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 -0.13%/yr vs 7.01%/yr for GBTC. Their 0.76 correlation means they have sometimes moved together and sometimes differently. 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 -31.03% return, which is significantly lower than GBTC's -28.72% return.
GDLC
- 1D
- -2.56%
- 1M
- 2.89%
- 6M
- -27.20%
- YTD
- -31.03%
- 1Y
- -43.01%
- 3Y*
- 46.90%
- 5Y*
- -0.13%
- 10Y*
- —
- ALL TIME*
- 20.69%
GBTC
- 1D
- -2.85%
- 1M
- 2.29%
- 6M
- -25.46%
- YTD
- -28.72%
- 1Y
- -45.18%
- 3Y*
- 36.79%
- 5Y*
- 7.01%
- 10Y*
- 50.99%
- ALL TIME*
- 54.49%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $75.53M | $74.63M | $101.29M | |
| $1.03M | $1.29M | $1.41M |
GDLC vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GDLC Grayscale CoinDesk Crypto 5 ETF | -31.03% | 0.45% | 136.98% | 353.26% | -84.21% | 27.43% | 233.86% | -29.63% |
GBTC Grayscale Bitcoin Trust ETF | -28.72% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | -12.03% |
Correlation
The correlation between GDLC and GBTC is 0.98 - 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. | 0.98 |
Correlation (3Y) Balances recent behavior with more history. | 0.88 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.82 |
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 (0.98) 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 | +0.25 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.82 | +0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | -0.88 | +0.07 |
| Martin ratioReturn relative to average drawdown | -1.21 | -1.34 | +0.13 |
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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 | -57.18% | -53.75% | -3.43% |
Max Drawdown (3Y)Largest decline over 3 years | -57.18% | -53.75% | -3.43% |
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 | -55.64% | -50.49% | -5.15% |
Average DrawdownAverage peak-to-trough decline | -52.83% | -43.51% | -9.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 37.73% | 34.92% | +2.81% |
Volatility
GDLC vs. GBTC - Volatility Comparison
Grayscale CoinDesk Crypto 5 ETF (GDLC) has a higher volatility of 9.63% compared to Grayscale Bitcoin Trust ETF (GBTC) at 9.06%. 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 | 9.63% | 9.06% | +0.57% |
Volatility (6M)Calculated over the trailing 6-month period | 35.59% | 33.68% | +1.91% |
Volatility (1Y)Calculated over the trailing 1-year period | 49.13% | 44.36% | +4.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 71.87% | 60.60% | +11.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 93.52% | 81.27% | +12.25% |
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 0.98, 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 (9.63%) compared to GBTC (9.06%). In terms of maximum drawdown, GDLC dropped -94.14% vs GBTC's -89.91%.
On 5-year performance, GBTC leads with 7.01% vs -0.13% for GDLC. On fees, GDLC is cheaper at 0.59% per year. On volatility, GBTC has been the lower-risk option at 9.06%. 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 7.01% return vs -0.13%. 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 (-0.93 vs -1.06), 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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