GDLC vs. MSBT

Last updated Jun 24, 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 correlation of 0.93 suggests significant overlap in exposure. 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: -3.16%
• 1M: -17.46%
• YTD: -32.51%
• 6M: -32.63%
• 1Y: -38.54%
• 3Y*: 49.72%
• 5Y*: 4.86%
• 10Y*: —

MSBT

• 1D: -3.30%
• 1M: -17.76%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GDLC vs. MSBT - Yearly Performance Comparison

	2026 (YTD)
GDLC Grayscale CoinDesk Crypto 5 ETF	-11.71%
MSBT Morgan Stanley Bitcoin Trust	-14.09%

Correlation

The correlation between GDLC and MSBT is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026	0.93

Return for Risk

GDLC vs. MSBT — Risk / Return Rank

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

GDLC

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

MSBT

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

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. 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	-0.79	—	—
Sortino ratio: Return per unit of downside risk	-1.03	—	—
Omega ratio: Gain probability vs. loss probability	0.88	—	—
Calmar ratio: Return relative to maximum drawdown	-0.69	—	—
Martin ratio: Return relative to average drawdown	-1.16	—	—

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 -26.46%. 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%	-26.46%	-67.68%
Max Drawdown (1Y) Largest decline over 1 year	-56.34%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-56.34%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-94.14%	—	—
Current Drawdown Current decline from peak	-56.58%	-23.99%	-32.59%
Average Drawdown Average peak-to-trough decline	-52.78%	-8.48%	-44.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.36%	—	—

Volatility

Volatility by Period

	GDLC	MSBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.86%	—	—
Volatility (6M) Calculated over the trailing 6-month period	36.82%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	49.09%	37.06%	+12.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.78%	37.06%	+36.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.18%	37.06%	+57.12%

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 0.93, 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.