GDLC vs. EZPZ

Last updated Aug 4, 2026

GDLC (Grayscale CoinDesk Crypto 5 ETF) and EZPZ (Franklin Crypto Index ETF) are both Cryptocurrency funds - GDLC tracks the CoinDesk 5 Index while EZPZ tracks the CF Institutional Digital Asset Index – US-Settlement Price. Both are passively managed. Over the past year, GDLC returned -42.29% vs -45.86% for EZPZ. Their 0.97 correlation means they have historically moved very closely together. GDLC charges 0.59%/yr vs 0.19%/yr for EZPZ.

Performance

GDLC vs. EZPZ - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with GDLC having a -30.16% return and EZPZ slightly higher at -29.81%.

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%

EZPZ

• 1D: 1.37%
• 1M: 3.54%
• 6M: -19.88%
• YTD: -29.81%
• 1Y: -45.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -27.24%

*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)
EZPZ Franklin Crypto Index ETF	$94.68K	$149.95K	$221.31K
GDLC Grayscale CoinDesk Crypto 5 ETF	$1.36M	$1.40M	$1.44M

GDLC vs. EZPZ - Yearly Performance Comparison

	2026 (YTD)	2025
GDLC Grayscale CoinDesk Crypto 5 ETF	-30.16%	0.01%
EZPZ Franklin Crypto Index ETF	-29.81%	-10.11%

Correlation

The correlation between GDLC and EZPZ is 0.99 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.99
Correlation (All Time) Calculated using the full available price history since Feb 20, 2025	0.97

The correlation between GDLC and EZPZ has been stable across timeframes, ranging from 0.97 to 0.99 - a consistent structural relationship.

Return for Risk

GDLC vs. EZPZ — 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

EZPZ

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

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. EZPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and Franklin Crypto Index ETF (EZPZ). 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	EZPZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	-0.96	+0.10
Sortino ratio: Return per unit of downside risk	-1.20	-1.42	+0.21
Omega ratio: Gain probability vs. loss probability	0.87	0.84	+0.02
Calmar ratio: Return relative to maximum drawdown	-0.74	-0.81	+0.07
Martin ratio: Return relative to average drawdown	-1.12	-1.23	+0.11

GDLC vs. EZPZ - Sharpe Ratio Comparison

The current GDLC Sharpe Ratio is -0.87, which is comparable to the EZPZ Sharpe Ratio of -0.96. The chart below compares the historical Sharpe Ratios of GDLC and EZPZ, 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. EZPZ - Drawdown Comparison

The maximum GDLC drawdown since its inception was -94.14%, which is greater than EZPZ's maximum drawdown of -56.63%. Use the drawdown chart below to compare losses from any high point for GDLC and EZPZ.

Drawdown Indicators

	GDLC	EZPZ	Difference
Max Drawdown Largest peak-to-trough decline	-94.14%	-56.63%	-37.51%
Max Drawdown (1Y) Largest decline over 1 year	-57.18%	-56.63%	-0.55%
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%	-52.67%	-2.40%
Average Drawdown Average peak-to-trough decline	-52.83%	-25.21%	-27.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.88%	37.25%	+0.63%

Volatility

GDLC vs. EZPZ - Volatility Comparison

Grayscale CoinDesk Crypto 5 ETF (GDLC) and Franklin Crypto Index ETF (EZPZ) have volatilities of 9.27% and 8.97%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDLC	EZPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.27%	8.97%	+0.30%
Volatility (6M) Calculated over the trailing 6-month period	35.61%	36.03%	-0.42%
Volatility (1Y) Calculated over the trailing 1-year period	49.03%	47.82%	+1.21%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.69%	46.90%	+24.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.49%	46.90%	+46.59%

GDLC vs. EZPZ - Expense Ratio Comparison

GDLC has a 0.59% expense ratio, which is higher than EZPZ's 0.19% expense ratio.

Dividends

GDLC vs. EZPZ - Dividend Comparison

Neither GDLC nor EZPZ has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GDLC and EZPZ in my portfolio?

With a correlation of 0.99, GDLC and EZPZ 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 EZPZ?

GDLC has higher volatility (9.27%) compared to EZPZ (8.97%). In terms of maximum drawdown, GDLC dropped -94.14% vs EZPZ's -56.63%.

Which ETF is better, GDLC or EZPZ?

On 1-year performance, GDLC leads with -42.29% vs -45.86% for EZPZ. On fees, EZPZ is cheaper at 0.19% per year. On volatility, EZPZ has been the lower-risk option at 8.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDLC or EZPZ?

Over the 1-year period, GDLC has performed better with a -42.29% return vs -45.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDLC or EZPZ?

EZPZ is cheaper with a 0.19% expense ratio, compared with 0.59% for GDLC.

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

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

What is the main difference between GDLC and EZPZ?

GDLC tracks CoinDesk 5 Index, while EZPZ tracks CF Institutional Digital Asset Index – US-Settlement Price. They also come from different issuers: Grayscale and Franklin Templeton. Their fees differ too: 0.59% for GDLC and 0.19% for EZPZ.

Which has better risk-adjusted returns?

GDLC currently has the higher Sharpe Ratio (-0.87 vs -0.96), 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.