Grayscale CoinDesk Crypto 5 ETF (GDLC) Performance
GDLC total return
Distributions reinvested · as of Oct 23, 2026- YTD
- −11.5% since Dec 31, 2025
- 1 year
- −31.0% total return
- 5 years
- +2.4% a year
- Since first price
- +30.4% a year since 2020
GDLC trailing returns vs SPY, QQQ, AGG
| Period | GDLC total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −5.5% | −5.5% | −1.0% | −5.0% | +0.9% |
| 3 months | +25.5% | +25.5% | +3.2% | +1.9% | −0.4% |
| 6 months | +4.3% | +4.3% | +7.8% | +8.4% | −1.5% |
| YTD | −11.5% | −11.5% | +12.3% | +15.1% | −1.0% |
| 1 year | −31.0% | −31.0% | +14.4% | +15.9% | −1.1% |
| 3 years | +207.1%+45.3%/yr | +207.1% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| 5 years | +12.7%+2.4%/yr | +12.7% | +79.3%+12.4%/yr | +94.0%+14.2%/yr | −0.8%−0.2%/yr |
| Since inceptionApr 17, 2020 | +463.5%+30.4%/yr | +463.5% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: GDLC vs SPY
From Apr 17, 2020: GDLC grew to $56,348, SPY to $28,989.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
GDLC returns by calendar year
4 of 5 full years positive. Best 2023 (+353.3%), worst 2022 (−84.2%). 2026 is year to date.
GDLC annual returns table
| Year | GDLC | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | −11.5% | −43.2% | +12.3% | +15.1% | −1.0% |
| 2025 | +0.4% | −35.5% | +17.7% | +20.8% | +7.2% |
| 2024 | +137.0% | −36.9% | +24.9% | +25.6% | +1.3% |
| 2023 | +353.3% | −25.5% | +26.2% | +54.9% | +5.7% |
| 2022 | −84.2% | −84.7% | −18.2% | −32.6% | −13.0% |
| 2021 | +27.4% | −63.1% | +28.7% | +27.4% | −1.8% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
GDLC largest drawdowns
Now 43.1% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Sep 1, 2021 | −94.1% | Jan 3, 2023 | not yet | 1.3 years | 5.1 years so far |
| Aug 20, 2020 | −64.9% | Oct 1, 2020 | Jan 7, 2021 | 42 days | 5 months |
| Apr 15, 2021 | −61.5% | Jun 22, 2021 | Aug 23, 2021 | 2 months | 4 months |
| Feb 19, 2021 | −33.7% | Feb 26, 2021 | Apr 13, 2021 | 7 days | 53 days |
| Jan 7, 2021 | −29.1% | Jan 27, 2021 | Feb 11, 2021 | 20 days | 35 days |
| Aug 3, 2020 | −25.5% | Aug 4, 2020 | Aug 6, 2020 | 1 days | 3 days |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
GDLC risk statistics
| Statistic | 3 years | 5 years | Since 2020 |
|---|---|---|---|
| Annualized return | +66.3% | +8.2% | +30.4% |
| Volatility (annualized) | 74.1% | 78.3% | 111.2% |
| Sharpe ratio | 0.96 | 0.42 | 0.68 |
| Sortino ratio | 2.08 | 0.74 | 1.45 |
| Best month | +56.5% | +56.9% | +143.5% |
| Worst month | −25.2% | −36.6% | −57.7% |
| Best 12 months | +229.0% | +353.3% | +457.1% |
| Worst 12 months | −45.7% | −84.8% | −86.1% |
| Positive months | 61% | 50% | 53% |
| Beta vs S&P 500 | 2.16 | 2.43 | — |
| Correlation with S&P 500 | 0.36 | 0.49 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
GDLC rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 67 | −86.1% | +27.4% | +457.1% | 58% |
| 3-year (a year) | 43 | −32.4% | +16.4% | +121.0% | 60% |
| 5-year (a year) | 19 | −10.0% | +9.3% | +49.8% | 79% |
Every holding period starting at a month-end since 2020. Returns for 3 years and longer are annualized.
GDLC performance overview
Grayscale CoinDesk Crypto 5 ETF (GDLC) returned −31.0% over the past year and +2.4% a year over five years, with distributions reinvested. Since its first recorded price in 2020 it has returned +30.4% a year, turning $10,000 into about $56,348. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −94.1%, from Sep 1, 2021 to Jan 3, 2023; the fund has not yet regained that high. GDLC finished 4 of its 5 full calendar years with a gain; the best year was 2023 (+353.3%) and the worst 2022 (−84.2%). Volatility has been 111.2% a year.
Related: GDLC chart. See the GDLC overview for the latest quote and fund facts.
GDLC performance FAQ
What is the GDLC return over the past year?
GDLC returned −31.0% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 31.0%.
What is the average annual return of GDLC?
GDLC has returned +2.4% a year over 5 years, +30.4% a year since April 17, 2020 (total return, distributions reinvested).
How much would $10,000 invested in GDLC be worth?
$10,000 invested in GDLC at its first recorded close on April 17, 2020 would be worth about $56,348 on October 23, 2026 with distributions reinvested.
What was the worst year for GDLC?
The worst calendar year was 2022, with a total return of −84.2%. The best was 2023 at +353.3%.
What is the biggest drawdown of GDLC?
The largest peak-to-trough decline was −94.1% between September 1, 2021 and January 3, 2023. It has not yet recovered to that high; it is 43.1% below its peak.
How volatile is GDLC?
Over the past 3 years GDLC had an annualized volatility of 74.1% and a Sharpe ratio of 0.96 (excess return over 1–3 month T-bills per unit of risk).