ETCO vs. BCDF
ETCO (Grayscale Ethereum Covered Call ETF) and BCDF (Horizon Kinetics Blockchain Development ETF) are both Cryptocurrency funds. Both are actively managed. At a 0.49 correlation, their price movements are largely independent. ETCO charges 0.66%/yr vs 0.85%/yr for BCDF.
Performance
ETCO vs. BCDF - Performance Comparison
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Returns By Period
In the year-to-date period, ETCO achieves a -29.56% return, which is significantly lower than BCDF's 3.39% return.
ETCO
- 1D
- -4.36%
- 1M
- -14.31%
- YTD
- -29.56%
- 6M
- -27.75%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BCDF
- 1D
- -2.66%
- 1M
- -4.12%
- YTD
- 3.39%
- 6M
- 4.63%
- 1Y
- 6.17%
- 3Y*
- 15.04%
- 5Y*
- —
- 10Y*
- —
ETCO vs. BCDF - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
ETCO Grayscale Ethereum Covered Call ETF | -29.56% | -24.78% |
BCDF Horizon Kinetics Blockchain Development ETF | 3.39% | 0.70% |
Correlation
The correlation between ETCO and BCDF is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 5, 2025 | 0.49 |
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Return for Risk
ETCO vs. BCDF — Risk / Return Rank
ETCO
BCDF
ETCO vs. BCDF - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Ethereum Covered Call ETF (ETCO) 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.
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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Sharpe Ratios by Period
| ETCO | BCDF | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | — | 0.42 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | -1.11 | 0.40 | -1.50 |
Drawdowns
ETCO vs. BCDF - Drawdown Comparison
The maximum ETCO drawdown since its inception was -56.81%, which is greater than BCDF's maximum drawdown of -27.70%. Use the drawdown chart below to compare losses from any high point for ETCO and BCDF.
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Drawdown Indicators
| ETCO | BCDF | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.81% | -27.70% | -29.11% |
Max Drawdown (1Y)Largest decline over 1 year | — | -7.51% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -13.46% | — |
Current DrawdownCurrent decline from peak | -51.70% | -7.49% | -44.21% |
Average DrawdownAverage peak-to-trough decline | -34.33% | -9.84% | -24.49% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 3.36% | — |
Volatility
ETCO vs. BCDF - Volatility Comparison
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Volatility by Period
| ETCO | BCDF | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 5.22% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 11.17% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 52.29% | 14.75% | +37.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 52.29% | 16.95% | +35.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 52.29% | 16.95% | +35.34% |
ETCO vs. BCDF - Expense Ratio Comparison
ETCO has a 0.66% expense ratio, which is lower than BCDF's 0.85% expense ratio.
Dividends
ETCO vs. BCDF - Dividend Comparison
ETCO's dividend yield for the trailing twelve months is around 120.50%, 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% |
ETCO Grayscale Ethereum Covered Call ETF | 120.50% | 42.29% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
ETCO and BCDF have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, ETCO is cheaper at 0.66% per year. The better choice depends on whether you care most about return, fees, risk, or income.
ETCO is cheaper with a 0.66% expense ratio, compared with 0.85% for BCDF.
ETCO has the higher dividend yield at 120.50%, compared with 2.44% for BCDF.
They also come from different issuers: Grayscale and Horizon. Their fees differ too: 0.66% for ETCO and 0.85% for BCDF.
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