GDLC vs. MSBT

Last updated Aug 4, 2026

GDLC (Grayscale CoinDesk Crypto 5 ETF) and MSBT (Morgan Stanley Bitcoin Trust) are both Cryptocurrency funds - GDLC tracks the CoinDesk 5 Index while MSBT tracks the CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. Both are passively managed. Their 0.95 correlation means they have historically moved very closely together. GDLC charges 0.59%/yr vs 0.14%/yr for MSBT.

Performance

GDLC vs. MSBT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale CoinDesk Crypto 5 ETF (GDLC) and Morgan Stanley Bitcoin Trust (MSBT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GDLC

• 1D: 1.26%
• 1M: 4.19%
• 6M: -19.67%
• YTD: -30.16%
• 1Y: -42.29%
• 3Y*: 49.03%
• 5Y*: -3.08%
• 10Y*: —
• ALL TIME*: 20.89%

MSBT

• 1D: 1.61%
• 1M: 3.98%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GDLC Grayscale CoinDesk Crypto 5 ETF	$1.36M	$1.40M	$1.44M
MSBT Morgan Stanley Bitcoin Trust	$7.53M	$6.67M	$10.52M

GDLC vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
GDLC Grayscale CoinDesk Crypto 5 ETF	-8.64%
MSBT Morgan Stanley Bitcoin Trust	-11.97%

Correlation

The correlation between GDLC and MSBT is 0.95 - they have historically moved very closely together. At this level, their price movements offset little of one another.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	0.95

Return for Risk

GDLC vs. MSBT — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GDLC

GDLC Risk / Return Rank: 3
GDLC Sharpe Ratio Rank: 2
GDLC Sortino Ratio Rank: 3
GDLC Omega Ratio Rank: 3
GDLC Calmar Ratio Rank: 3
GDLC Martin Ratio Rank: 4

MSBT

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GDLC vs. MSBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and Morgan Stanley Bitcoin Trust (MSBT). 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	MSBT	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	—	—
Sortino ratio: Return per unit of downside risk	-1.20	—	—
Omega ratio: Gain probability vs. loss probability	0.87	—	—
Calmar ratio: Return relative to maximum drawdown	-0.74	—	—
Martin ratio: Return relative to average drawdown	-1.12	—	—

Drawdowns

GDLC vs. MSBT - Drawdown Comparison

The maximum GDLC drawdown since its inception was -94.14%, which is greater than MSBT's maximum drawdown of -28.33%. Use the drawdown chart below to compare losses from any high point for GDLC and MSBT.

Drawdown Indicators

	GDLC	MSBT	Difference
Max Drawdown Largest peak-to-trough decline	-94.14%	-28.33%	-65.81%
Max Drawdown (1Y) Largest decline over 1 year	-57.18%	—	—
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	-55.07%	-22.12%	-32.95%
Average Drawdown Average peak-to-trough decline	-52.83%	-13.52%	-39.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	37.88%	—	—

Volatility

Volatility by Period

	GDLC	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.27%	—	—
Volatility (6M) Calculated over the trailing 6-month period	35.61%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	49.03%	35.38%	+13.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.69%	35.38%	+36.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.49%	35.38%	+58.11%

GDLC vs. MSBT - Expense Ratio Comparison

GDLC has a 0.59% expense ratio, which is higher than MSBT's 0.14% expense ratio.

Dividends

GDLC vs. MSBT - Dividend Comparison

Neither GDLC nor MSBT has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both GDLC and MSBT in my portfolio?

With a correlation of 0.95, GDLC and MSBT 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 ETF is better, GDLC or MSBT?

On fees, MSBT is cheaper at 0.14% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GDLC or MSBT?

MSBT is cheaper with a 0.14% expense ratio, compared with 0.59% for GDLC.

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

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

What is the main difference between GDLC and MSBT?

GDLC tracks CoinDesk 5 Index, while MSBT tracks CoinDesk Bitcoin Benchmark 4PM NY Settlement Rate. They also come from different issuers: Grayscale and Morgan Stanley. Their fees differ too: 0.59% for GDLC and 0.14% for MSBT.