BCDF vs. USFR
BCDF (Horizon Kinetics Blockchain Development ETF) and USFR (WisdomTree Floating Rate Treasury Fund) are both exchange-traded funds - BCDF is a Cryptocurrency fund actively managed by Horizon, while USFR is a Government Bonds fund tracking the Bloomberg U.S. Treasury Floating Rate Bond Index. BCDF is actively managed, while USFR is passively managed. Over the past 3 years, BCDF returned 14.27%/yr vs 4.72%/yr for USFR. At a correlation of -0.05, they often move in opposite directions. BCDF charges 0.85%/yr vs 0.15%/yr for USFR.
Performance
BCDF vs. USFR - Performance Comparison
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Returns By Period
In the year-to-date period, BCDF achieves a -0.20% return, which is significantly lower than USFR's 1.78% return.
BCDF
- 1D
- -1.16%
- 1M
- -10.70%
- YTD
- -0.20%
- 6M
- -0.65%
- 1Y
- 2.52%
- 3Y*
- 14.27%
- 5Y*
- —
- 10Y*
- —
USFR
- 1D
- 0.00%
- 1M
- 0.29%
- YTD
- 1.78%
- 6M
- 1.89%
- 1Y
- 3.97%
- 3Y*
- 4.72%
- 5Y*
- 3.70%
- 10Y*
- 2.43%
BCDF vs. USFR - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BCDF Horizon Kinetics Blockchain Development ETF | -0.20% | 11.63% | 14.87% | 24.99% | -21.71% |
USFR WisdomTree Floating Rate Treasury Fund | 1.78% | 4.23% | 5.47% | 5.18% | 1.37% |
Correlation
The correlation between BCDF and USFR is -0.08, 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 | -0.08 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.04 |
Correlation (All Time) Calculated using the full available price history since Aug 2, 2022 | -0.05 |
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Return for Risk
BCDF vs. USFR — Risk / Return Rank
BCDF
USFR
BCDF vs. USFR - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Horizon Kinetics Blockchain Development ETF (BCDF) and WisdomTree Floating Rate Treasury Fund (USFR). 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 | USFR | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -14.48 | ||
| Sortino ratioReturn per unit of downside risk | -49.54 | ||
| Omega ratioGain probability vs. loss probability | 1.04 | 13.24 | -12.20 |
| Calmar ratioReturn relative to maximum drawdown | 0.24 | 200.29 | -200.06 |
| Martin ratioReturn relative to average drawdown | 0.66 | 775.73 | -775.07 |
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Drawdowns
BCDF vs. USFR - Drawdown Comparison
The maximum BCDF drawdown since its inception was -27.70%, which is greater than USFR's maximum drawdown of -1.36%. Use the drawdown chart below to compare losses from any high point for BCDF and USFR.
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Drawdown Indicators
| BCDF | USFR | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.70% | -1.36% | -26.34% |
Max Drawdown (1Y)Largest decline over 1 year | -10.70% | -0.02% | -10.68% |
Max Drawdown (3Y)Largest decline over 3 years | -13.46% | -0.06% | -13.40% |
Max Drawdown (5Y)Largest decline over 5 years | — | -0.18% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -0.80% | — |
Current DrawdownCurrent decline from peak | -10.70% | 0.00% | -10.70% |
Average DrawdownAverage peak-to-trough decline | -9.80% | -0.15% | -9.65% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.81% | 0.01% | +3.80% |
Volatility
BCDF vs. USFR - Volatility Comparison
Horizon Kinetics Blockchain Development ETF (BCDF) has a higher volatility of 5.90% compared to WisdomTree Floating Rate Treasury Fund (USFR) at 0.08%. This indicates that BCDF's price experiences larger fluctuations and is considered to be riskier than USFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BCDF | USFR | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.90% | 0.08% | +5.82% |
Volatility (6M)Calculated over the trailing 6-month period | 11.42% | 0.19% | +11.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 15.16% | 0.27% | +14.89% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.95% | 0.40% | +16.55% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.95% | 0.78% | +16.17% |
BCDF vs. USFR - Expense Ratio Comparison
BCDF has a 0.85% expense ratio, which is higher than USFR's 0.15% expense ratio.
Dividends
BCDF vs. USFR - Dividend Comparison
BCDF's dividend yield for the trailing twelve months is around 2.53%, less than USFR's 3.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BCDF Horizon Kinetics Blockchain Development ETF | 2.53% | 2.53% | 1.63% | 0.69% | 0.38% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
USFR WisdomTree Floating Rate Treasury Fund | 3.91% | 4.15% | 5.17% | 5.12% | 1.78% | 0.01% | 0.40% | 2.08% | 1.67% | 1.03% | 0.29% |
Frequently Asked Questions
BCDF and USFR 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.
BCDF has higher volatility (5.90%) compared to USFR (0.08%). In terms of maximum drawdown, BCDF dropped -27.70% vs USFR's -1.36%.
On 3-year performance, BCDF leads with 14.27% vs 4.72% for USFR. On fees, USFR is cheaper at 0.15% per year. On volatility, USFR has been the lower-risk option at 0.08%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BCDF has performed better with a 14.27% return vs 4.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USFR is cheaper with a 0.15% expense ratio, compared with 0.85% for BCDF.
USFR has the higher dividend yield at 3.91%, compared with 2.53% for BCDF.
BCDF is categorized as Cryptocurrency, while USFR is Government Bonds. They also come from different issuers: Horizon and WisdomTree. Their fees differ too: 0.85% for BCDF and 0.15% for USFR.
USFR currently has the higher Sharpe Ratio (14.65 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.
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