BCDF vs. NCLO

Last updated Aug 6, 2026

BCDF (Horizon Kinetics Blockchain Development ETF) and NCLO (Nuveen AA-BBB CLO ETF) are both exchange-traded funds - BCDF is a Cryptocurrency fund actively managed by Horizon, while NCLO is a CLO fund tracking the JP Morgan CLO A Index. BCDF is actively managed, while NCLO is passively managed. Over the past year, BCDF returned 4.65% vs 5.86% for NCLO. Their -0.00 correlation means they have often moved in opposite directions in the past. BCDF charges 0.85%/yr vs 0.26%/yr for NCLO.

Performance

BCDF vs. NCLO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Blockchain Development ETF (BCDF) and Nuveen AA-BBB CLO ETF (NCLO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCDF achieves a 7.22% return, which is significantly higher than NCLO's 3.01% return.

BCDF

• 1D: -0.10%
• 1M: 5.12%
• 6M: 6.61%
• YTD: 7.22%
• 1Y: 4.65%
• 3Y*: 15.40%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.68%

NCLO

• 1D: -0.30%
• 1M: 0.57%
• 6M: 2.58%
• YTD: 3.01%
• 1Y: 5.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.85%

*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	$15.50K	$19.51K	$41.48K
NCLO Nuveen AA-BBB CLO ETF	$680.32K	$951.58K	$1.09M

BCDF vs. NCLO - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BCDF Horizon Kinetics Blockchain Development ETF	7.22%	11.63%	-3.24%
NCLO Nuveen AA-BBB CLO ETF	3.01%	6.28%	0.31%

Correlation

The correlation between BCDF and NCLO is -0.08, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.08
Correlation (All Time) Calculated using the full available price history since Dec 11, 2024	-0.00

Return for Risk

BCDF vs. NCLO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

BCDF

BCDF Risk / Return Rank: 16
BCDF Sharpe Ratio Rank: 16
BCDF Sortino Ratio Rank: 15
BCDF Omega Ratio Rank: 15
BCDF Calmar Ratio Rank: 15
BCDF Martin Ratio Rank: 17

NCLO

NCLO Risk / Return Rank: 62
NCLO Sharpe Ratio Rank: 53
NCLO Sortino Ratio Rank: 47
NCLO Omega Ratio Rank: 85
NCLO Calmar Ratio Rank: 47
NCLO Martin Ratio Rank: 78

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. NCLO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Blockchain Development ETF (BCDF) and Nuveen AA-BBB CLO ETF (NCLO). 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	NCLO	Difference
Sharpe ratio: Return per unit of total volatility	0.31	1.48	-1.17
Sortino ratio: Return per unit of downside risk	0.52	1.93	-1.41
Omega ratio: Gain probability vs. loss probability	1.06	1.40	-0.34
Calmar ratio: Return relative to maximum drawdown	0.33	1.93	-1.59
Martin ratio: Return relative to average drawdown	1.05	11.33	-10.28

BCDF vs. NCLO - Sharpe Ratio Comparison

The current BCDF Sharpe Ratio is 0.31, which is lower than the NCLO Sharpe Ratio of 1.48. The chart below compares the historical Sharpe Ratios of BCDF and NCLO, 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. NCLO - Drawdown Comparison

The maximum BCDF drawdown since its inception was -27.70%, which is greater than NCLO's maximum drawdown of -3.05%. Use the drawdown chart below to compare losses from any high point for BCDF and NCLO.

Drawdown Indicators

	BCDF	NCLO	Difference
Max Drawdown Largest peak-to-trough decline	-27.70%	-3.05%	-24.65%
Max Drawdown (1Y) Largest decline over 1 year	-14.02%	-3.05%	-10.97%
Max Drawdown (3Y) Largest decline over 3 years	-14.02%	—	—
Current Drawdown Current decline from peak	-4.06%	-0.30%	-3.76%
Average Drawdown Average peak-to-trough decline	-9.74%	-0.23%	-9.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.45%	0.52%	+3.93%

Volatility

BCDF vs. NCLO - Volatility Comparison

Horizon Kinetics Blockchain Development ETF (BCDF) has a higher volatility of 2.23% compared to Nuveen AA-BBB CLO ETF (NCLO) at 0.79%. This indicates that BCDF's price experiences larger fluctuations and is considered to be riskier than NCLO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCDF	NCLO	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.23%	0.79%	+1.44%
Volatility (6M) Calculated over the trailing 6-month period	10.84%	3.79%	+7.05%
Volatility (1Y) Calculated over the trailing 1-year period	14.88%	3.97%	+10.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.85%	3.76%	+13.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.85%	3.76%	+13.09%

BCDF vs. NCLO - Expense Ratio Comparison

BCDF has a 0.85% expense ratio, which is higher than NCLO's 0.26% expense ratio.

Dividends

BCDF vs. NCLO - Dividend Comparison

BCDF's dividend yield for the trailing twelve months is around 2.36%, less than NCLO's 5.75% yield.

Position	TTM	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	2.36%	2.53%	1.63%	0.69%	0.38%
NCLO Nuveen AA-BBB CLO ETF	5.75%	6.09%	0.35%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BCDF and NCLO in my portfolio?

BCDF and NCLO have a correlation of -0.08, 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 NCLO?

BCDF has higher volatility (2.23%) compared to NCLO (0.79%). In terms of maximum drawdown, BCDF dropped -27.70% vs NCLO's -3.05%.

Which ETF is better, BCDF or NCLO?

On 1-year performance, NCLO leads with 5.86% vs 4.65% for BCDF. On fees, NCLO is cheaper at 0.26% per year. On volatility, NCLO has been the lower-risk option at 0.79%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BCDF or NCLO?

Over the 1-year period, NCLO has performed better with a 5.86% return vs 4.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BCDF or NCLO?

NCLO is cheaper with a 0.26% expense ratio, compared with 0.85% for BCDF.

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

NCLO has the higher dividend yield at 5.75%, compared with 2.36% for BCDF.

What is the main difference between BCDF and NCLO?

BCDF is categorized as Cryptocurrency, while NCLO is CLO. They also come from different issuers: Horizon and Nuveen. Their fees differ too: 0.85% for BCDF and 0.26% for NCLO.

Which has better risk-adjusted returns?

NCLO currently has the higher Sharpe Ratio (1.48 vs 0.31), 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.