GDLC vs. FBTC

Last updated Jun 4, 2026

GDLC (Grayscale CoinDesk Crypto 5 ETF) and FBTC (Fidelity Wise Origin Bitcoin Fund) are both Cryptocurrency funds - GDLC tracks the CoinDesk 5 Index while FBTC tracks the Fidelity Bitcoin Reference Rate. Both are passively managed. Over the past year, GDLC returned -33.81% vs -38.65% for FBTC. Their correlation of 0.90 suggests significant overlap in exposure. GDLC charges 0.59%/yr vs 0.25%/yr for FBTC.

Performance

GDLC vs. FBTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale CoinDesk Crypto 5 ETF (GDLC) and Fidelity Wise Origin Bitcoin Fund (FBTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDLC achieves a -28.93% return, which is significantly lower than FBTC's -25.34% return.

GDLC

• 1D: -3.29%
• 1M: -18.37%
• YTD: -28.93%
• 6M: -33.67%
• 1Y: -33.81%
• 3Y*: 64.48%
• 5Y*: 2.21%
• 10Y*: —

FBTC

• 1D: -2.65%
• 1M: -18.37%
• YTD: -25.34%
• 6M: -29.78%
• 1Y: -38.65%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDLC vs. FBTC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GDLC Grayscale CoinDesk Crypto 5 ETF	-28.93%	0.45%	135.49%
FBTC Fidelity Wise Origin Bitcoin Fund	-25.34%	-6.56%	99.56%

Correlation

The correlation between GDLC and FBTC is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 12, 2024	0.90

The correlation between GDLC and FBTC has been stable across timeframes, ranging from 0.90 to 0.97 - a consistent structural relationship.

Return for Risk

GDLC vs. FBTC — 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: 3
GDLC Sortino Ratio Rank: 3
GDLC Omega Ratio Rank: 3
GDLC Calmar Ratio Rank: 3
GDLC Martin Ratio Rank: 4

FBTC

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

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. FBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and Fidelity Wise Origin Bitcoin Fund (FBTC). 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	FBTC	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	-0.89	+0.19
Sortino ratio: Return per unit of downside risk	-0.84	-1.23	+0.39
Omega ratio: Gain probability vs. loss probability	0.90	0.86	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.64	-0.79	+0.14
Martin ratio: Return relative to average drawdown	-1.09	-1.36	+0.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDLC vs. FBTC - Sharpe Ratio Comparison

The current GDLC Sharpe Ratio is -0.70, which is comparable to the FBTC Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of GDLC and FBTC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	GDLC	FBTC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.70	-0.89	+0.19
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	0.30	0.00

Drawdowns

GDLC vs. FBTC - Drawdown Comparison

The maximum GDLC drawdown since its inception was -94.14%, which is greater than FBTC's maximum drawdown of -49.33%. Use the drawdown chart below to compare losses from any high point for GDLC and FBTC.

Drawdown Indicators

	GDLC	FBTC	Difference
Max Drawdown Largest peak-to-trough decline	-94.14%	-49.33%	-44.81%
Max Drawdown (1Y) Largest decline over 1 year	-52.91%	-49.33%	-3.58%
Max Drawdown (3Y) Largest decline over 3 years	-52.91%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-94.14%	—	—
Current Drawdown Current decline from peak	-54.28%	-48.00%	-6.28%
Average Drawdown Average peak-to-trough decline	-52.73%	-16.01%	-36.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.04%	28.41%	+2.63%

Volatility

GDLC vs. FBTC - Volatility Comparison

Grayscale CoinDesk Crypto 5 ETF (GDLC) and Fidelity Wise Origin Bitcoin Fund (FBTC) have volatilities of 9.78% and 9.39%, 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	FBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.78%	9.39%	+0.39%
Volatility (6M) Calculated over the trailing 6-month period	36.66%	34.38%	+2.28%
Volatility (1Y) Calculated over the trailing 1-year period	48.54%	43.61%	+4.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.43%	50.13%	+24.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.91%	50.13%	+43.78%

GDLC vs. FBTC - Expense Ratio Comparison

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

Dividends

GDLC vs. FBTC - Dividend Comparison

Neither GDLC nor FBTC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GDLC and FBTC in my portfolio?

With a correlation of 0.97, GDLC and FBTC 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 FBTC?

GDLC has higher volatility (9.78%) compared to FBTC (9.39%). In terms of maximum drawdown, GDLC dropped -94.14% vs FBTC's -49.33%.

Which ETF is better, GDLC or FBTC?

On 1-year performance, GDLC leads with -33.81% vs -38.65% for FBTC. On fees, FBTC is cheaper at 0.25% per year. On volatility, FBTC has been the lower-risk option at 9.39%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDLC or FBTC?

Over the 1-year period, GDLC has performed better with a -33.81% return vs -38.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDLC or FBTC?

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

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

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

What is the main difference between GDLC and FBTC?

GDLC tracks CoinDesk 5 Index, while FBTC tracks Fidelity Bitcoin Reference Rate. They also come from different issuers: Grayscale and Fidelity. Their fees differ too: 0.59% for GDLC and 0.25% for FBTC.

Which has better risk-adjusted returns?

GDLC currently has the higher Sharpe Ratio (-0.70 vs -0.89), 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.