GDLC vs. IBIT

Last updated Jul 14, 2026

GDLC (Grayscale CoinDesk Crypto 5 ETF) and IBIT (iShares Bitcoin Trust ETF) are both Cryptocurrency funds - GDLC tracks the CoinDesk 5 Index while IBIT tracks the CME CF Bitcoin Reference Rate - New York Variant. Both are passively managed. Over the past year, GDLC returned -45.99% vs -47.60% for IBIT. Their correlation of 0.90 suggests significant overlap in exposure. GDLC charges 0.59%/yr vs 0.25%/yr for IBIT.

Performance

GDLC vs. IBIT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale CoinDesk Crypto 5 ETF (GDLC) and iShares Bitcoin Trust ETF (IBIT). 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 IBIT's -29.06% return.

GDLC

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

IBIT

• 1D: -2.79%
• 1M: -2.28%
• 6M: -32.10%
• YTD: -29.06%
• 1Y: -47.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDLC vs. IBIT - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GDLC Grayscale CoinDesk Crypto 5 ETF	-32.34%	0.45%	141.57%
IBIT iShares Bitcoin Trust ETF	-29.06%	-6.41%	89.87%

Correlation

The correlation between GDLC and IBIT is 0.98 - 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	0.98
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.90

The correlation between GDLC and IBIT has been stable across timeframes, ranging from 0.90 to 0.98 - a consistent structural relationship.

Return for Risk

GDLC vs. IBIT — 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

IBIT

IBIT Risk / Return Rank: 1
IBIT Sharpe Ratio Rank: 1
IBIT Sortino Ratio Rank: 1
IBIT Omega Ratio Rank: 1
IBIT Calmar Ratio Rank: 1
IBIT Martin Ratio Rank: 1

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. IBIT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and iShares Bitcoin Trust ETF (IBIT). 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	IBIT	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	-1.08	+0.14
Sortino ratio: Return per unit of downside risk	-1.38	-1.65	+0.28
Omega ratio: Gain probability vs. loss probability	0.85	0.82	+0.03
Calmar ratio: Return relative to maximum drawdown	-0.81	-0.90	+0.09
Martin ratio: Return relative to average drawdown	-1.29	-1.46	+0.16

GDLC vs. IBIT - Sharpe Ratio Comparison

The current GDLC Sharpe Ratio is -0.94, which is comparable to the IBIT Sharpe Ratio of -1.08. The chart below compares the historical Sharpe Ratios of GDLC and IBIT, 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. IBIT - Drawdown Comparison

The maximum GDLC drawdown since its inception was -94.14%, which is greater than IBIT's maximum drawdown of -53.30%. Use the drawdown chart below to compare losses from any high point for GDLC and IBIT.

Drawdown Indicators

	GDLC	IBIT	Difference
Max Drawdown Largest peak-to-trough decline	-94.14%	-53.30%	-40.84%
Max Drawdown (1Y) Largest decline over 1 year	-57.18%	-53.30%	-3.88%
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%	-50.60%	-5.88%
Average Drawdown Average peak-to-trough decline	-52.81%	-17.56%	-35.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	35.64%	32.72%	+2.92%

Volatility

GDLC vs. IBIT - Volatility Comparison

Grayscale CoinDesk Crypto 5 ETF (GDLC) and iShares Bitcoin Trust ETF (IBIT) have volatilities of 11.89% and 11.51%, 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	IBIT	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.89%	11.51%	+0.38%
Volatility (6M) Calculated over the trailing 6-month period	36.71%	34.79%	+1.92%
Volatility (1Y) Calculated over the trailing 1-year period	49.09%	44.38%	+4.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.15%	49.97%	+23.18%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.87%	49.97%	+43.90%

GDLC vs. IBIT - Expense Ratio Comparison

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

Dividends

GDLC vs. IBIT - Dividend Comparison

Neither GDLC nor IBIT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GDLC and IBIT in my portfolio?

With a correlation of 0.98, GDLC and IBIT 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 IBIT?

GDLC has higher volatility (11.89%) compared to IBIT (11.51%). In terms of maximum drawdown, GDLC dropped -94.14% vs IBIT's -53.30%.

Which ETF is better, GDLC or IBIT?

On 1-year performance, GDLC leads with -45.99% vs -47.60% for IBIT. On fees, IBIT is cheaper at 0.25% per year. On volatility, IBIT has been the lower-risk option at 11.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDLC or IBIT?

Over the 1-year period, GDLC has performed better with a -45.99% return vs -47.60%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDLC or IBIT?

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

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

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

What is the main difference between GDLC and IBIT?

GDLC tracks CoinDesk 5 Index, while IBIT tracks CME CF Bitcoin Reference Rate - New York Variant. They also come from different issuers: Grayscale and iShares. Their fees differ too: 0.59% for GDLC and 0.25% for IBIT.

Which has better risk-adjusted returns?

GDLC currently has the higher Sharpe Ratio (-0.94 vs -1.08), 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.