BCDF vs. BWET

Last updated Jun 4, 2026

BCDF (Horizon Kinetics Blockchain Development ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - BCDF is a Cryptocurrency fund actively managed by Horizon, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. BCDF is actively managed, while BWET is passively managed. Over the past 3 years, BCDF returned 14.97%/yr vs 129.64%/yr for BWET. At a 0.00 correlation, their price movements are largely independent. BCDF charges 0.85%/yr vs 3.50%/yr for BWET.

Performance

BCDF vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Blockchain Development ETF (BCDF) and Breakwave Tanker Shipping ETF (BWET). 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 lower than BWET's 875.88% return.

BCDF

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

BWET

• 1D: 4.26%
• 1M: 9.15%
• YTD: 875.88%
• 6M: 735.56%
• 1Y: 1,800.91%
• 3Y*: 129.64%
• 5Y*: —
• 10Y*: —

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

BCDF vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BCDF Horizon Kinetics Blockchain Development ETF	3.23%	11.63%	14.87%	19.26%
BWET Breakwave Tanker Shipping ETF	875.88%	96.22%	-39.21%	15.94%

Correlation

The correlation between BCDF and BWET is -0.15, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.00
Correlation (All Time) Calculated using the full available price history since May 4, 2023	0.00

The correlation between BCDF and BWET shifts across timeframes, from -0.15 (1 year) to 0.00 (3 years), reflecting how their relationship changes across market environments.

BCDF vs. BWET - Sectors Allocation Comparison

Sectors	BCDF	BWET
Financial Services	80.2%	8.6%
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. BWET — 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

BWET

BWET Risk / Return Rank: 99
BWET Sharpe Ratio Rank: 100
BWET Sortino Ratio Rank: 97
BWET Omega Ratio Rank: 97
BWET Calmar Ratio Rank: 100
BWET Martin Ratio Rank: 99

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. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Blockchain Development ETF (BCDF) and Breakwave Tanker Shipping ETF (BWET). 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	BWET	Difference
Sharpe ratio: Return per unit of total volatility	0.43	18.57	-18.14
Sortino ratio: Return per unit of downside risk	0.69	6.55	-5.86
Omega ratio: Gain probability vs. loss probability	1.08	1.96	-0.88
Calmar ratio: Return relative to maximum drawdown	0.82	59.51	-58.68
Martin ratio: Return relative to average drawdown	1.85	158.07	-156.22
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. BWET - Sharpe Ratio Comparison

The current BCDF Sharpe Ratio is 0.43, which is lower than the BWET Sharpe Ratio of 18.57. The chart below compares the historical Sharpe Ratios of BCDF and BWET, 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	BWET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.43	18.57	-18.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	1.90	-1.50

Drawdowns

BCDF vs. BWET - Drawdown Comparison

The maximum BCDF drawdown since its inception was -27.70%, smaller than the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for BCDF and BWET.

Drawdown Indicators

	BCDF	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-27.70%	-56.90%	+29.20%
Max Drawdown (1Y) Largest decline over 1 year	-7.63%	-30.64%	+23.01%
Max Drawdown (3Y) Largest decline over 3 years	-13.46%	-56.90%	+43.44%
Current Drawdown Current decline from peak	-7.63%	-11.29%	+3.66%
Average Drawdown Average peak-to-trough decline	-9.83%	-24.09%	+14.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	11.51%	-8.12%

Volatility

BCDF vs. BWET - Volatility Comparison

The current volatility for Horizon Kinetics Blockchain Development ETF (BCDF) is 5.17%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 33.96%. This indicates that BCDF experiences smaller price fluctuations and is considered to be less risky than BWET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCDF	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.17%	33.96%	-28.79%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	88.49%	-77.46%
Volatility (1Y) Calculated over the trailing 1-year period	14.76%	98.35%	-83.59%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.94%	70.45%	-53.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.94%	70.45%	-53.51%

BCDF vs. BWET - Expense Ratio Comparison

BCDF has a 0.85% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

BCDF vs. BWET - Dividend Comparison

BCDF's dividend yield for the trailing twelve months is around 2.45%, while BWET has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	2.45%	2.53%	1.63%	0.69%	0.38%
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BCDF and BWET in my portfolio?

BCDF and BWET have a correlation of -0.15, 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 BWET?

BWET has higher volatility (33.96%) compared to BCDF (5.17%). In terms of maximum drawdown, BCDF dropped -27.70% vs BWET's -56.90%.

Which ETF is better, BCDF or BWET?

On 3-year performance, BWET leads with 129.64% 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 BWET?

Over the 3-year period, BWET has performed better with a 129.64% 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 BWET?

BCDF is cheaper with a 0.85% expense ratio, compared with 3.50% for BWET.

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

BCDF has the higher dividend yield at 2.45%, compared with 0.00% for BWET.

What is the main difference between BCDF and BWET?

BCDF is categorized as Cryptocurrency, while BWET is Commodities. They also come from different issuers: Horizon and Amplify. Their fees differ too: 0.85% for BCDF and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (18.57 vs 0.43), 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.