GDLC vs. ETHE

Last updated Jun 25, 2026

GDLC (Grayscale CoinDesk Crypto 5 ETF) and ETHE (Grayscale Ethereum Trust ETF) are both Cryptocurrency funds from Grayscale - GDLC tracks the CoinDesk 5 Index while ETHE tracks the CoinDesk Ether Price Index. Both are passively managed. Over the past 5 years, GDLC returned 5.94%/yr vs -6.60%/yr for ETHE. A 0.67 correlation means they provide meaningful diversification when combined. GDLC charges 0.59%/yr vs 2.50%/yr for ETHE.

Performance

GDLC vs. ETHE - Performance Comparison

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

Returns By Period

In the year-to-date period, GDLC achieves a -35.19% return, which is significantly higher than ETHE's -47.00% return.

GDLC

• 1D: -3.98%
• 1M: -20.75%
• YTD: -35.19%
• 6M: -34.92%
• 1Y: -42.90%
• 3Y*: 47.71%
• 5Y*: 5.94%
• 10Y*: —

ETHE

• 1D: -4.77%
• 1M: -23.45%
• YTD: -47.00%
• 6M: -46.37%
• 1Y: -35.91%
• 3Y*: 9.64%
• 5Y*: -6.60%
• 10Y*: —

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

GDLC vs. ETHE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GDLC Grayscale CoinDesk Crypto 5 ETF	-35.19%	0.45%	136.98%	353.26%	-84.21%	27.43%	233.86%	-29.63%
ETHE Grayscale Ethereum Trust ETF	-47.00%	-13.03%	44.14%	308.40%	-85.29%	108.77%	441.75%	-23.95%

Correlation

The correlation between GDLC and ETHE 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 (3Y) Calculated over the trailing 3-year period	0.80
Correlation (5Y) Calculated over the trailing 5-year period	0.78
Correlation (All Time) Calculated using the full available price history since Nov 22, 2019	0.67

Over the past year, GDLC and ETHE have become more correlated (0.93) than their long-term average of 0.67, meaning their price movements have been converging.

Return for Risk

GDLC vs. ETHE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments 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: 3

ETHE

ETHE Risk / Return Rank: 5
ETHE Sharpe Ratio Rank: 5
ETHE Sortino Ratio Rank: 5
ETHE Omega Ratio Rank: 5
ETHE Calmar Ratio Rank: 5
ETHE 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. ETHE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and Grayscale Ethereum Trust ETF (ETHE). 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	ETHE	Difference
Sharpe ratio: Return per unit of total volatility	-0.88	-0.52	-0.35
Sortino ratio: Return per unit of downside risk	-1.23	-0.44	-0.79
Omega ratio: Gain probability vs. loss probability	0.86	0.95	-0.09
Calmar ratio: Return relative to maximum drawdown	-0.76	-0.53	-0.23
Martin ratio: Return relative to average drawdown	-1.28	-0.88	-0.40

GDLC vs. ETHE - Sharpe Ratio Comparison

The current GDLC Sharpe Ratio is -0.88, which is lower than the ETHE Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of GDLC and ETHE, 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. ETHE - Drawdown Comparison

The maximum GDLC drawdown since its inception was -94.14%, roughly equal to the maximum ETHE drawdown of -96.26%. Use the drawdown chart below to compare losses from any high point for GDLC and ETHE.

Drawdown Indicators

	GDLC	ETHE	Difference
Max Drawdown Largest peak-to-trough decline	-94.14%	-96.26%	+2.12%
Max Drawdown (1Y) Largest decline over 1 year	-56.55%	-67.77%	+11.22%
Max Drawdown (3Y) Largest decline over 3 years	-56.55%	-67.77%	+11.22%
Max Drawdown (5Y) Largest decline over 5 years	-94.14%	-89.85%	-4.29%
Current Drawdown Current decline from peak	-58.31%	-79.96%	+21.65%
Average Drawdown Average peak-to-trough decline	-52.78%	-72.24%	+19.46%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.55%	40.88%	-7.33%

Volatility

GDLC vs. ETHE - Volatility Comparison

The current volatility for Grayscale CoinDesk Crypto 5 ETF (GDLC) is 14.07%, while Grayscale Ethereum Trust ETF (ETHE) has a volatility of 19.76%. This indicates that GDLC experiences smaller price fluctuations and is considered to be less risky than ETHE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDLC	ETHE	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.07%	19.76%	-5.69%
Volatility (6M) Calculated over the trailing 6-month period	36.63%	46.39%	-9.76%
Volatility (1Y) Calculated over the trailing 1-year period	49.16%	68.99%	-19.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.77%	82.29%	-8.52%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.17%	191.15%	-96.98%

GDLC vs. ETHE - Expense Ratio Comparison

GDLC has a 0.59% expense ratio, which is lower than ETHE's 2.50% expense ratio.

Dividends

GDLC vs. ETHE - Dividend Comparison

GDLC has not paid dividends to shareholders, while ETHE's dividend yield for the trailing twelve months is around 1.54%.

Position	TTM
ETHE Grayscale Ethereum Trust ETF	1.54%
GDLC Grayscale CoinDesk Crypto 5 ETF	0.00%

Frequently Asked Questions

Can I hold both GDLC and ETHE in my portfolio?

With a correlation of 0.93, GDLC and ETHE 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 ETHE?

ETHE has higher volatility (19.76%) compared to GDLC (14.07%). In terms of maximum drawdown, GDLC dropped -94.14% vs ETHE's -96.26%.

Which ETF is better, GDLC or ETHE?

On 5-year performance, GDLC leads with 5.94% vs -6.60% for ETHE. On fees, GDLC is cheaper at 0.59% per year. On volatility, GDLC has been the lower-risk option at 14.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDLC or ETHE?

Over the 5-year period, GDLC has performed better with a 5.94% return vs -6.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDLC or ETHE?

GDLC is cheaper with a 0.59% expense ratio, compared with 2.50% for ETHE.

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

ETHE has the higher dividend yield at 1.54%, compared with 0.00% for GDLC.

What is the main difference between GDLC and ETHE?

GDLC tracks CoinDesk 5 Index, while ETHE tracks CoinDesk Ether Price Index. Their fees differ too: 0.59% for GDLC and 2.50% for ETHE.

Which has better risk-adjusted returns?

ETHE currently has the higher Sharpe Ratio (-0.52 vs -0.88), 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.