BCDF vs. DBE
BCDF (Horizon Kinetics Blockchain Development ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - BCDF is a Cryptocurrency fund actively managed by Horizon, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. BCDF is actively managed, while DBE is passively managed. Over the past 3 years, BCDF returned 14.97%/yr vs 23.42%/yr for DBE. At a 0.09 correlation, their price movements are largely independent. BCDF charges 0.85%/yr vs 0.78%/yr for DBE.
Performance
BCDF vs. DBE - Performance Comparison
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Returns By Period
In the year-to-date period, BCDF achieves a 3.23% return, which is significantly lower than DBE's 83.68% return.
BCDF
- 1D
- -0.16%
- 1M
- -4.70%
- YTD
- 3.23%
- 6M
- 4.02%
- 1Y
- 6.26%
- 3Y*
- 14.97%
- 5Y*
- —
- 10Y*
- —
DBE
- 1D
- 2.33%
- 1M
- -5.45%
- YTD
- 83.68%
- 6M
- 74.95%
- 1Y
- 84.41%
- 3Y*
- 23.42%
- 5Y*
- 19.66%
- 10Y*
- 12.03%
BCDF vs. DBE - 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% |
DBE Invesco DB Energy Fund | 83.68% | -2.17% | 2.96% | -12.14% | -8.43% |
Correlation
The correlation between BCDF and DBE is -0.09, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.09 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Aug 3, 2022 | 0.09 |
The correlation between BCDF and DBE shifts across timeframes, from -0.09 (1 year) to 0.09 (all time), reflecting how their relationship changes across market environments.
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Return for Risk
BCDF vs. DBE — Risk / Return Rank
BCDF
DBE
BCDF vs. DBE - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Blockchain Development ETF (BCDF) and Invesco DB Energy Fund (DBE). 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 | DBE | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.00 | ||
| Sortino ratioReturn per unit of downside risk | -2.26 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.40 | -0.32 |
| Calmar ratioReturn relative to maximum drawdown | 0.82 | 5.89 | -5.07 |
| Martin ratioReturn relative to average drawdown | 1.85 | 11.53 | -9.68 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BCDF | DBE | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.43 | 2.43 | -2.00 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.67 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.43 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.39 | 0.09 | +0.30 |
Drawdowns
BCDF vs. DBE - Drawdown Comparison
The maximum BCDF drawdown since its inception was -27.70%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for BCDF and DBE.
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Drawdown Indicators
| BCDF | DBE | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.70% | -86.69% | +58.99% |
Max Drawdown (1Y)Largest decline over 1 year | -7.63% | -14.41% | +6.78% |
Max Drawdown (3Y)Largest decline over 3 years | -13.46% | -23.89% | +10.43% |
Max Drawdown (5Y)Largest decline over 5 years | — | -38.74% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -60.84% | — |
Current DrawdownCurrent decline from peak | -7.63% | -30.27% | +22.64% |
Average DrawdownAverage peak-to-trough decline | -9.83% | -57.31% | +47.48% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.39% | 7.35% | -3.96% |
Volatility
BCDF vs. DBE - Volatility Comparison
The current volatility for Horizon Kinetics Blockchain Development ETF (BCDF) is 5.17%, while Invesco DB Energy Fund (DBE) has a volatility of 12.95%. This indicates that BCDF experiences smaller price fluctuations and is considered to be less risky than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BCDF | DBE | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.17% | 12.95% | -7.78% |
Volatility (6M)Calculated over the trailing 6-month period | 11.03% | 30.86% | -19.83% |
Volatility (1Y)Calculated over the trailing 1-year period | 14.76% | 34.97% | -20.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.94% | 29.39% | -12.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.94% | 28.33% | -11.39% |
BCDF vs. DBE - Expense Ratio Comparison
BCDF has a 0.85% expense ratio, which is higher than DBE's 0.78% expense ratio.
Dividends
BCDF vs. DBE - Dividend Comparison
BCDF's dividend yield for the trailing twelve months is around 2.45%, more than DBE's 2.10% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
BCDF Horizon Kinetics Blockchain Development ETF | 2.45% | 2.53% | 1.63% | 0.69% | 0.38% | 0.00% | 0.00% | 0.00% | 0.00% |
DBE Invesco DB Energy Fund | 2.10% | 3.86% | 6.32% | 3.87% | 0.75% | 0.00% | 0.00% | 1.79% | 1.67% |
Frequently Asked Questions
BCDF and DBE have a correlation of -0.09, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DBE has higher volatility (12.95%) compared to BCDF (5.17%). In terms of maximum drawdown, BCDF dropped -27.70% vs DBE's -86.69%.
On 3-year performance, DBE leads with 23.42% vs 14.97% for BCDF. On fees, DBE is cheaper at 0.78% 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.
Over the 3-year period, DBE has performed better with a 23.42% return vs 14.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
DBE is cheaper with a 0.78% expense ratio, compared with 0.85% for BCDF.
BCDF has the higher dividend yield at 2.45%, compared with 2.10% for DBE.
BCDF is categorized as Cryptocurrency, while DBE is Oil & Gas. They also come from different issuers: Horizon and Invesco. Their fees differ too: 0.85% for BCDF and 0.78% for DBE.
DBE currently has the higher Sharpe Ratio (2.43 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.
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