BCDF vs. STCE

Last updated Jun 23, 2026

BCDF (Horizon Kinetics Blockchain Development ETF) and STCE (Schwab Crypto Thematic ETF) are both exchange-traded funds - BCDF is a Cryptocurrency fund actively managed by Horizon, while STCE is a Blockchain fund tracking the Schwab Crypto Thematic Index. BCDF is actively managed, while STCE is passively managed. Over the past 3 years, BCDF returned 14.27%/yr vs 55.96%/yr for STCE. A 0.63 correlation means they provide meaningful diversification when combined. BCDF charges 0.85%/yr vs 0.30%/yr for STCE.

Performance

BCDF vs. STCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Kinetics Blockchain Development ETF (BCDF) and Schwab Crypto Thematic ETF (STCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCDF achieves a -0.20% return, which is significantly lower than STCE's 31.69% return.

BCDF

• 1D: -1.16%
• 1M: -10.70%
• YTD: -0.20%
• 6M: -0.65%
• 1Y: 2.52%
• 3Y*: 14.27%
• 5Y*: —
• 10Y*: —

STCE

• 1D: 0.01%
• 1M: 5.62%
• YTD: 31.69%
• 6M: 18.74%
• 1Y: 82.14%
• 3Y*: 55.96%
• 5Y*: —
• 10Y*: —

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

BCDF vs. STCE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	-0.20%	11.63%	14.87%	24.99%	-23.26%
STCE Schwab Crypto Thematic ETF	31.69%	36.12%	41.76%	108.65%	-40.98%

Correlation

The correlation between BCDF and STCE is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (All Time) Calculated using the full available price history since Aug 4, 2022	0.63

The correlation between BCDF and STCE shifts across timeframes, from 0.50 (1 year) to 0.63 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BCDF vs. STCE — Risk / Return Rank

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

BCDF

BCDF Risk / Return Rank: 10
BCDF Sharpe Ratio Rank: 11
BCDF Sortino Ratio Rank: 10
BCDF Omega Ratio Rank: 10
BCDF Calmar Ratio Rank: 11
BCDF Martin Ratio Rank: 11

STCE

STCE Risk / Return Rank: 33
STCE Sharpe Ratio Rank: 38
STCE Sortino Ratio Rank: 38
STCE Omega Ratio Rank: 35
STCE Calmar Ratio Rank: 31
STCE Martin Ratio Rank: 22

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. STCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Blockchain Development ETF (BCDF) and Schwab Crypto Thematic ETF (STCE). 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	STCE	Difference
Sharpe ratio: Return per unit of total volatility	0.17	1.33	-1.17
Sortino ratio: Return per unit of downside risk	0.34	1.92	-1.59
Omega ratio: Gain probability vs. loss probability	1.04	1.23	-0.19
Calmar ratio: Return relative to maximum drawdown	0.24	1.53	-1.29
Martin ratio: Return relative to average drawdown	0.66	2.70	-2.04

BCDF vs. STCE - Sharpe Ratio Comparison

The current BCDF Sharpe Ratio is 0.17, which is lower than the STCE Sharpe Ratio of 1.33. The chart below compares the historical Sharpe Ratios of BCDF and STCE, 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. STCE - Drawdown Comparison

The maximum BCDF drawdown since its inception was -27.70%, smaller than the maximum STCE drawdown of -54.11%. Use the drawdown chart below to compare losses from any high point for BCDF and STCE.

Drawdown Indicators

	BCDF	STCE	Difference
Max Drawdown Largest peak-to-trough decline	-27.70%	-54.11%	+26.41%
Max Drawdown (1Y) Largest decline over 1 year	-10.70%	-54.11%	+43.41%
Max Drawdown (3Y) Largest decline over 3 years	-13.46%	-54.11%	+40.65%
Current Drawdown Current decline from peak	-10.70%	-25.81%	+15.11%
Average Drawdown Average peak-to-trough decline	-9.80%	-22.05%	+12.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.81%	30.51%	-26.70%

Volatility

BCDF vs. STCE - Volatility Comparison

The current volatility for Horizon Kinetics Blockchain Development ETF (BCDF) is 5.90%, while Schwab Crypto Thematic ETF (STCE) has a volatility of 16.80%. This indicates that BCDF experiences smaller price fluctuations and is considered to be less risky than STCE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCDF	STCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.90%	16.80%	-10.90%
Volatility (6M) Calculated over the trailing 6-month period	11.42%	42.89%	-31.47%
Volatility (1Y) Calculated over the trailing 1-year period	15.16%	62.09%	-46.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.95%	56.03%	-39.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.95%	56.03%	-39.08%

BCDF vs. STCE - Expense Ratio Comparison

BCDF has a 0.85% expense ratio, which is higher than STCE's 0.30% expense ratio.

Dividends

BCDF vs. STCE - Dividend Comparison

BCDF's dividend yield for the trailing twelve months is around 2.53%, more than STCE's 1.49% yield.

Position	TTM	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	2.53%	2.53%	1.63%	0.69%	0.38%
STCE Schwab Crypto Thematic ETF	1.49%	1.96%	0.64%	0.31%	1.46%

Frequently Asked Questions

Can I hold both BCDF and STCE in my portfolio?

BCDF and STCE have a correlation of 0.50, 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 STCE?

STCE has higher volatility (16.80%) compared to BCDF (5.90%). In terms of maximum drawdown, BCDF dropped -27.70% vs STCE's -54.11%.

Which ETF is better, BCDF or STCE?

On 3-year performance, STCE leads with 55.96% vs 14.27% for BCDF. On fees, STCE is cheaper at 0.30% per year. On volatility, BCDF has been the lower-risk option at 5.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BCDF or STCE?

Over the 3-year period, STCE has performed better with a 55.96% return vs 14.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BCDF or STCE?

STCE is cheaper with a 0.30% expense ratio, compared with 0.85% for BCDF.

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

BCDF has the higher dividend yield at 2.53%, compared with 1.49% for STCE.

What is the main difference between BCDF and STCE?

BCDF is categorized as Cryptocurrency, while STCE is Blockchain. They also come from different issuers: Horizon and Charles Schwab. Their fees differ too: 0.85% for BCDF and 0.30% for STCE.

Which has better risk-adjusted returns?

STCE currently has the higher Sharpe Ratio (1.33 vs 0.17), 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.