BITO vs. BCDF

Last updated Jun 5, 2026

BITO (ProShares Bitcoin Strategy ETF) and BCDF (Horizon Kinetics Blockchain Development ETF) are both Cryptocurrency funds. Both are actively managed. Over the past 3 years, BITO returned 26.82%/yr vs 15.27%/yr for BCDF. At a 0.46 correlation, their price movements are largely independent. BITO charges 0.95%/yr vs 0.85%/yr for BCDF.

Performance

BITO vs. BCDF - Performance Comparison

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

Returns By Period

In the year-to-date period, BITO achieves a -28.44% return, which is significantly lower than BCDF's 3.34% return.

BITO

• 1D: -2.81%
• 1M: -22.52%
• YTD: -28.44%
• 6M: -32.46%
• 1Y: -41.98%
• 3Y*: 26.82%
• 5Y*: —
• 10Y*: —

BCDF

• 1D: 0.11%
• 1M: -4.77%
• YTD: 3.34%
• 6M: 2.87%
• 1Y: 6.42%
• 3Y*: 15.27%
• 5Y*: —
• 10Y*: —

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

BITO vs. BCDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BITO ProShares Bitcoin Strategy ETF	-28.44%	-11.19%	104.45%	137.33%	-26.50%
BCDF Horizon Kinetics Blockchain Development ETF	3.34%	11.63%	14.87%	24.99%	-22.71%

Correlation

The correlation between BITO and BCDF is 0.44, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.44
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (All Time) Calculated using the full available price history since Aug 3, 2022	0.46

BITO vs. BCDF - Sectors Allocation Comparison

Sectors	BITO	BCDF
Financial Services	68.5%	80.2%
Basic Materials	-	-
Communication Services	-	1.4%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	3.5%
Healthcare	-	0.0%
Industrials	-	0.4%
Real Estate	-	0.1%
Technology	-	9.7%
Utilities	-	4.7%

Return for Risk

BITO vs. BCDF — Risk / Return Rank

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

BITO

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

BCDF

BCDF Risk / Return Rank: 17
BCDF Sharpe Ratio Rank: 16
BCDF Sortino Ratio Rank: 16
BCDF Omega Ratio Rank: 16
BCDF Calmar Ratio Rank: 20
BCDF Martin Ratio Rank: 18

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.

BITO vs. BCDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for ProShares Bitcoin Strategy ETF (BITO) and Horizon Kinetics Blockchain Development ETF (BCDF). 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.

	BITO	BCDF	Difference
Sharpe ratio: Return per unit of total volatility	-0.97	0.44	-1.40
Sortino ratio: Return per unit of downside risk	-1.39	0.71	-2.10
Omega ratio: Gain probability vs. loss probability	0.84	1.09	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.83	0.84	-1.68
Martin ratio: Return relative to average drawdown	-1.44	1.88	-3.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BITO vs. BCDF - Sharpe Ratio Comparison

The current BITO Sharpe Ratio is -0.97, which is lower than the BCDF Sharpe Ratio of 0.44. The chart below compares the historical Sharpe Ratios of BITO and BCDF, 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

	BITO	BCDF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.97	0.44	-1.40
Sharpe Ratio (All Time) Calculated using the full available price history	-0.10	0.39	-0.50

Drawdowns

BITO vs. BCDF - Drawdown Comparison

The maximum BITO drawdown since its inception was -77.86%, which is greater than BCDF's maximum drawdown of -27.70%. Use the drawdown chart below to compare losses from any high point for BITO and BCDF.

Drawdown Indicators

	BITO	BCDF	Difference
Max Drawdown Largest peak-to-trough decline	-77.86%	-27.70%	-50.16%
Max Drawdown (1Y) Largest decline over 1 year	-50.64%	-7.63%	-43.01%
Max Drawdown (3Y) Largest decline over 3 years	-50.64%	-13.46%	-37.18%
Current Drawdown Current decline from peak	-50.64%	-7.53%	-43.11%
Average Drawdown Average peak-to-trough decline	-36.75%	-9.83%	-26.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.27%	3.42%	+25.85%

Volatility

BITO vs. BCDF - Volatility Comparison

ProShares Bitcoin Strategy ETF (BITO) has a higher volatility of 9.03% compared to Horizon Kinetics Blockchain Development ETF (BCDF) at 5.17%. This indicates that BITO's price experiences larger fluctuations and is considered to be riskier than BCDF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITO	BCDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.03%	5.17%	+3.86%
Volatility (6M) Calculated over the trailing 6-month period	33.71%	11.03%	+22.68%
Volatility (1Y) Calculated over the trailing 1-year period	43.61%	14.75%	+28.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.10%	16.94%	+38.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.10%	16.94%	+38.16%

BITO vs. BCDF - Expense Ratio Comparison

BITO has a 0.95% expense ratio, which is higher than BCDF's 0.85% expense ratio.

Dividends

BITO vs. BCDF - Dividend Comparison

BITO's dividend yield for the trailing twelve months is around 69.59%, more than BCDF's 2.44% yield.

Position	TTM	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	2.44%	2.53%	1.63%	0.69%	0.38%
BITO ProShares Bitcoin Strategy ETF	69.59%	78.29%	61.59%	15.14%	0.00%

Frequently Asked Questions

Can I hold both BITO and BCDF in my portfolio?

BITO and BCDF have a correlation of 0.44, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITO or BCDF?

BITO has higher volatility (9.03%) compared to BCDF (5.17%). In terms of maximum drawdown, BITO dropped -77.86% vs BCDF's -27.70%.

Which ETF is better, BITO or BCDF?

On 3-year performance, BITO leads with 26.82% vs 15.27% for BCDF. On fees, BCDF is cheaper at 0.85% per year. On volatility, BCDF has been the lower-risk option at 5.17%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITO or BCDF?

Over the 3-year period, BITO has performed better with a 26.82% return vs 15.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITO or BCDF?

BCDF is cheaper with a 0.85% expense ratio, compared with 0.95% for BITO.

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

BITO has the higher dividend yield at 69.59%, compared with 2.44% for BCDF.

What is the main difference between BITO and BCDF?

They also come from different issuers: ProShares and Horizon. Their fees differ too: 0.95% for BITO and 0.85% for BCDF.

Which has better risk-adjusted returns?

BCDF currently has the higher Sharpe Ratio (0.44 vs -0.97), 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.