GDLC vs. VOO

Last updated Jun 24, 2026

GDLC (Grayscale CoinDesk Crypto 5 ETF) and VOO (Vanguard S&P 500 ETF) are both exchange-traded funds - GDLC is a Cryptocurrency fund tracking the CoinDesk 5 Index, while VOO is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 5 years, GDLC returned 4.86%/yr vs 13.13%/yr for VOO. At a 0.34 correlation, their price movements are largely independent. GDLC charges 0.59%/yr vs 0.03%/yr for VOO.

Performance

GDLC vs. VOO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale CoinDesk Crypto 5 ETF (GDLC) and Vanguard S&P 500 ETF (VOO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GDLC achieves a -32.51% return, which is significantly lower than VOO's 8.19% return.

GDLC

• 1D: -3.16%
• 1M: -17.46%
• YTD: -32.51%
• 6M: -32.63%
• 1Y: -38.54%
• 3Y*: 49.72%
• 5Y*: 4.86%
• 10Y*: —

VOO

• 1D: -1.42%
• 1M: -1.34%
• YTD: 8.19%
• 6M: 7.24%
• 1Y: 23.69%
• 3Y*: 20.78%
• 5Y*: 13.13%
• 10Y*: 15.61%

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

GDLC vs. VOO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
GDLC Grayscale CoinDesk Crypto 5 ETF	-32.51%	0.45%	136.98%	353.26%	-84.21%	27.43%	233.86%	-29.63%
VOO Vanguard S&P 500 ETF	8.19%	17.82%	24.98%	26.32%	-18.17%	28.79%	18.32%	4.29%

Correlation

The correlation between GDLC and VOO is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (All Time) Calculated using the full available price history since Nov 22, 2019	0.34

The correlation between GDLC and VOO shifts across timeframes, from 0.34 (all time) to 0.50 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

GDLC vs. VOO — 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

VOO

VOO Risk / Return Rank: 59
VOO Sharpe Ratio Rank: 59
VOO Sortino Ratio Rank: 56
VOO Omega Ratio Rank: 58
VOO Calmar Ratio Rank: 56
VOO Martin Ratio Rank: 67

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. VOO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) and Vanguard S&P 500 ETF (VOO). 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	VOO	Difference
Sharpe ratio: Return per unit of total volatility	-0.79	1.91	-2.70
Sortino ratio: Return per unit of downside risk	-1.03	2.60	-3.63
Omega ratio: Gain probability vs. loss probability	0.88	1.35	-0.46
Calmar ratio: Return relative to maximum drawdown	-0.69	2.67	-3.36
Martin ratio: Return relative to average drawdown	-1.16	11.96	-13.12

GDLC vs. VOO - Sharpe Ratio Comparison

The current GDLC Sharpe Ratio is -0.79, which is lower than the VOO Sharpe Ratio of 1.91. The chart below compares the historical Sharpe Ratios of GDLC and VOO, 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. VOO - Drawdown Comparison

The maximum GDLC drawdown since its inception was -94.14%, which is greater than VOO's maximum drawdown of -33.99%. Use the drawdown chart below to compare losses from any high point for GDLC and VOO.

Drawdown Indicators

	GDLC	VOO	Difference
Max Drawdown Largest peak-to-trough decline	-94.14%	-33.99%	-60.15%
Max Drawdown (1Y) Largest decline over 1 year	-56.34%	-8.90%	-47.44%
Max Drawdown (3Y) Largest decline over 3 years	-56.34%	-18.69%	-37.65%
Max Drawdown (5Y) Largest decline over 5 years	-94.14%	-24.52%	-69.62%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.99%	—
Current Drawdown Current decline from peak	-56.58%	-3.14%	-53.44%
Average Drawdown Average peak-to-trough decline	-52.78%	-3.68%	-49.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.36%	1.99%	+31.37%

Volatility

GDLC vs. VOO - Volatility Comparison

Grayscale CoinDesk Crypto 5 ETF (GDLC) has a higher volatility of 13.86% compared to Vanguard S&P 500 ETF (VOO) at 4.83%. This indicates that GDLC's price experiences larger fluctuations and is considered to be riskier than VOO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GDLC	VOO	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.86%	4.83%	+9.03%
Volatility (6M) Calculated over the trailing 6-month period	36.82%	9.82%	+27.00%
Volatility (1Y) Calculated over the trailing 1-year period	49.09%	12.46%	+36.63%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.78%	16.91%	+56.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	94.18%	18.02%	+76.16%

GDLC vs. VOO - Expense Ratio Comparison

GDLC has a 0.59% expense ratio, which is higher than VOO's 0.03% expense ratio.

Dividends

GDLC vs. VOO - Dividend Comparison

GDLC has not paid dividends to shareholders, while VOO's dividend yield for the trailing twelve months is around 1.05%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GDLC Grayscale CoinDesk Crypto 5 ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VOO Vanguard S&P 500 ETF	1.05%	1.13%	1.24%	1.46%	1.69%	1.25%	1.54%	1.88%	2.06%	1.78%	2.02%	2.10%

Frequently Asked Questions

Can I hold both GDLC and VOO in my portfolio?

GDLC and VOO have a correlation of 0.50, 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 VOO?

GDLC has higher volatility (13.86%) compared to VOO (4.83%). In terms of maximum drawdown, GDLC dropped -94.14% vs VOO's -33.99%.

Which ETF is better, GDLC or VOO?

On 5-year performance, VOO leads with 13.13% vs 4.86% for GDLC. On fees, VOO is cheaper at 0.03% per year. On volatility, VOO has been the lower-risk option at 4.83%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDLC or VOO?

Over the 5-year period, VOO has performed better with a 13.13% return vs 4.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDLC or VOO?

VOO is cheaper with a 0.03% expense ratio, compared with 0.59% for GDLC.

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

VOO has the higher dividend yield at 1.05%, compared with 0.00% for GDLC.

What is the main difference between GDLC and VOO?

GDLC is categorized as Cryptocurrency, while VOO is S&P 500. GDLC tracks CoinDesk 5 Index, while VOO tracks S&P 500 Index. They also come from different issuers: Grayscale and Vanguard. Their fees differ too: 0.59% for GDLC and 0.03% for VOO.

Which has better risk-adjusted returns?

VOO currently has the higher Sharpe Ratio (1.91 vs -0.79), 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.