GDLC vs. ETHA

Last updated Jul 14, 2026

GDLC (Grayscale CoinDesk Crypto 5 ETF) and ETHA (iShares Ethereum Trust ETF) are both Cryptocurrency funds - GDLC tracks the CoinDesk 5 Index while ETHA tracks the CME CF Ether Dollar Reference Rate - New York Variant. Both are passively managed. Over the past year, GDLC returned -45.99% vs -41.36% for ETHA. Their correlation of 0.84 suggests significant overlap in exposure. GDLC charges 0.59%/yr vs 0.25%/yr for ETHA.

Performance

GDLC vs. ETHA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale CoinDesk Crypto 5 ETF (GDLC) and iShares Ethereum Trust ETF (ETHA). 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 higher than ETHA's -40.39% return.

GDLC

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

ETHA

• 1D: -1.18%
• 1M: 6.36%
• 6M: -42.96%
• YTD: -40.39%
• 1Y: -41.36%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDLC vs. ETHA - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GDLC Grayscale CoinDesk Crypto 5 ETF	-32.34%	0.45%	70.49%
ETHA iShares Ethereum Trust ETF	-40.39%	-11.31%	-4.89%

Correlation

The correlation between GDLC and ETHA is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024	0.84

The correlation between GDLC and ETHA has been stable across timeframes, ranging from 0.84 to 0.93 - a consistent structural relationship.

Return for Risk

GDLC vs. ETHA — 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

ETHA

ETHA Risk / Return Rank: 5
ETHA Sharpe Ratio Rank: 4
ETHA Sortino Ratio Rank: 5
ETHA Omega Ratio Rank: 5
ETHA Calmar Ratio Rank: 4
ETHA Martin Ratio Rank: 5

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. ETHA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and iShares Ethereum Trust ETF (ETHA). 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	ETHA	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	-0.61	-0.33
Sortino ratio: Return per unit of downside risk	-1.38	-0.63	-0.75
Omega ratio: Gain probability vs. loss probability	0.85	0.93	-0.08
Calmar ratio: Return relative to maximum drawdown	-0.81	-0.61	-0.20
Martin ratio: Return relative to average drawdown	-1.29	-0.96	-0.33

GDLC vs. ETHA - Sharpe Ratio Comparison

The current GDLC Sharpe Ratio is -0.94, which is lower than the ETHA Sharpe Ratio of -0.61. The chart below compares the historical Sharpe Ratios of GDLC and ETHA, 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. ETHA - Drawdown Comparison

The maximum GDLC drawdown since its inception was -94.14%, which is greater than ETHA's maximum drawdown of -67.91%. Use the drawdown chart below to compare losses from any high point for GDLC and ETHA.

Drawdown Indicators

	GDLC	ETHA	Difference
Max Drawdown Largest peak-to-trough decline	-94.14%	-67.91%	-26.23%
Max Drawdown (1Y) Largest decline over 1 year	-57.18%	-67.91%	+10.73%
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	-56.48%	-63.46%	+6.98%
Average Drawdown Average peak-to-trough decline	-52.81%	-34.47%	-18.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.64%	43.04%	-7.40%

Volatility

GDLC vs. ETHA - Volatility Comparison

The current volatility for Grayscale CoinDesk Crypto 5 ETF (GDLC) is 11.89%, while iShares Ethereum Trust ETF (ETHA) has a volatility of 16.27%. This indicates that GDLC experiences smaller price fluctuations and is considered to be less risky than ETHA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDLC	ETHA	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.89%	16.27%	-4.38%
Volatility (6M) Calculated over the trailing 6-month period	36.71%	47.22%	-10.51%
Volatility (1Y) Calculated over the trailing 1-year period	49.09%	68.50%	-19.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.15%	72.14%	+1.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.87%	72.14%	+21.73%

GDLC vs. ETHA - Expense Ratio Comparison

GDLC has a 0.59% expense ratio, which is higher than ETHA's 0.25% expense ratio.

Dividends

GDLC vs. ETHA - Dividend Comparison

Neither GDLC nor ETHA has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GDLC and ETHA in my portfolio?

With a correlation of 0.93, GDLC and ETHA 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.

Which is riskier, GDLC or ETHA?

ETHA has higher volatility (16.27%) compared to GDLC (11.89%). In terms of maximum drawdown, GDLC dropped -94.14% vs ETHA's -67.91%.

Which ETF is better, GDLC or ETHA?

On 1-year performance, ETHA leads with -41.36% vs -45.99% for GDLC. On fees, ETHA is cheaper at 0.25% per year. On volatility, GDLC has been the lower-risk option at 11.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDLC or ETHA?

Over the 1-year period, ETHA has performed better with a -41.36% return vs -45.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDLC or ETHA?

ETHA is cheaper with a 0.25% expense ratio, compared with 0.59% for GDLC.

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

GDLC and ETHA have nearly identical dividend yields, around 0.00%.

What is the main difference between GDLC and ETHA?

GDLC tracks CoinDesk 5 Index, while ETHA tracks CME CF Ether Dollar Reference Rate - New York Variant. They also come from different issuers: Grayscale and iShares. Their fees differ too: 0.59% for GDLC and 0.25% for ETHA.

Which has better risk-adjusted returns?

ETHA currently has the higher Sharpe Ratio (-0.61 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.