GDLC vs. GPZ

Last updated Jul 14, 2026

GDLC (Grayscale CoinDesk Crypto 5 ETF) and GPZ (VanEck Alternative Asset Manager ETF) are both exchange-traded funds - GDLC is a Cryptocurrency fund tracking the CoinDesk 5 Index, while GPZ is a Financials Equities fund tracking the MarketVector Alternative Asset Managers Index. Both are passively managed. Over the past year, GDLC returned -45.99% vs -18.94% for GPZ. At a 0.42 correlation, their price movements are largely independent. GDLC charges 0.59%/yr vs 0.40%/yr for GPZ.

Performance

GDLC vs. GPZ - Performance Comparison

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

Returns By Period

In the year-to-date period, GDLC achieves a -32.34% return, which is significantly lower than GPZ's -18.31% return.

GDLC

• 1D: -2.77%
• 1M: -1.51%
• 6M: -35.66%
• YTD: -32.34%
• 1Y: -45.99%
• 3Y*: 42.64%
• 5Y*: 2.39%
• 10Y*: —

GPZ

• 1D: -0.85%
• 1M: -3.14%
• 6M: -21.68%
• YTD: -18.31%
• 1Y: -18.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDLC vs. GPZ - Yearly Performance Comparison

	2026 (YTD)	2025
GDLC Grayscale CoinDesk Crypto 5 ETF	-32.34%	-7.43%
GPZ VanEck Alternative Asset Manager ETF	-18.31%	9.24%

Correlation

The correlation between GDLC and GPZ is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jun 5, 2025	0.42

Return for Risk

GDLC vs. GPZ — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

GDLC

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

GPZ

GPZ Risk / Return Rank: 4
GPZ Sharpe Ratio Rank: 4
GPZ Sortino Ratio Rank: 4
GPZ Omega Ratio Rank: 4
GPZ Calmar Ratio Rank: 4
GPZ Martin Ratio Rank: 4

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. GPZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and VanEck Alternative Asset Manager ETF (GPZ). 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	GPZ	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	-0.69	-0.26
Sortino ratio: Return per unit of downside risk	-1.38	-0.82	-0.55
Omega ratio: Gain probability vs. loss probability	0.85	0.90	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.81	-0.60	-0.21
Martin ratio: Return relative to average drawdown	-1.29	-1.12	-0.17

GDLC vs. GPZ - Sharpe Ratio Comparison

The current GDLC Sharpe Ratio is -0.94, which is lower than the GPZ Sharpe Ratio of -0.69. The chart below compares the historical Sharpe Ratios of GDLC and GPZ, 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. GPZ - Drawdown Comparison

The maximum GDLC drawdown since its inception was -94.14%, which is greater than GPZ's maximum drawdown of -31.72%. Use the drawdown chart below to compare losses from any high point for GDLC and GPZ.

Drawdown Indicators

	GDLC	GPZ	Difference
Max Drawdown Largest peak-to-trough decline	-94.14%	-31.72%	-62.42%
Max Drawdown (1Y) Largest decline over 1 year	-57.18%	-31.72%	-25.46%
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	-56.48%	-24.95%	-31.53%
Average Drawdown Average peak-to-trough decline	-52.81%	-12.94%	-39.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.64%	16.90%	+18.74%

Volatility

GDLC vs. GPZ - Volatility Comparison

Grayscale CoinDesk Crypto 5 ETF (GDLC) has a higher volatility of 11.89% compared to VanEck Alternative Asset Manager ETF (GPZ) at 7.44%. This indicates that GDLC's price experiences larger fluctuations and is considered to be riskier than GPZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDLC	GPZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.89%	7.44%	+4.45%
Volatility (6M) Calculated over the trailing 6-month period	36.71%	22.29%	+14.42%
Volatility (1Y) Calculated over the trailing 1-year period	49.09%	27.79%	+21.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.15%	27.46%	+45.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.87%	27.46%	+66.41%

GDLC vs. GPZ - Expense Ratio Comparison

GDLC has a 0.59% expense ratio, which is higher than GPZ's 0.40% expense ratio.

Dividends

GDLC vs. GPZ - Dividend Comparison

GDLC has not paid dividends to shareholders, while GPZ's dividend yield for the trailing twelve months is around 1.01%.

Position	TTM	2025
GDLC Grayscale CoinDesk Crypto 5 ETF	0.00%	0.00%
GPZ VanEck Alternative Asset Manager ETF	1.01%	0.83%

Frequently Asked Questions

Can I hold both GDLC and GPZ in my portfolio?

GDLC and GPZ have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDLC or GPZ?

GDLC has higher volatility (11.89%) compared to GPZ (7.44%). In terms of maximum drawdown, GDLC dropped -94.14% vs GPZ's -31.72%.

Which ETF is better, GDLC or GPZ?

On 1-year performance, GPZ leads with -18.94% vs -45.99% for GDLC. On fees, GPZ is cheaper at 0.40% per year. On volatility, GPZ has been the lower-risk option at 7.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDLC or GPZ?

Over the 1-year period, GPZ has performed better with a -18.94% return vs -45.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDLC or GPZ?

GPZ is cheaper with a 0.40% expense ratio, compared with 0.59% for GDLC.

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

GPZ has the higher dividend yield at 1.01%, compared with 0.00% for GDLC.

What is the main difference between GDLC and GPZ?

GDLC is categorized as Cryptocurrency, while GPZ is Financials Equities. GDLC tracks CoinDesk 5 Index, while GPZ tracks MarketVector Alternative Asset Managers Index. They also come from different issuers: Grayscale and VanEck. Their fees differ too: 0.59% for GDLC and 0.40% for GPZ.

Which has better risk-adjusted returns?

GPZ currently has the higher Sharpe Ratio (-0.69 vs -0.94), 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.