BCDF vs. JAPN

Last updated Jun 4, 2026

BCDF (Horizon Kinetics Blockchain Development ETF) and JAPN (Horizon Kinetics Japan Owner Operator ETF) are both exchange-traded funds - BCDF is a Cryptocurrency fund actively managed by Horizon, while JAPN is a Japan Equities fund actively managed by Horizon. Both are actively managed. Over the past year, BCDF returned 6.26% vs -16.72% for JAPN. At a 0.33 correlation, their price movements are largely independent. Both charge a 0.85% expense ratio.

Performance

BCDF vs. JAPN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Blockchain Development ETF (BCDF) and Horizon Kinetics Japan Owner Operator ETF (JAPN). 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 higher than JAPN's -13.33% return.

BCDF

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

JAPN

• 1D: -1.75%
• 1M: -2.99%
• YTD: -13.33%
• 6M: -13.01%
• 1Y: -16.72%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BCDF vs. JAPN - Yearly Performance Comparison

	2026 (YTD)	2025
BCDF Horizon Kinetics Blockchain Development ETF	3.23%	2.80%
JAPN Horizon Kinetics Japan Owner Operator ETF	-13.33%	2.80%

Correlation

The correlation between BCDF and JAPN is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since May 14, 2025	0.33

Return for Risk

BCDF vs. JAPN — 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

JAPN

JAPN Risk / Return Rank: 2
JAPN Sharpe Ratio Rank: 2
JAPN Sortino Ratio Rank: 3
JAPN Omega Ratio Rank: 2
JAPN Calmar Ratio Rank: 3
JAPN Martin Ratio Rank: 2

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. JAPN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Blockchain Development ETF (BCDF) and Horizon Kinetics Japan Owner Operator ETF (JAPN). 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	JAPN	Difference
Sharpe ratio: Return per unit of total volatility	0.43	-0.90	+1.32
Sortino ratio: Return per unit of downside risk	0.69	-1.18	+1.88
Omega ratio: Gain probability vs. loss probability	1.08	0.86	+0.22
Calmar ratio: Return relative to maximum drawdown	0.82	-0.70	+1.52
Martin ratio: Return relative to average drawdown	1.85	-1.34	+3.19
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. JAPN - Sharpe Ratio Comparison

The current BCDF Sharpe Ratio is 0.43, which is higher than the JAPN Sharpe Ratio of -0.90. The chart below compares the historical Sharpe Ratios of BCDF and JAPN, 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	JAPN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.43	-0.90	+1.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	-0.54	+0.93

Drawdowns

BCDF vs. JAPN - Drawdown Comparison

The maximum BCDF drawdown since its inception was -27.70%, which is greater than JAPN's maximum drawdown of -23.94%. Use the drawdown chart below to compare losses from any high point for BCDF and JAPN.

Drawdown Indicators

	BCDF	JAPN	Difference
Max Drawdown Largest peak-to-trough decline	-27.70%	-23.94%	-3.76%
Max Drawdown (1Y) Largest decline over 1 year	-7.63%	-23.94%	+16.31%
Max Drawdown (3Y) Largest decline over 3 years	-13.46%	—	—
Current Drawdown Current decline from peak	-7.63%	-22.90%	+15.27%
Average Drawdown Average peak-to-trough decline	-9.83%	-9.47%	-0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.39%	12.54%	-9.15%

Volatility

BCDF vs. JAPN - Volatility Comparison

Horizon Kinetics Blockchain Development ETF (BCDF) has a higher volatility of 5.17% compared to Horizon Kinetics Japan Owner Operator ETF (JAPN) at 4.33%. This indicates that BCDF's price experiences larger fluctuations and is considered to be riskier than JAPN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCDF	JAPN	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.17%	4.33%	+0.84%
Volatility (6M) Calculated over the trailing 6-month period	11.03%	15.41%	-4.38%
Volatility (1Y) Calculated over the trailing 1-year period	14.76%	18.77%	-4.01%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.94%	19.24%	-2.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.94%	19.24%	-2.30%

BCDF vs. JAPN - Expense Ratio Comparison

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

Dividends

BCDF vs. JAPN - Dividend Comparison

BCDF's dividend yield for the trailing twelve months is around 2.45%, more than JAPN's 0.28% yield.

Position	TTM	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	2.45%	2.53%	1.63%	0.69%	0.38%
JAPN Horizon Kinetics Japan Owner Operator ETF	0.28%	0.24%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BCDF and JAPN in my portfolio?

BCDF and JAPN have a correlation of 0.33, 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 JAPN?

BCDF has higher volatility (5.17%) compared to JAPN (4.33%). In terms of maximum drawdown, BCDF dropped -27.70% vs JAPN's -23.94%.

Which ETF is better, BCDF or JAPN?

On 1-year performance, BCDF leads with 6.26% vs -16.72% for JAPN. Both ETFs have the same 0.85% expense ratio. On volatility, JAPN has been the lower-risk option at 4.33%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BCDF or JAPN?

Over the 1-year period, BCDF has performed better with a 6.26% return vs -16.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BCDF or JAPN?

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

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

BCDF has the higher dividend yield at 2.45%, compared with 0.28% for JAPN.

What is the main difference between BCDF and JAPN?

BCDF is categorized as Cryptocurrency, while JAPN is Japan Equities.

Which has better risk-adjusted returns?

BCDF currently has the higher Sharpe Ratio (0.43 vs -0.90), 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.