BCDF vs. ETHU

Last updated Apr 2, 2026

Compare and contrast key facts about Horizon Kinetics Blockchain Development ETF (BCDF) and Volatility Shares 2x Ether ETF (ETHU).

BCDF and ETHU are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. BCDF is an actively managed fund by Horizon. It was launched on Aug 1, 2022. ETHU is an actively managed fund by Volatility Shares. It was launched on Nov 1, 2023.

Performance

BCDF vs. ETHU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Blockchain Development ETF (BCDF) and Volatility Shares 2x Ether ETF (ETHU). The values are adjusted to include any dividend payments, if applicable.

BCDF vs. ETHU - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BCDF Horizon Kinetics Blockchain Development ETF	1.59%	11.63%	15.08%
ETHU Volatility Shares 2x Ether ETF	-57.28%	-64.38%	-49.29%

Returns By Period

In the year-to-date period, BCDF achieves a 1.59% return, which is significantly higher than ETHU's -57.28% return.

BCDF

• 1D: -0.13%
• 1M: -4.59%
• YTD: 1.59%
• 6M: -0.21%
• 1Y: 12.57%
• 3Y*: 15.55%
• 5Y*: —
• 10Y*: —

ETHU

• 1D: 4.30%
• 1M: 5.26%
• YTD: -57.28%
• 6M: -83.33%
• 1Y: -40.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BCDF vs. ETHU - Expense Ratio Comparison

BCDF has a 0.85% expense ratio, which is lower than ETHU's 0.94% expense ratio.

ETHU

Volatility Shares 2x Ether ETF

BCDF

Horizon Kinetics Blockchain Development ETF

Return for Risk

BCDF vs. ETHU — Risk / Return Rank

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

BCDF

BCDF Risk / Return Rank: 39
BCDF Sharpe Ratio Rank: 37
BCDF Sortino Ratio Rank: 37
BCDF Omega Ratio Rank: 33
BCDF Calmar Ratio Rank: 51
BCDF Martin Ratio Rank: 37

ETHU

ETHU Risk / Return Rank: 12
ETHU Sharpe Ratio Rank: 7
ETHU Sortino Ratio Rank: 21
ETHU Omega Ratio Rank: 19
ETHU Calmar Ratio Rank: 6
ETHU Martin Ratio Rank: 7

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. ETHU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Blockchain Development ETF (BCDF) and Volatility Shares 2x Ether ETF (ETHU). 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	ETHU	Difference
Sharpe ratio Return per unit of total volatility	0.75	-0.27	+1.02
Sortino ratio Return per unit of downside risk	1.15	0.62	+0.53
Omega ratio Gain probability vs. loss probability	1.15	1.07	+0.08
Calmar ratio Return relative to maximum drawdown	1.46	-0.40	+1.86
Martin ratio Return relative to average drawdown	3.74	-0.69	+4.43
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. ETHU - Sharpe Ratio Comparison

The current BCDF Sharpe Ratio is 0.75, which is higher than the ETHU Sharpe Ratio of -0.27. The chart below compares the historical Sharpe Ratios of BCDF and ETHU, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	BCDF	ETHU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.75	-0.27	+1.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	-0.51	+0.89

Correlation

The correlation between BCDF and ETHU is 0.43, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

BCDF vs. ETHU - Dividend Comparison

BCDF's dividend yield for the trailing twelve months is around 2.49%, less than ETHU's 3.36% yield.

	TTM	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	2.49%	2.53%	1.63%	0.69%	0.38%
ETHU Volatility Shares 2x Ether ETF	3.36%	2.31%	0.41%	0.00%	0.00%

Drawdowns

BCDF vs. ETHU - Drawdown Comparison

The maximum BCDF drawdown since its inception was -27.70%, smaller than the maximum ETHU drawdown of -94.05%. Use the drawdown chart below to compare losses from any high point for BCDF and ETHU.

Drawdown Indicators

	BCDF	ETHU	Difference
Max Drawdown Largest peak-to-trough decline	-27.70%	-94.05%	+66.35%
Max Drawdown (1Y) Largest decline over 1 year	-8.84%	-89.89%	+81.05%
Current Drawdown Current decline from peak	-5.21%	-92.60%	+87.39%
Average Drawdown Average peak-to-trough decline	-10.22%	-67.26%	+57.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.45%	51.76%	-48.31%

Volatility

BCDF vs. ETHU - Volatility Comparison

The current volatility for Horizon Kinetics Blockchain Development ETF (BCDF) is 5.19%, while Volatility Shares 2x Ether ETF (ETHU) has a volatility of 37.78%. This indicates that BCDF experiences smaller price fluctuations and is considered to be less risky than ETHU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCDF	ETHU	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.19%	37.78%	-32.59%
Volatility (6M) Calculated over the trailing 6-month period	11.72%	109.38%	-97.66%
Volatility (1Y) Calculated over the trailing 1-year period	16.80%	152.42%	-135.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	17.05%	147.66%	-130.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.05%	147.66%	-130.61%