DIVN vs. BCDF

Last updated Aug 4, 2026

DIVN (Horizon Dividend Income ETF) and BCDF (Horizon Kinetics Blockchain Development ETF) are both exchange-traded funds - DIVN is a Large Cap Value Equities fund actively managed by Horizon, while BCDF is a Cryptocurrency fund actively managed by Horizon. Both are actively managed. Over the past year, DIVN returned 22.46% vs 6.47% for BCDF. Their 0.38 correlation means their historical movements had little consistent relationship. DIVN charges 0.70%/yr vs 0.85%/yr for BCDF.

Performance

DIVN vs. BCDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Dividend Income ETF (DIVN) 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, DIVN achieves a 14.73% return, which is significantly higher than BCDF's 6.93% return.

DIVN

• 1D: -0.06%
• 1M: 1.08%
• 6M: 7.52%
• YTD: 14.73%
• 1Y: 22.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 21.56%

BCDF

• 1D: 0.77%
• 1M: 6.12%
• 6M: 3.41%
• YTD: 6.93%
• 1Y: 6.47%
• 3Y*: 15.30%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.62%

*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	$17.03K	$19.91K	$42.03K
DIVN Horizon Dividend Income ETF	$11.52M	$5.71M	$2.75M

DIVN vs. BCDF - Yearly Performance Comparison

	2026 (YTD)	2025
DIVN Horizon Dividend Income ETF	14.73%	8.11%
BCDF Horizon Kinetics Blockchain Development ETF	6.93%	2.08%

Correlation

The correlation between DIVN and BCDF is 0.37, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.37
Correlation (All Time) Calculated using the full available price history since Jun 26, 2025	0.38

Return for Risk

DIVN vs. BCDF — Risk / Return Rank

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

DIVN

DIVN Risk / Return Rank: 86
DIVN Sharpe Ratio Rank: 85
DIVN Sortino Ratio Rank: 90
DIVN Omega Ratio Rank: 83
DIVN Calmar Ratio Rank: 90
DIVN Martin Ratio Rank: 79

BCDF

BCDF Risk / Return Rank: 20
BCDF Sharpe Ratio Rank: 20
BCDF Sortino Ratio Rank: 19
BCDF Omega Ratio Rank: 19
BCDF Calmar Ratio Rank: 18
BCDF Martin Ratio Rank: 21

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.

DIVN vs. BCDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Dividend Income ETF (DIVN) 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.

	DIVN	BCDF	Difference
Sharpe ratio: Return per unit of total volatility	2.18	0.43	+1.75
Sortino ratio: Return per unit of downside risk	3.35	0.68	+2.66
Omega ratio: Gain probability vs. loss probability	1.39	1.08	+0.30
Calmar ratio: Return relative to maximum drawdown	4.06	0.46	+3.60
Martin ratio: Return relative to average drawdown	11.43	1.46	+9.97

DIVN vs. BCDF - Sharpe Ratio Comparison

The current DIVN Sharpe Ratio is 2.18, which is higher than the BCDF Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of DIVN 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

DIVN vs. BCDF - Drawdown Comparison

The maximum DIVN drawdown since its inception was -5.55%, smaller than the maximum BCDF drawdown of -27.70%. Use the drawdown chart below to compare losses from any high point for DIVN and BCDF.

Drawdown Indicators

	DIVN	BCDF	Difference
Max Drawdown Largest peak-to-trough decline	-5.55%	-27.70%	+22.15%
Max Drawdown (1Y) Largest decline over 1 year	-5.55%	-14.02%	+8.47%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.02%	—
Current Drawdown Current decline from peak	-1.45%	-4.32%	+2.87%
Average Drawdown Average peak-to-trough decline	-1.35%	-9.75%	+8.40%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.97%	4.46%	-2.49%

Volatility

DIVN vs. BCDF - Volatility Comparison

Horizon Dividend Income ETF (DIVN) has a higher volatility of 3.04% compared to Horizon Kinetics Blockchain Development ETF (BCDF) at 2.45%. This indicates that DIVN'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

	DIVN	BCDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.04%	2.45%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	7.52%	11.22%	-3.70%
Volatility (1Y) Calculated over the trailing 1-year period	10.36%	15.10%	-4.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	10.51%	16.86%	-6.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	10.51%	16.86%	-6.35%

DIVN vs. BCDF - Expense Ratio Comparison

DIVN has a 0.70% expense ratio, which is lower than BCDF's 0.85% expense ratio.

Dividends

DIVN vs. BCDF - Dividend Comparison

DIVN's dividend yield for the trailing twelve months is around 3.70%, more than BCDF's 2.36% yield.

Position	TTM	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	2.36%	2.53%	1.63%	0.69%	0.38%
DIVN Horizon Dividend Income ETF	3.70%	1.47%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DIVN and BCDF in my portfolio?

DIVN and BCDF have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DIVN or BCDF?

DIVN has higher volatility (3.04%) compared to BCDF (2.45%). In terms of maximum drawdown, DIVN dropped -5.55% vs BCDF's -27.70%.

Which ETF is better, DIVN or BCDF?

On 1-year performance, DIVN leads with 22.46% vs 6.47% for BCDF. On fees, DIVN is cheaper at 0.70% per year. On volatility, BCDF has been the lower-risk option at 2.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DIVN or BCDF?

Over the 1-year period, DIVN has performed better with a 22.46% return vs 6.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DIVN or BCDF?

DIVN is cheaper with a 0.70% expense ratio, compared with 0.85% for BCDF.

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

DIVN has the higher dividend yield at 3.70%, compared with 2.36% for BCDF.

What is the main difference between DIVN and BCDF?

DIVN is categorized as Large Cap Value Equities, while BCDF is Cryptocurrency. Their fees differ too: 0.70% for DIVN and 0.85% for BCDF.

Which has better risk-adjusted returns?

DIVN currently has the higher Sharpe Ratio (2.18 vs 0.43), 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.