BCDF vs. BITO

Last updated Jun 4, 2026

BCDF (Horizon Kinetics Blockchain Development ETF) and BITO (ProShares Bitcoin Strategy ETF) are both Cryptocurrency funds. Both are actively managed. Over the past 3 years, BCDF returned 14.97%/yr vs 25.27%/yr for BITO. At a 0.46 correlation, their price movements are largely independent. BCDF charges 0.85%/yr vs 0.95%/yr for BITO.

Performance

BCDF vs. BITO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Blockchain Development ETF (BCDF) and ProShares Bitcoin Strategy ETF (BITO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCDF achieves a 3.23% return, which is significantly higher than BITO's -26.37% return.

BCDF

• 1D: -0.16%
• 1M: -4.70%
• YTD: 3.23%
• 6M: 4.02%
• 1Y: 6.26%
• 3Y*: 14.97%
• 5Y*: —
• 10Y*: —

BITO

• 1D: -2.94%
• 1M: -18.61%
• YTD: -26.37%
• 6M: -30.81%
• 1Y: -41.01%
• 3Y*: 25.27%
• 5Y*: —
• 10Y*: —

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

BCDF vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	3.23%	11.63%	14.87%	24.99%	-22.71%
BITO ProShares Bitcoin Strategy ETF	-26.37%	-11.19%	104.45%	137.33%	-26.50%

Correlation

The correlation between BCDF and BITO is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (All Time) Calculated using the full available price history since Aug 3, 2022	0.46

BCDF vs. BITO - Sectors Allocation Comparison

Sectors	BCDF	BITO
Financial Services	80.2%	68.5%
Technology	9.7%	-
Utilities	4.7%	-
Energy	3.5%	-
Communication Services	1.4%	-
Industrials	0.4%	-
Real Estate	0.1%	-
Healthcare	0.0%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-

Return for Risk

BCDF vs. BITO — Risk / Return Rank

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

BCDF

BCDF Risk / Return Rank: 16
BCDF Sharpe Ratio Rank: 15
BCDF Sortino Ratio Rank: 15
BCDF Omega Ratio Rank: 15
BCDF Calmar Ratio Rank: 20
BCDF Martin Ratio Rank: 18

BITO

BITO Risk / Return Rank: 2
BITO Sharpe Ratio Rank: 2
BITO Sortino Ratio Rank: 2
BITO Omega Ratio Rank: 2
BITO Calmar Ratio Rank: 2
BITO Martin Ratio Rank: 2

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.

BCDF vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Blockchain Development ETF (BCDF) and ProShares Bitcoin Strategy ETF (BITO). 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.

	BCDF	BITO	Difference
Sharpe ratio: Return per unit of total volatility	0.43	-0.95	+1.37
Sortino ratio: Return per unit of downside risk	0.69	-1.35	+2.04
Omega ratio: Gain probability vs. loss probability	1.08	0.85	+0.23
Calmar ratio: Return relative to maximum drawdown	0.82	-0.82	+1.65
Martin ratio: Return relative to average drawdown	1.85	-1.41	+3.26
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BCDF vs. BITO - Sharpe Ratio Comparison

The current BCDF Sharpe Ratio is 0.43, which is higher than the BITO Sharpe Ratio of -0.95. The chart below compares the historical Sharpe Ratios of BCDF and BITO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BCDF	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.43	-0.95	+1.37
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	-0.09	+0.48

Drawdowns

BCDF vs. BITO - Drawdown Comparison

The maximum BCDF drawdown since its inception was -27.70%, smaller than the maximum BITO drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for BCDF and BITO.

Drawdown Indicators

	BCDF	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-27.70%	-77.86%	+50.16%
Max Drawdown (1Y) Largest decline over 1 year	-7.63%	-50.05%	+42.42%
Max Drawdown (3Y) Largest decline over 3 years	-13.46%	-50.05%	+36.59%
Current Drawdown Current decline from peak	-7.63%	-49.22%	+41.59%
Average Drawdown Average peak-to-trough decline	-9.83%	-36.73%	+26.90%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	29.09%	-25.70%

Volatility

BCDF vs. BITO - Volatility Comparison

The current volatility for Horizon Kinetics Blockchain Development ETF (BCDF) is 5.17%, while ProShares Bitcoin Strategy ETF (BITO) has a volatility of 9.43%. This indicates that BCDF experiences smaller price fluctuations and is considered to be less risky than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCDF	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.17%	9.43%	-4.26%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	34.26%	-23.23%
Volatility (1Y) Calculated over the trailing 1-year period	14.76%	43.57%	-28.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.94%	55.11%	-38.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.94%	55.11%	-38.17%

BCDF vs. BITO - Expense Ratio Comparison

BCDF has a 0.85% expense ratio, which is lower than BITO's 0.95% expense ratio.

Dividends

BCDF vs. BITO - Dividend Comparison

BCDF's dividend yield for the trailing twelve months is around 2.45%, less than BITO's 67.63% yield.

Position	TTM	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	2.45%	2.53%	1.63%	0.69%	0.38%
BITO ProShares Bitcoin Strategy ETF	67.63%	78.29%	61.59%	15.14%	0.00%

Frequently Asked Questions

Can I hold both BCDF and BITO in my portfolio?

BCDF and BITO have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BCDF or BITO?

BITO has higher volatility (9.43%) compared to BCDF (5.17%). In terms of maximum drawdown, BCDF dropped -27.70% vs BITO's -77.86%.

Which ETF is better, BCDF or BITO?

On 3-year performance, BITO leads with 25.27% vs 14.97% for BCDF. On fees, BCDF is cheaper at 0.85% per year. On volatility, BCDF has been the lower-risk option at 5.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BCDF or BITO?

Over the 3-year period, BITO has performed better with a 25.27% return vs 14.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BCDF or BITO?

BCDF is cheaper with a 0.85% expense ratio, compared with 0.95% for BITO.

Which ETF pays a higher dividend yield, BCDF or BITO?

BITO has the higher dividend yield at 67.63%, compared with 2.45% for BCDF.

What is the main difference between BCDF and BITO?

They also come from different issuers: Horizon and ProShares. Their fees differ too: 0.85% for BCDF and 0.95% for BITO.

Which has better risk-adjusted returns?

BCDF currently has the higher Sharpe Ratio (0.43 vs -0.94), 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.