BCDF vs. BTGD

Last updated Aug 2, 2026

BCDF (Horizon Kinetics Blockchain Development ETF) and BTGD (STKd 100% Bitcoin & 100% Gold ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BCDF returned 5.66% vs -43.79% for BTGD. Their 0.45 correlation means their historical movements had little consistent relationship. BCDF charges 0.85%/yr vs 1.05%/yr for BTGD.

Performance

BCDF vs. BTGD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Blockchain Development ETF (BCDF) and STKd 100% Bitcoin & 100% Gold ETF (BTGD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCDF achieves a 6.12% return, which is significantly higher than BTGD's -40.08% return.

BCDF

• 1D: 0.13%
• 1M: 5.32%
• 6M: 1.82%
• YTD: 6.12%
• 1Y: 5.66%
• 3Y*: 14.55%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.43%

BTGD

• 1D: -4.20%
• 1M: -0.71%
• 6M: -43.67%
• YTD: -40.08%
• 1Y: -43.79%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 2.39%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BCDF Horizon Kinetics Blockchain Development ETF	$16.32K	$19.89K	$48.05K
BTGD STKd 100% Bitcoin & 100% Gold ETF	$365.15K	$356.50K	$1.03M

BCDF vs. BTGD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BCDF Horizon Kinetics Blockchain Development ETF	6.12%	11.63%	-0.89%
BTGD STKd 100% Bitcoin & 100% Gold ETF	-40.08%	34.62%	29.32%

Correlation

The correlation between BCDF and BTGD is 0.44, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.44
Correlation (All Time) Calculated using the full available price history since Oct 16, 2024	0.45

Return for Risk

BCDF vs. BTGD — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BCDF

BCDF Risk / Return Rank: 18
BCDF Sharpe Ratio Rank: 19
BCDF Sortino Ratio Rank: 18
BCDF Omega Ratio Rank: 18
BCDF Calmar Ratio Rank: 18
BCDF Martin Ratio Rank: 20

BTGD

BTGD Risk / Return Rank: 3
BTGD Sharpe Ratio Rank: 3
BTGD Sortino Ratio Rank: 3
BTGD Omega Ratio Rank: 3
BTGD Calmar Ratio Rank: 3
BTGD Martin Ratio Rank: 1

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

BCDF vs. BTGD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Blockchain Development ETF (BCDF) and STKd 100% Bitcoin & 100% Gold ETF (BTGD). 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.

	BCDF	BTGD	Difference
Sharpe ratio: Return per unit of total volatility	0.37	-0.77	+1.13
Sortino ratio: Return per unit of downside risk	0.60	-0.97	+1.56
Omega ratio: Gain probability vs. loss probability	1.07	0.89	+0.18
Calmar ratio: Return relative to maximum drawdown	0.39	-0.76	+1.15
Martin ratio: Return relative to average drawdown	1.24	-1.38	+2.61

BCDF vs. BTGD - Sharpe Ratio Comparison

The current BCDF Sharpe Ratio is 0.37, which is higher than the BTGD Sharpe Ratio of -0.77. The chart below compares the historical Sharpe Ratios of BCDF and BTGD, 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

BCDF vs. BTGD - Drawdown Comparison

The maximum BCDF drawdown since its inception was -27.70%, smaller than the maximum BTGD drawdown of -58.79%. Use the drawdown chart below to compare losses from any high point for BCDF and BTGD.

Drawdown Indicators

	BCDF	BTGD	Difference
Max Drawdown Largest peak-to-trough decline	-27.70%	-58.79%	+31.09%
Max Drawdown (1Y) Largest decline over 1 year	-14.02%	-58.79%	+44.77%
Max Drawdown (3Y) Largest decline over 3 years	-14.02%	—	—
Current Drawdown Current decline from peak	-5.05%	-56.11%	+51.06%
Average Drawdown Average peak-to-trough decline	-9.76%	-18.11%	+8.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	32.37%	-27.92%

Volatility

BCDF vs. BTGD - Volatility Comparison

The current volatility for Horizon Kinetics Blockchain Development ETF (BCDF) is 2.51%, while STKd 100% Bitcoin & 100% Gold ETF (BTGD) has a volatility of 14.17%. This indicates that BCDF experiences smaller price fluctuations and is considered to be less risky than BTGD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCDF	BTGD	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	14.17%	-11.66%
Volatility (6M) Calculated over the trailing 6-month period	11.24%	47.63%	-36.39%
Volatility (1Y) Calculated over the trailing 1-year period	15.08%	58.18%	-43.10%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.87%	55.76%	-38.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.87%	55.76%	-38.89%

BCDF vs. BTGD - Expense Ratio Comparison

BCDF has a 0.85% expense ratio, which is lower than BTGD's 1.05% expense ratio.

Dividends

BCDF vs. BTGD - Dividend Comparison

BCDF's dividend yield for the trailing twelve months is around 2.38%, less than BTGD's 5.61% yield.

Position	TTM	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	2.38%	2.53%	1.63%	0.69%	0.38%
BTGD STKd 100% Bitcoin & 100% Gold ETF	5.61%	3.36%	0.19%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BCDF and BTGD in my portfolio?

BCDF and BTGD 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 BTGD?

BTGD has higher volatility (14.17%) compared to BCDF (2.51%). In terms of maximum drawdown, BCDF dropped -27.70% vs BTGD's -58.79%.

Which ETF is better, BCDF or BTGD?

On 1-year performance, BCDF leads with 5.66% vs -43.79% for BTGD. On fees, BCDF is cheaper at 0.85% per year. On volatility, BCDF has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BCDF or BTGD?

Over the 1-year period, BCDF has performed better with a 5.66% return vs -43.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BCDF or BTGD?

BCDF is cheaper with a 0.85% expense ratio, compared with 1.05% for BTGD.

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

BTGD has the higher dividend yield at 5.61%, compared with 2.38% for BCDF.

What is the main difference between BCDF and BTGD?

They also come from different issuers: Horizon and Quantify Funds. Their fees differ too: 0.85% for BCDF and 1.05% for BTGD.

Which has better risk-adjusted returns?

BCDF currently has the higher Sharpe Ratio (0.37 vs -0.77), 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.