MANA vs. GDLC

Last updated Jun 30, 2026

MANA (Grayscale Decentraland Trust) and GDLC (Grayscale CoinDesk Crypto 5 ETF) are both Cryptocurrency funds from Grayscale. MANA is actively managed, while GDLC is passively managed. Over the past 3 years, MANA returned -56.52%/yr vs 49.45%/yr for GDLC. At a 0.24 correlation, their price movements are largely independent.

Performance

MANA vs. GDLC - Performance Comparison

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

Returns By Period

In the year-to-date period, MANA achieves a -53.27% return, which is significantly lower than GDLC's -34.49% return.

MANA

• 1D: -2.98%
• 1M: -38.60%
• YTD: -53.27%
• 6M: -54.66%
• 1Y: -75.75%
• 3Y*: -56.52%
• 5Y*: —
• 10Y*: —

GDLC

• 1D: 1.27%
• 1M: -17.54%
• YTD: -34.49%
• 6M: -34.13%
• 1Y: -42.89%
• 3Y*: 49.45%
• 5Y*: 4.05%
• 10Y*: —

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

MANA vs. GDLC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MANA Grayscale Decentraland Trust	-53.27%	-91.36%	-28.08%	756.41%	-83.75%
GDLC Grayscale CoinDesk Crypto 5 ETF	-34.49%	0.45%	136.98%	353.26%	-68.36%

Correlation

The correlation between MANA and GDLC is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (All Time) Calculated using the full available price history since May 17, 2022	0.24

The correlation between MANA and GDLC shifts across timeframes, from 0.24 (all time) to 0.38 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

MANA vs. GDLC — Risk / Return Rank

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

MANA

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

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

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.

MANA vs. GDLC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Decentraland Trust (MANA) and Grayscale CoinDesk Crypto 5 ETF (GDLC). 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.

	MANA	GDLC	Difference
Sharpe ratio: Return per unit of total volatility	-0.65	-0.88	+0.23
Sortino ratio: Return per unit of downside risk	-0.89	-1.22	+0.34
Omega ratio: Gain probability vs. loss probability	0.90	0.86	+0.04
Calmar ratio: Return relative to maximum drawdown	-0.88	-0.75	-0.13
Martin ratio: Return relative to average drawdown	-1.34	-1.26	-0.08

MANA vs. GDLC - Sharpe Ratio Comparison

The current MANA Sharpe Ratio is -0.65, which is comparable to the GDLC Sharpe Ratio of -0.88. The chart below compares the historical Sharpe Ratios of MANA and GDLC, 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

MANA vs. GDLC - Drawdown Comparison

The maximum MANA drawdown since its inception was -99.28%, which is greater than GDLC's maximum drawdown of -94.14%. Use the drawdown chart below to compare losses from any high point for MANA and GDLC.

Drawdown Indicators

	MANA	GDLC	Difference
Max Drawdown Largest peak-to-trough decline	-99.28%	-94.14%	-5.14%
Max Drawdown (1Y) Largest decline over 1 year	-85.85%	-57.05%	-28.80%
Max Drawdown (3Y) Largest decline over 3 years	-99.28%	-57.05%	-42.23%
Max Drawdown (5Y) Largest decline over 5 years	—	-94.14%	—
Current Drawdown Current decline from peak	-99.20%	-57.86%	-41.34%
Average Drawdown Average peak-to-trough decline	-71.69%	-52.79%	-18.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	56.43%	34.11%	+22.32%

Volatility

MANA vs. GDLC - Volatility Comparison

Grayscale Decentraland Trust (MANA) has a higher volatility of 37.05% compared to Grayscale CoinDesk Crypto 5 ETF (GDLC) at 14.31%. This indicates that MANA's price experiences larger fluctuations and is considered to be riskier than GDLC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MANA	GDLC	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.05%	14.31%	+22.74%
Volatility (6M) Calculated over the trailing 6-month period	89.80%	36.70%	+53.10%
Volatility (1Y) Calculated over the trailing 1-year period	117.59%	49.16%	+68.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	174.61%	73.51%	+101.10%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	174.61%	94.09%	+80.52%

Dividends

MANA vs. GDLC - Dividend Comparison

Neither MANA nor GDLC has paid dividends to shareholders.

Tickers have no history of dividend payments

Frequently Asked Questions

Can I hold both MANA and GDLC in my portfolio?

MANA and GDLC have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MANA or GDLC?

MANA has higher volatility (37.05%) compared to GDLC (14.31%). In terms of maximum drawdown, MANA dropped -99.28% vs GDLC's -94.14%.

Which ETF is better, MANA or GDLC?

On 3-year performance, GDLC leads with 49.45% vs -56.52% for MANA. On volatility, GDLC has been the lower-risk option at 14.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MANA or GDLC?

Over the 3-year period, GDLC has performed better with a 49.45% return vs -56.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

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

Which has better risk-adjusted returns?

MANA currently has the higher Sharpe Ratio (-0.65 vs -0.88), 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.