ETCG vs. BCDF

Last updated Jun 4, 2026

ETCG (Grayscale Ethereum Classic Trust (ETC)) and BCDF (Horizon Kinetics Blockchain Development ETF) are both Cryptocurrency funds. ETCG is passively managed, while BCDF is actively managed. Over the past 3 years, ETCG returned -10.63%/yr vs 14.97%/yr for BCDF. At a 0.38 correlation, their price movements are largely independent. ETCG charges 2.50%/yr vs 0.85%/yr for BCDF.

Performance

ETCG vs. BCDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Ethereum Classic Trust (ETC) (ETCG) 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, ETCG achieves a -35.40% return, which is significantly lower than BCDF's 3.23% return.

ETCG

• 1D: 1.15%
• 1M: -6.17%
• YTD: -35.40%
• 6M: -44.65%
• 1Y: -51.42%
• 3Y*: -10.63%
• 5Y*: -35.81%
• 10Y*: —

BCDF

• 1D: -0.16%
• 1M: -4.70%
• YTD: 3.23%
• 6M: 4.02%
• 1Y: 6.26%
• 3Y*: 14.97%
• 5Y*: —
• 10Y*: —

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

ETCG vs. BCDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
ETCG Grayscale Ethereum Classic Trust (ETC)	-35.40%	-39.78%	-9.57%	289.22%	-76.37%
BCDF Horizon Kinetics Blockchain Development ETF	3.23%	11.63%	14.87%	24.99%	-22.71%

Correlation

The correlation between ETCG and BCDF is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (All Time) Calculated using the full available price history since Aug 3, 2022	0.38

The correlation between ETCG and BCDF shifts across timeframes, from 0.25 (1 year) to 0.38 (all time), reflecting how their relationship changes across market environments.

Return for Risk

ETCG vs. BCDF — Risk / Return Rank

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

ETCG

ETCG Risk / Return Rank: 3
ETCG Sharpe Ratio Rank: 2
ETCG Sortino Ratio Rank: 2
ETCG Omega Ratio Rank: 2
ETCG Calmar Ratio Rank: 2
ETCG Martin Ratio Rank: 3

BCDF

BCDF Risk / Return Rank: 16
BCDF Sharpe Ratio Rank: 15
BCDF Sortino Ratio Rank: 15
BCDF Omega Ratio Rank: 15
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.

ETCG vs. BCDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Classic Trust (ETC) (ETCG) 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.

	ETCG	BCDF	Difference
Sharpe ratio Return per unit of total volatility	-0.83	0.43	-1.26
Sortino ratio Return per unit of downside risk	-1.32	0.69	-2.02
Omega ratio Gain probability vs. loss probability	0.86	1.08	-0.22
Calmar ratio Return relative to maximum drawdown	-0.78	0.82	-1.60
Martin ratio Return relative to average drawdown	-1.19	1.85	-3.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ETCG vs. BCDF - Sharpe Ratio Comparison

The current ETCG Sharpe Ratio is -0.83, which is lower than the BCDF Sharpe Ratio of 0.43. The chart below compares the historical Sharpe Ratios of ETCG 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

	ETCG	BCDF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.83	0.43	-1.26
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.18	0.39	-0.57

Drawdowns

ETCG vs. BCDF - Drawdown Comparison

The maximum ETCG drawdown since its inception was -96.59%, which is greater than BCDF's maximum drawdown of -27.70%. Use the drawdown chart below to compare losses from any high point for ETCG and BCDF.

Drawdown Indicators

	ETCG	BCDF	Difference
Max Drawdown Largest peak-to-trough decline	-96.59%	-27.70%	-68.89%
Max Drawdown (1Y) Largest decline over 1 year	-66.46%	-7.63%	-58.83%
Max Drawdown (3Y) Largest decline over 3 years	-78.12%	-13.46%	-64.66%
Max Drawdown (5Y) Largest decline over 5 years	-92.70%	—	—
Current Drawdown Current decline from peak	-95.33%	-7.63%	-87.70%
Average Drawdown Average peak-to-trough decline	-82.67%	-9.83%	-72.84%
Ulcer Index Depth and duration of drawdowns from previous peaks	43.41%	3.39%	+40.02%

Volatility

ETCG vs. BCDF - Volatility Comparison

Grayscale Ethereum Classic Trust (ETC) (ETCG) has a higher volatility of 11.37% compared to Horizon Kinetics Blockchain Development ETF (BCDF) at 5.17%. This indicates that ETCG'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

	ETCG	BCDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.37%	5.17%	+6.20%
Volatility (6M) Calculated over the trailing 6-month period	36.81%	11.03%	+25.78%
Volatility (1Y) Calculated over the trailing 1-year period	62.03%	14.76%	+47.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	94.03%	16.94%	+77.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	115.33%	16.94%	+98.39%

ETCG vs. BCDF - Expense Ratio Comparison

ETCG has a 2.50% expense ratio, which is higher than BCDF's 0.85% expense ratio.

Dividends

ETCG vs. BCDF - Dividend Comparison

ETCG 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%
ETCG Grayscale Ethereum Classic Trust (ETC)	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both ETCG and BCDF in my portfolio?

ETCG and BCDF have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ETCG or BCDF?

ETCG has higher volatility (11.37%) compared to BCDF (5.17%). In terms of maximum drawdown, ETCG dropped -96.59% vs BCDF's -27.70%.

Which ETF is better, ETCG or BCDF?

On 3-year performance, BCDF leads with 14.97% vs -10.63% for ETCG. 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, ETCG or BCDF?

Over the 3-year period, BCDF has performed better with a 14.97% return vs -10.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, ETCG or BCDF?

BCDF is cheaper with a 0.85% expense ratio, compared with 2.50% for ETCG.

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

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

What is the main difference between ETCG and BCDF?

They also come from different issuers: Grayscale and Horizon. Their fees differ too: 2.50% for ETCG and 0.85% for BCDF.

Which has better risk-adjusted returns?

BCDF currently has the higher Sharpe Ratio (0.43 vs -0.83), 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.