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 2.21%/yr vs 10.42%/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 -28.93% return, which is significantly lower than GBTC's -25.79% return.
GDLC
- 1D
- -3.29%
- 1M
- -18.37%
- YTD
- -28.93%
- 6M
- -33.67%
- 1Y
- -33.81%
- 3Y*
- 64.48%
- 5Y*
- 2.21%
- 10Y*
- —
GBTC
- 1D
- -2.74%
- 1M
- -18.48%
- YTD
- -25.79%
- 6M
- -30.25%
- 1Y
- -39.46%
- 3Y*
- 52.23%
- 5Y*
- 10.42%
- 10Y*
- 50.46%
GDLC vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | |
|---|---|---|---|---|---|---|---|---|
GDLC Grayscale CoinDesk Crypto 5 ETF | -28.93% | 0.45% | 136.98% | 353.26% | -84.21% | 27.43% | 233.86% | -5.00% |
GBTC Grayscale Bitcoin Trust ETF | -25.79% | -7.65% | 113.81% | 317.61% | -75.80% | 7.03% | 290.72% | -11.65% |
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 25, 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.
| GDLC | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.21 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.86 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.64 | -0.80 | +0.16 |
| Martin ratioReturn relative to average drawdown | -1.09 | -1.38 | +0.29 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| GDLC | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.70 | -0.91 | +0.21 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | 0.17 | -0.14 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.62 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 0.66 | -0.36 |
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 | -52.91% | -49.55% | -3.36% |
Max Drawdown (3Y)Largest decline over 3 years | -52.91% | -49.55% | -3.36% |
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 | -54.28% | -48.46% | -5.82% |
Average DrawdownAverage peak-to-trough decline | -52.73% | -43.43% | -9.30% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.04% | 28.63% | +2.41% |
Volatility
GDLC vs. GBTC - Volatility Comparison
Grayscale CoinDesk Crypto 5 ETF (GDLC) and Grayscale Bitcoin Trust ETF (GBTC) have volatilities of 9.78% and 9.43%, 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.
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Volatility by Period
| GDLC | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.78% | 9.43% | +0.35% |
Volatility (6M)Calculated over the trailing 6-month period | 36.66% | 34.39% | +2.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.54% | 43.66% | +4.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.43% | 62.45% | +11.98% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 93.91% | 82.21% | +11.70% |
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 (9.78%) compared to GBTC (9.43%). In terms of maximum drawdown, GDLC dropped -94.14% vs GBTC's -89.91%.
On 5-year performance, GBTC leads with 10.42% vs 2.21% for GDLC. On fees, GDLC is cheaper at 0.59% per year. On volatility, GBTC has been the lower-risk option at 9.43%. 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 10.42% return vs 2.21%. 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 (-0.70 vs -0.91), 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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