- ISIN
- US53656G2093
- Issuer
- Horizon
- Inception Date
- Aug 1, 2022
- Region
- Developed Markets (Broad)
- Category
- Cryptocurrency
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Cryptocurrency
- Asset Class Size
- Multi-Cap
- Asset Class Style
- Blend
- Assets Under Management
- $22M
Share Price Chart
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Performance
BCDF Performance Chart
Horizon Kinetics Blockchain Development ETF (BCDF) is up 1.4% since the beginning of the year. BCDF is currently trading at $31 per share.
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Returns By Period
Horizon Kinetics Blockchain Development ETF (BCDF) has returned 1.43% so far this year and 4.74% over the past 12 months.
Horizon Kinetics Blockchain Development ETF
- 1D
- -1.85%
- 1M
- -7.01%
- YTD
- 1.43%
- 6M
- 1.79%
- 1Y
- 4.74%
- 3Y*
- 14.51%
- 5Y*
- —
- 10Y*
- —
Benchmark (S&P 500 Index)
- 1D
- -2.64%
- 1M
- 0.25%
- YTD
- 7.86%
- 6M
- 7.47%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BCDF Monthly Returns History
Based on dividend-adjusted daily data since Aug 2, 2022, BCDF's average daily return is +0.03%, while the average monthly return is +0.58%. At this rate, an investment would double in approximately 10.0 years.
Historically, 60% of months were positive and 40% were negative. The best month was Dec 2023 with a return of +9.1%, while the worst month was Sep 2022 at -12.7%. The longest winning streak lasted 7 consecutive months, and the longest losing streak was 3 months.
On a daily basis, BCDF closed higher 52% of trading days. The best single day was Nov 10, 2022 with a return of +5.6%, while the worst single day was Apr 4, 2025 at -5.8%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 4.22% | 1.54% | -3.88% | 5.54% | -0.63% | -4.92% | 1.43% | ||||||
| 2025 | 0.51% | -0.40% | 0.34% | 5.37% | 2.72% | 3.31% | -0.03% | 0.13% | 1.08% | -1.27% | 0.04% | -0.56% | 11.63% |
| 2024 | -3.20% | 4.35% | 0.81% | -5.93% | 4.11% | 0.51% | 5.27% | 3.77% | 3.78% | 1.67% | 5.94% | -6.15% | 14.87% |
| 2023 | 8.24% | -3.61% | 1.16% | 0.53% | -0.11% | 3.52% | 4.08% | -3.71% | -2.94% | -0.72% | 8.16% | 9.07% | 24.99% |
| 2022 | -7.08% | -12.72% | 0.82% | -1.22% | -4.30% | -22.71% |
Benchmark Metrics
Horizon Kinetics Blockchain Development ETF has an annualized alpha of -7.70%, beta of 0.59, and R2 of 0.24 versus S&P 500 Index. Calculated based on daily prices since August 03, 2022.
- This ETF participated in 92.52% of S&P 500 Index downside but only 35.21% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.59 may look defensive, but with R2 of 0.24 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.24 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- -7.70%
- Beta
- 0.59
- R²
- 0.24
- Upside Capture
- 35.21%
- Downside Capture
- 92.52%
Expense Ratio
BCDF has an expense ratio of 0.85%, placing it in the medium range.
Return for Risk
Risk / Return Rank
BCDF ranks 15 for risk / return — in the bottom 15% of ETFs on our site. This means you're taking on significantly more risk than the returns justify. Consider whether the potential upside is worth the volatility, or explore alternatives with better risk / return profiles.
Return / Risk — by metrics
The table below present risk-adjusted performance metrics for Horizon Kinetics Blockchain Development ETF (BCDF) and compare them to S&P 500 Index.
| BCDF | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.07 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.51 | — | — |
| Martin ratioReturn relative to average drawdown | 1.37 | — | — |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Dividends
Dividend History
Horizon Kinetics Blockchain Development ETF provided a 2.49% dividend yield over the last twelve months, with an annual payout of $0.76 per share. The fund has been increasing its distributions for 3 consecutive years.
| Period | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
| Dividend | $0.76 | $0.76 | $0.45 | $0.17 | $0.07 |
Dividend yield | 2.49% | 2.53% | 1.63% | 0.69% | 0.38% |
Monthly Dividends
The table displays the monthly dividend distributions for Horizon Kinetics Blockchain Development ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | ||||||
| 2025 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.76 | $0.76 |
| 2024 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.45 | $0.45 |
| 2023 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.00 | $0.17 | $0.17 |
| 2022 | $0.02 | $0.00 | $0.00 | $0.05 | $0.07 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Horizon Kinetics Blockchain Development ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Horizon Kinetics Blockchain Development ETF was 27.70%, occurring on Mar 15, 2023. Recovery took 361 trading sessions.
The current Horizon Kinetics Blockchain Development ETF drawdown is 9.24%.
Related event | Drawdown | Fall | Recovery | Underwater |
|---|---|---|---|---|
2023 bear market2023 | -27.70%Mar 2023 | 7mo 2d | 1y 5mo | 2y 7dAug 2022 - Aug 2024 |
2025 selloff2025 | -13.46%Apr 2025 | 4mo 14d | 23d | 5mo 7dNov 2024 - May 2025 |
2026 pullback2026 | -9.24%Jun 2026 | 10d | — | 11d 3hMay 2026 - now |
2026 pullback2026 | -7.51%Feb 2026 | 24d | 2mo 2d | 2mo 26dJan 2026 - Apr 2026 |
2025 pullback2025 | -7.25%Nov 2025 | 3mo 28d | 1mo 26d | 5mo 24dJul 2025 - Jan 2026 |
Drawdown Indicators
| BCDF | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.70% | -9.10% | -18.60% |
Max Drawdown (1Y)Largest decline over 1 year | -9.24% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -13.46% | — | — |
Current DrawdownCurrent decline from peak | -9.24% | -2.97% | -6.27% |
Average DrawdownAverage peak-to-trough decline | -9.83% | -1.13% | -8.70% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.47% | — | — |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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