BTCI vs. BCDF

Last updated Aug 2, 2026

BTCI (NEOS Bitcoin High Income ETF) and BCDF (Horizon Kinetics Blockchain Development ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BTCI returned -40.21% vs 5.66% for BCDF. Their 0.45 correlation means their historical movements had little consistent relationship. BTCI charges 0.99%/yr vs 0.85%/yr for BCDF.

Performance

BTCI vs. BCDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NEOS Bitcoin High Income ETF (BTCI) 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, BTCI achieves a -25.73% return, which is significantly lower than BCDF's 6.12% return.

BTCI

• 1D: -2.39%
• 1M: 2.51%
• 6M: -23.02%
• YTD: -25.73%
• 1Y: -40.21%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: -4.18%

BCDF

• 1D: 0.13%
• 1M: 5.32%
• 6M: 1.82%
• YTD: 6.12%
• 1Y: 5.66%
• 3Y*: 14.55%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.43%

*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	$16.32K	$19.89K	$48.05K
BTCI NEOS Bitcoin High Income ETF	$12.53M	$12.80M	$22.67M

BTCI vs. BCDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCI NEOS Bitcoin High Income ETF	-25.73%	-1.09%	26.12%
BCDF Horizon Kinetics Blockchain Development ETF	6.12%	11.63%	-1.60%

Correlation

The correlation between BTCI and BCDF is 0.45, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.45
Correlation (All Time) Calculated using the full available price history since Oct 17, 2024	0.45

Return for Risk

BTCI vs. BCDF — Risk / Return Rank

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

BTCI

BTCI Risk / Return Rank: 1
BTCI Sharpe Ratio Rank: 1
BTCI Sortino Ratio Rank: 2
BTCI Omega Ratio Rank: 2
BTCI Calmar Ratio Rank: 2
BTCI Martin Ratio Rank: 1

BCDF

BCDF Risk / Return Rank: 18
BCDF Sharpe Ratio Rank: 19
BCDF Sortino Ratio Rank: 18
BCDF Omega Ratio Rank: 18
BCDF Calmar Ratio Rank: 18
BCDF Martin Ratio Rank: 20

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.

BTCI vs. BCDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NEOS Bitcoin High Income ETF (BTCI) 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.

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.

	BTCI	BCDF	Difference
Sharpe ratio: Return per unit of total volatility	-1.05	0.37	-1.41
Sortino ratio: Return per unit of downside risk	-1.53	0.60	-2.13
Omega ratio: Gain probability vs. loss probability	0.83	1.07	-0.25
Calmar ratio: Return relative to maximum drawdown	-0.87	0.39	-1.26
Martin ratio: Return relative to average drawdown	-1.36	1.24	-2.60

BTCI vs. BCDF - Sharpe Ratio Comparison

The current BTCI Sharpe Ratio is -1.05, which is lower than the BCDF Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of BTCI 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.

Drawdowns

BTCI vs. BCDF - Drawdown Comparison

The maximum BTCI drawdown since its inception was -48.42%, which is greater than BCDF's maximum drawdown of -27.70%. Use the drawdown chart below to compare losses from any high point for BTCI and BCDF.

Drawdown Indicators

	BTCI	BCDF	Difference
Max Drawdown Largest peak-to-trough decline	-48.42%	-27.70%	-20.72%
Max Drawdown (1Y) Largest decline over 1 year	-48.42%	-14.02%	-34.40%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.02%	—
Current Drawdown Current decline from peak	-45.08%	-5.05%	-40.03%
Average Drawdown Average peak-to-trough decline	-17.81%	-9.76%	-8.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.79%	4.45%	+26.34%

Volatility

BTCI vs. BCDF - Volatility Comparison

NEOS Bitcoin High Income ETF (BTCI) has a higher volatility of 7.31% compared to Horizon Kinetics Blockchain Development ETF (BCDF) at 2.51%. This indicates that BTCI'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

	BTCI	BCDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.31%	2.51%	+4.80%
Volatility (6M) Calculated over the trailing 6-month period	30.70%	11.24%	+19.46%
Volatility (1Y) Calculated over the trailing 1-year period	40.00%	15.08%	+24.92%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.67%	16.87%	+22.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.67%	16.87%	+22.80%

BTCI vs. BCDF - Expense Ratio Comparison

BTCI has a 0.99% expense ratio, which is higher than BCDF's 0.85% expense ratio.

Dividends

BTCI vs. BCDF - Dividend Comparison

BTCI's dividend yield for the trailing twelve months is around 41.26%, more than BCDF's 2.38% yield.

Position	TTM	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	2.38%	2.53%	1.63%	0.69%	0.38%
BTCI NEOS Bitcoin High Income ETF	41.26%	36.46%	6.76%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTCI and BCDF in my portfolio?

BTCI and BCDF have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTCI or BCDF?

BTCI has higher volatility (7.31%) compared to BCDF (2.51%). In terms of maximum drawdown, BTCI dropped -48.42% vs BCDF's -27.70%.

Which ETF is better, BTCI or BCDF?

On 1-year performance, BCDF leads with 5.66% vs -40.21% for BTCI. On fees, BCDF is cheaper at 0.85% per year. On volatility, BCDF has been the lower-risk option at 2.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCI or BCDF?

Over the 1-year period, BCDF has performed better with a 5.66% return vs -40.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCI or BCDF?

BCDF is cheaper with a 0.85% expense ratio, compared with 0.99% for BTCI.

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

BTCI has the higher dividend yield at 41.26%, compared with 2.38% for BCDF.

What is the main difference between BTCI and BCDF?

They also come from different issuers: Neos and Horizon. Their fees differ too: 0.99% for BTCI and 0.85% for BCDF.

Which has better risk-adjusted returns?

BCDF currently has the higher Sharpe Ratio (0.37 vs -1.05), 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.