GDLC vs. IBLC
GDLC (Grayscale CoinDesk Crypto 5 ETF) and IBLC (iShares Blockchain and Tech ETF) are both Cryptocurrency funds - GDLC tracks the CoinDesk 5 Index while IBLC tracks the ICE FactSet Global Blockchain Technologies Index. Both are passively managed. Over the past 3 years, GDLC returned 64.48%/yr vs 48.31%/yr for IBLC. A 0.67 correlation means they provide meaningful diversification when combined. GDLC charges 0.59%/yr vs 0.47%/yr for IBLC.
Performance
GDLC vs. IBLC - 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 IBLC's 32.34% return.
GDLC
- 1D
- -3.29%
- 1M
- -18.37%
- YTD
- -28.93%
- 6M
- -33.67%
- 1Y
- -33.81%
- 3Y*
- 64.48%
- 5Y*
- 2.21%
- 10Y*
- —
IBLC
- 1D
- -3.00%
- 1M
- 13.52%
- YTD
- 32.34%
- 6M
- 15.25%
- 1Y
- 73.27%
- 3Y*
- 48.31%
- 5Y*
- —
- 10Y*
- —
GDLC vs. IBLC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
GDLC Grayscale CoinDesk Crypto 5 ETF | -28.93% | 0.45% | 136.98% | 353.26% | -78.63% |
IBLC iShares Blockchain and Tech ETF | 32.34% | 27.05% | 18.58% | 201.47% | -57.76% |
Correlation
The correlation between GDLC and IBLC is 0.71, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.71 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Apr 28, 2022 | 0.67 |
The correlation between GDLC and IBLC has been stable across timeframes, ranging from 0.67 to 0.71 - a consistent structural relationship.
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Return for Risk
GDLC vs. IBLC — Risk / Return Rank
GDLC
IBLC
GDLC vs. IBLC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and iShares Blockchain and Tech ETF (IBLC). 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 | IBLC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.04 | ||
| Sortino ratioReturn per unit of downside risk | -2.75 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.23 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | -0.64 | 1.64 | -2.28 |
| Martin ratioReturn relative to average drawdown | -1.09 | 3.26 | -4.35 |
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 | IBLC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.70 | 1.34 | -2.04 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.03 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.29 | 0.40 | -0.10 |
Drawdowns
GDLC vs. IBLC - Drawdown Comparison
The maximum GDLC drawdown since its inception was -94.14%, which is greater than IBLC's maximum drawdown of -62.54%. Use the drawdown chart below to compare losses from any high point for GDLC and IBLC.
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Drawdown Indicators
| GDLC | IBLC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.14% | -62.54% | -31.60% |
Max Drawdown (1Y)Largest decline over 1 year | -52.91% | -44.94% | -7.97% |
Max Drawdown (3Y)Largest decline over 3 years | -52.91% | -51.68% | -1.23% |
Max Drawdown (5Y)Largest decline over 5 years | -94.14% | — | — |
Current DrawdownCurrent decline from peak | -54.28% | -12.99% | -41.29% |
Average DrawdownAverage peak-to-trough decline | -52.73% | -25.89% | -26.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 31.04% | 22.56% | +8.48% |
Volatility
GDLC vs. IBLC - Volatility Comparison
The current volatility for Grayscale CoinDesk Crypto 5 ETF (GDLC) is 9.78%, while iShares Blockchain and Tech ETF (IBLC) has a volatility of 14.67%. This indicates that GDLC experiences smaller price fluctuations and is considered to be less risky than IBLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GDLC | IBLC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.78% | 14.67% | -4.89% |
Volatility (6M)Calculated over the trailing 6-month period | 36.66% | 40.76% | -4.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 48.54% | 54.94% | -6.40% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.43% | 64.49% | +9.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 93.91% | 64.49% | +29.42% |
GDLC vs. IBLC - Expense Ratio Comparison
GDLC has a 0.59% expense ratio, which is higher than IBLC's 0.47% expense ratio.
Dividends
GDLC vs. IBLC - Dividend Comparison
GDLC has not paid dividends to shareholders, while IBLC's dividend yield for the trailing twelve months is around 4.77%.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
GDLC Grayscale CoinDesk Crypto 5 ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
IBLC iShares Blockchain and Tech ETF | 4.77% | 6.31% | 1.60% | 1.79% | 0.84% |
Frequently Asked Questions
GDLC and IBLC have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IBLC has higher volatility (14.67%) compared to GDLC (9.78%). In terms of maximum drawdown, GDLC dropped -94.14% vs IBLC's -62.54%.
On 3-year performance, GDLC leads with 64.48% vs 48.31% for IBLC. On fees, IBLC is cheaper at 0.47% per year. On volatility, GDLC has been the lower-risk option at 9.78%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, GDLC has performed better with a 64.48% return vs 48.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBLC is cheaper with a 0.47% expense ratio, compared with 0.59% for GDLC.
IBLC has the higher dividend yield at 4.77%, compared with 0.00% for GDLC.
GDLC tracks CoinDesk 5 Index, while IBLC tracks ICE FactSet Global Blockchain Technologies Index. They also come from different issuers: Grayscale and iShares. Their fees differ too: 0.59% for GDLC and 0.47% for IBLC.
IBLC currently has the higher Sharpe Ratio (1.34 vs -0.70), 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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