is passively managed, while ETCO is actively managed. Their correlation of 0.91 suggests significant overlap in exposure. GDLC charges 0.59%/yr vs 0.66%/yr for ETCO.
Performance
GDLC vs. ETCO - Performance Comparison
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Returns By Period
In the year-to-date period, GDLC achieves a -28.93% return, which is significantly higher than ETCO's -33.38% return.
GDLC
- 1D
- -3.29%
- 1M
- -18.37%
- YTD
- -28.93%
- 6M
- -33.67%
- 1Y
- -33.81%
- 3Y*
- 64.48%
- 5Y*
- 2.21%
- 10Y*
- —
ETCO
- 1D
- -5.43%
- 1M
- -20.32%
- YTD
- -33.38%
- 6M
- -34.60%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GDLC vs. ETCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
GDLC Grayscale CoinDesk Crypto 5 ETF | -28.93% | -17.76% |
ETCO Grayscale Ethereum Covered Call ETF | -33.38% | -24.78% |
Correlation
The correlation between GDLC and ETCO is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 5, 2025 | 0.91 |
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Return for Risk
GDLC vs. ETCO — Risk / Return Rank
GDLC
ETCO
GDLC vs. ETCO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and Grayscale Ethereum Covered Call ETF (ETCO). 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 | ETCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 0.90 | — | — |
| Calmar ratioReturn relative to maximum drawdown | -0.64 | — | — |
| Martin ratioReturn relative to average drawdown | -1.09 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GDLC | ETCO | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.70 | — | — |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | -1.16 | +1.45 |
Drawdowns
GDLC vs. ETCO - Drawdown Comparison
The maximum GDLC drawdown since its inception was -94.14%, which is greater than ETCO's maximum drawdown of -56.81%. Use the drawdown chart below to compare losses from any high point for GDLC and ETCO.
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Drawdown Indicators
| GDLC | ETCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.14% | -56.81% | -37.33% |
Max Drawdown (1Y)Largest decline over 1 year | -52.91% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -52.91% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -94.14% | — | — |
Current DrawdownCurrent decline from peak | -54.28% | -54.32% | +0.04% |
Average DrawdownAverage peak-to-trough decline | -52.73% | -34.43% | -18.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.04% | — | — |
Volatility
GDLC vs. ETCO - Volatility Comparison
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Volatility by Period
| GDLC | ETCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.78% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 36.66% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 48.54% | 52.49% | -3.95% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.43% | 52.49% | +21.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 93.91% | 52.49% | +41.42% |
GDLC vs. ETCO - Expense Ratio Comparison
GDLC has a 0.59% expense ratio, which is lower than ETCO's 0.66% expense ratio.
Dividends
GDLC vs. ETCO - Dividend Comparison
GDLC has not paid dividends to shareholders, while ETCO's dividend yield for the trailing twelve months is around 127.41%.
| Position | TTM | 2025 |
|---|---|---|
ETCO Grayscale Ethereum Covered Call ETF | 127.41% | 42.29% |
GDLC Grayscale CoinDesk Crypto 5 ETF | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.91, GDLC and ETCO 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 0.66% for ETCO.
ETCO has the higher dividend yield at 127.41%, compared with 0.00% for GDLC.
Their fees differ too: 0.59% for GDLC and 0.66% for ETCO.
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