BTCW vs. BCDF

Last updated Jul 14, 2026

BTCW (Wisdom Tree Bitcoin Fund) and BCDF (Horizon Kinetics Blockchain Development ETF) are both Cryptocurrency funds. Over the past year, BTCW returned -47.58% vs 2.66% for BCDF. At a 0.48 correlation, their price movements are largely independent. BTCW charges 0.30%/yr vs 0.85%/yr for BCDF.

Performance

BTCW vs. BCDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Wisdom Tree Bitcoin Fund (BTCW) 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, BTCW achieves a -29.13% return, which is significantly lower than BCDF's 3.05% return.

BTCW

• 1D: -2.67%
• 1M: -2.32%
• 6M: -32.18%
• YTD: -29.13%
• 1Y: -47.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BCDF

• 1D: -0.10%
• 1M: -1.68%
• 6M: -0.72%
• YTD: 3.05%
• 1Y: 2.66%
• 3Y*: 13.48%
• 5Y*: —
• 10Y*: —

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

BTCW vs. BCDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024
BTCW Wisdom Tree Bitcoin Fund	-29.13%	-6.05%	92.79%
BCDF Horizon Kinetics Blockchain Development ETF	3.05%	11.63%	15.54%

Correlation

The correlation between BTCW and BCDF is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.46
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.48

Return for Risk

BTCW vs. BCDF — Risk / Return Rank

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

BTCW

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

BCDF

BCDF Risk / Return Rank: 12
BCDF Sharpe Ratio Rank: 12
BCDF Sortino Ratio Rank: 11
BCDF Omega Ratio Rank: 11
BCDF Calmar Ratio Rank: 12
BCDF Martin Ratio Rank: 12

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.

BTCW vs. BCDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Wisdom Tree Bitcoin Fund (BTCW) 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.

	BTCW	BCDF	Difference
Sharpe ratio: Return per unit of total volatility	-1.08	0.17	-1.26
Sortino ratio: Return per unit of downside risk	-1.66	0.34	-2.01
Omega ratio: Gain probability vs. loss probability	0.82	1.04	-0.22
Calmar ratio: Return relative to maximum drawdown	-0.89	0.19	-1.08
Martin ratio: Return relative to average drawdown	-1.46	0.59	-2.05

BTCW vs. BCDF - Sharpe Ratio Comparison

The current BTCW Sharpe Ratio is -1.08, which is lower than the BCDF Sharpe Ratio of 0.17. The chart below compares the historical Sharpe Ratios of BTCW 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

BTCW vs. BCDF - Drawdown Comparison

The maximum BTCW drawdown since its inception was -53.37%, which is greater than BCDF's maximum drawdown of -27.70%. Use the drawdown chart below to compare losses from any high point for BTCW and BCDF.

Drawdown Indicators

	BTCW	BCDF	Difference
Max Drawdown Largest peak-to-trough decline	-53.37%	-27.70%	-25.67%
Max Drawdown (1Y) Largest decline over 1 year	-53.37%	-14.02%	-39.35%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.02%	—
Current Drawdown Current decline from peak	-50.60%	-7.79%	-42.81%
Average Drawdown Average peak-to-trough decline	-17.50%	-9.80%	-7.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.68%	4.54%	+28.14%

Volatility

BTCW vs. BCDF - Volatility Comparison

Wisdom Tree Bitcoin Fund (BTCW) has a higher volatility of 11.38% compared to Horizon Kinetics Blockchain Development ETF (BCDF) at 5.16%. This indicates that BTCW'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

	BTCW	BCDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.38%	5.16%	+6.22%
Volatility (6M) Calculated over the trailing 6-month period	34.65%	11.37%	+23.28%
Volatility (1Y) Calculated over the trailing 1-year period	44.17%	15.50%	+28.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	49.84%	16.95%	+32.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.84%	16.95%	+32.89%

BTCW vs. BCDF - Expense Ratio Comparison

BTCW has a 0.30% expense ratio, which is lower than BCDF's 0.85% expense ratio.

Dividends

BTCW vs. BCDF - Dividend Comparison

BTCW has not paid dividends to shareholders, while BCDF's dividend yield for the trailing twelve months is around 2.45%.

Position	TTM	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	2.45%	2.53%	1.63%	0.69%	0.38%
BTCW Wisdom Tree Bitcoin Fund	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BTCW and BCDF in my portfolio?

BTCW and BCDF have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTCW or BCDF?

BTCW has higher volatility (11.38%) compared to BCDF (5.16%). In terms of maximum drawdown, BTCW dropped -53.37% vs BCDF's -27.70%.

Which ETF is better, BTCW or BCDF?

On 1-year performance, BCDF leads with 2.66% vs -47.58% for BTCW. On fees, BTCW is cheaper at 0.30% per year. On volatility, BCDF has been the lower-risk option at 5.16%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTCW or BCDF?

Over the 1-year period, BCDF has performed better with a 2.66% return vs -47.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTCW or BCDF?

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

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

BCDF has the higher dividend yield at 2.45%, compared with 0.00% for BTCW.

What is the main difference between BTCW and BCDF?

They also come from different issuers: WisdomTree and Horizon. Their fees differ too: 0.30% for BTCW and 0.85% for BCDF.

Which has better risk-adjusted returns?

BCDF currently has the higher Sharpe Ratio (0.17 vs -1.08), 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.