GDLC vs. GBTC
GDLC (Grayscale CoinDesk Crypto 5 ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both Cryptocurrency funds from Grayscale - GDLC tracks the CoinDesk 5 Index while GBTC tracks the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past 5 years, GDLC returned 4.86%/yr vs 10.30%/yr for GBTC. A 0.76 correlation means they provide meaningful diversification when combined. GDLC charges 0.59%/yr vs 1.50%/yr for GBTC.
Performance
GDLC vs. GBTC - Performance Comparison
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Returns By Period
In the year-to-date period, GDLC achieves a -32.51% return, which is significantly lower than GBTC's -29.27% return.
GDLC
- 1D
- -3.16%
- 1M
- -17.46%
- YTD
- -32.51%
- 6M
- -32.63%
- 1Y
- -38.54%
- 3Y*
- 49.72%
- 5Y*
- 4.86%
- 10Y*
- —
GBTC
- 1D
- -3.22%
- 1M
- -17.84%
- YTD
- -29.27%
- 6M
- -29.42%
- 1Y
- -40.53%
- 3Y*
- 36.07%
- 5Y*
- 10.30%
- 10Y*
- 44.88%
GDLC vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GDLC Grayscale CoinDesk Crypto 5 ETF | -32.51% | 0.45% | 136.98% | 353.26% | -84.21% | 27.43% | 233.86% | -29.63% |
GBTC Grayscale Bitcoin Trust ETF | -29.27% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | -12.03% |
Correlation
The correlation between GDLC and GBTC 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 (3Y) Calculated over the trailing 3-year period | 0.87 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.81 |
Correlation (All Time) Calculated using the full available price history since Nov 22, 2019 | 0.76 |
Over the past year, GDLC and GBTC have become more correlated (0.97) than their long-term average of 0.76, meaning their price movements have been converging.
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Return for Risk
GDLC vs. GBTC — Risk / Return Rank
GDLC
GBTC
GDLC vs. GBTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and Grayscale Bitcoin Trust ETF (GBTC). 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 | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.13 | ||
| Sortino ratioReturn per unit of downside risk | +0.27 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 0.86 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.69 | -0.78 | +0.09 |
| Martin ratioReturn relative to average drawdown | -1.16 | -1.32 | +0.16 |
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Drawdowns
GDLC vs. GBTC - Drawdown Comparison
The maximum GDLC drawdown since its inception was -94.14%, roughly equal to the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for GDLC and GBTC.
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Drawdown Indicators
| GDLC | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.14% | -89.91% | -4.23% |
Max Drawdown (1Y)Largest decline over 1 year | -56.34% | -52.45% | -3.89% |
Max Drawdown (3Y)Largest decline over 3 years | -56.34% | -52.45% | -3.89% |
Max Drawdown (5Y)Largest decline over 5 years | -94.14% | -85.42% | -8.72% |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -56.58% | -50.88% | -5.70% |
Average DrawdownAverage peak-to-trough decline | -52.78% | -43.44% | -9.34% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 33.36% | 30.79% | +2.57% |
Volatility
GDLC vs. GBTC - Volatility Comparison
Grayscale CoinDesk Crypto 5 ETF (GDLC) has a higher volatility of 13.86% compared to Grayscale Bitcoin Trust ETF (GBTC) at 13.05%. This indicates that GDLC's price experiences larger fluctuations and is considered to be riskier than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDLC | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.86% | 13.05% | +0.81% |
Volatility (6M)Calculated over the trailing 6-month period | 36.82% | 34.57% | +2.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.09% | 44.21% | +4.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 73.78% | 62.13% | +11.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 94.18% | 81.46% | +12.72% |
GDLC vs. GBTC - Expense Ratio Comparison
GDLC has a 0.59% expense ratio, which is lower than GBTC's 1.50% expense ratio.
Dividends
GDLC vs. GBTC - Dividend Comparison
Neither GDLC nor GBTC has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
GBTC Grayscale Bitcoin Trust ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 5.61% |
GDLC Grayscale CoinDesk Crypto 5 ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.97, GDLC and GBTC 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.
GDLC has higher volatility (13.86%) compared to GBTC (13.05%). In terms of maximum drawdown, GDLC dropped -94.14% vs GBTC's -89.91%.
On 5-year performance, GBTC leads with 10.30% vs 4.86% for GDLC. On fees, GDLC is cheaper at 0.59% per year. On volatility, GBTC has been the lower-risk option at 13.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, GBTC has performed better with a 10.30% return vs 4.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
GDLC is cheaper with a 0.59% expense ratio, compared with 1.50% for GBTC.
GDLC and GBTC have nearly identical dividend yields, around 0.00%.
GDLC tracks CoinDesk 5 Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. Their fees differ too: 0.59% for GDLC and 1.50% for GBTC.
GDLC currently has the higher Sharpe Ratio (-0.79 vs -0.92), 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.
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