BCDF vs. CEPI

Last updated Aug 2, 2026

BCDF (Horizon Kinetics Blockchain Development ETF) and CEPI (REX Crypto Equity Premium Income ETF) are both exchange-traded funds - BCDF is a Cryptocurrency fund actively managed by Horizon, while CEPI is a Derivative Income fund actively managed by REX. Both are actively managed. Over the past year, BCDF returned 5.66% vs 20.69% for CEPI. Their 0.50 correlation means they have sometimes moved together and sometimes differently. Both charge a 0.85% expense ratio.

Performance

BCDF vs. CEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Blockchain Development ETF (BCDF) and REX Crypto Equity Premium Income ETF (CEPI). 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 lower than CEPI's 15.15% 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%

CEPI

• 1D: -1.27%
• 1M: -1.15%
• 6M: 12.02%
• YTD: 15.15%
• 1Y: 20.69%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.85%

*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
CEPI REX Crypto Equity Premium Income ETF	$1.21M	$1.33M	$1.59M

BCDF vs. CEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BCDF Horizon Kinetics Blockchain Development ETF	6.12%	11.63%	-5.39%
CEPI REX Crypto Equity Premium Income ETF	15.15%	10.75%	-7.02%

Correlation

The correlation between BCDF and CEPI is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (All Time) Calculated using the full available price history since Dec 4, 2024	0.50

The correlation between BCDF and CEPI has been stable across timeframes, ranging from 0.41 to 0.50 - a consistent structural relationship.

Return for Risk

BCDF vs. CEPI — 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

CEPI

CEPI Risk / Return Rank: 24
CEPI Sharpe Ratio Rank: 24
CEPI Sortino Ratio Rank: 25
CEPI Omega Ratio Rank: 25
CEPI Calmar Ratio Rank: 24
CEPI Martin Ratio Rank: 23

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. CEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Blockchain Development ETF (BCDF) and REX Crypto Equity Premium Income ETF (CEPI). 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	CEPI	Difference
Sharpe ratio: Return per unit of total volatility	0.37	0.54	-0.18
Sortino ratio: Return per unit of downside risk	0.60	0.93	-0.33
Omega ratio: Gain probability vs. loss probability	1.07	1.12	-0.04
Calmar ratio: Return relative to maximum drawdown	0.39	0.71	-0.32
Martin ratio: Return relative to average drawdown	1.24	1.66	-0.42

BCDF vs. CEPI - Sharpe Ratio Comparison

The current BCDF Sharpe Ratio is 0.37, which is lower than the CEPI Sharpe Ratio of 0.54. The chart below compares the historical Sharpe Ratios of BCDF and CEPI, 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. CEPI - Drawdown Comparison

The maximum BCDF drawdown since its inception was -27.70%, smaller than the maximum CEPI drawdown of -29.48%. Use the drawdown chart below to compare losses from any high point for BCDF and CEPI.

Drawdown Indicators

	BCDF	CEPI	Difference
Max Drawdown Largest peak-to-trough decline	-27.70%	-29.48%	+1.78%
Max Drawdown (1Y) Largest decline over 1 year	-14.02%	-22.47%	+8.45%
Max Drawdown (3Y) Largest decline over 3 years	-14.02%	—	—
Current Drawdown Current decline from peak	-5.05%	-7.59%	+2.54%
Average Drawdown Average peak-to-trough decline	-9.76%	-8.24%	-1.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	9.65%	-5.20%

Volatility

BCDF vs. CEPI - Volatility Comparison

The current volatility for Horizon Kinetics Blockchain Development ETF (BCDF) is 2.51%, while REX Crypto Equity Premium Income ETF (CEPI) has a volatility of 11.58%. This indicates that BCDF experiences smaller price fluctuations and is considered to be less risky than CEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCDF	CEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.51%	11.58%	-9.07%
Volatility (6M) Calculated over the trailing 6-month period	11.24%	23.76%	-12.52%
Volatility (1Y) Calculated over the trailing 1-year period	15.08%	29.53%	-14.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.87%	31.91%	-15.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.87%	31.91%	-15.04%

BCDF vs. CEPI - Expense Ratio Comparison

Both BCDF and CEPI have an expense ratio of 0.85%.

Dividends

BCDF vs. CEPI - Dividend Comparison

BCDF's dividend yield for the trailing twelve months is around 2.38%, less than CEPI's 45.59% yield.

Position	TTM	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	2.38%	2.53%	1.63%	0.69%	0.38%
CEPI REX Crypto Equity Premium Income ETF	45.59%	50.78%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BCDF and CEPI in my portfolio?

BCDF and CEPI have a correlation of 0.41, 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 CEPI?

CEPI has higher volatility (11.58%) compared to BCDF (2.51%). In terms of maximum drawdown, BCDF dropped -27.70% vs CEPI's -29.48%.

Which ETF is better, BCDF or CEPI?

On 1-year performance, CEPI leads with 20.69% vs 5.66% for BCDF. Both ETFs have the same 0.85% expense ratio. 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 CEPI?

Over the 1-year period, CEPI has performed better with a 20.69% return vs 5.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BCDF or CEPI?

BCDF and CEPI have the same expense ratio: 0.85% per year.

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

CEPI has the higher dividend yield at 45.59%, compared with 2.38% for BCDF.

What is the main difference between BCDF and CEPI?

BCDF is categorized as Cryptocurrency, while CEPI is Derivative Income. They also come from different issuers: Horizon and REX.

Which has better risk-adjusted returns?

CEPI currently has the higher Sharpe Ratio (0.54 vs 0.37), 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.