GFOF vs. KCE

Last updated Jun 4, 2026

GFOF (Grayscale Future of Finance ETF) and KCE (SPDR S&P Capital Markets ETF) are both exchange-traded funds - GFOF is a Blockchain fund tracking the Bloomberg Grayscale Future of Finance Index, while KCE is a Financials Equities fund tracking the S&P Capital Markets Select Industry Index. Both are passively managed. A 0.53 correlation means they provide meaningful diversification when combined. GFOF charges 0.70%/yr vs 0.35%/yr for KCE.

Performance

GFOF vs. KCE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Future of Finance ETF (GFOF) and SPDR S&P Capital Markets ETF (KCE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GFOF

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

KCE

• 1D: -1.85%
• 1M: -2.01%
• YTD: -1.07%
• 6M: 1.30%
• 1Y: 10.93%
• 3Y*: 23.82%
• 5Y*: 11.80%
• 10Y*: 16.37%

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

GFOF vs. KCE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GFOF Grayscale Future of Finance ETF	0.00%	0.00%	60.08%	145.49%	-68.58%
KCE SPDR S&P Capital Markets ETF	-1.07%	10.76%	37.51%	32.04%	-16.05%

Correlation

The correlation between GFOF and KCE is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (All Time) Calculated using the full available price history since Feb 3, 2022	0.53

The correlation between GFOF and KCE shifts across timeframes, from 0.35 (3 years) to 0.53 (all time), reflecting how their relationship changes across market environments.

GFOF vs. KCE - Sectors Allocation Comparison

Sectors	GFOF	KCE
Financial Services	57.4%	98.5%
Technology	22.8%	1.5%
Healthcare	8.5%	-
Industrials	3.4%	-
Basic Materials	-	-
Communication Services	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Real Estate	-	-
Utilities	-	-

Return for Risk

GFOF vs. KCE — Risk / Return Rank

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

KCE

KCE Risk / Return Rank: 17
KCE Sharpe Ratio Rank: 17
KCE Sortino Ratio Rank: 17
KCE Omega Ratio Rank: 17
KCE Calmar Ratio Rank: 16
KCE Martin Ratio Rank: 17

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.

GFOF vs. KCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Future of Finance ETF (GFOF) and SPDR S&P Capital Markets ETF (KCE). 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.

Sharpe Ratios by Period

	GFOF	KCE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.56	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.52	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.71	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.25	—

Drawdowns

Drawdown Indicators

	GFOF	KCE	Difference
Max Drawdown Largest peak-to-trough decline	—	-74.00%	—
Max Drawdown (1Y) Largest decline over 1 year	—	-17.44%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-26.31%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-34.45%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-40.78%	—
Current Drawdown Current decline from peak	—	-8.15%	—
Average Drawdown Average peak-to-trough decline	—	-22.81%	—
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.63%	—

Volatility

Volatility by Period

	GFOF	KCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	4.24%	—
Volatility (6M) Calculated over the trailing 6-month period	—	14.98%	—
Volatility (1Y) Calculated over the trailing 1-year period	—	19.69%	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	—	23.01%	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	—	23.10%	—

GFOF vs. KCE - Expense Ratio Comparison

GFOF has a 0.70% expense ratio, which is higher than KCE's 0.35% expense ratio.

Dividends

GFOF vs. KCE - Dividend Comparison

GFOF has not paid dividends to shareholders, while KCE's dividend yield for the trailing twelve months is around 1.75%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GFOF Grayscale Future of Finance ETF	0.00%	0.00%	2.55%	4.08%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
KCE SPDR S&P Capital Markets ETF	1.75%	1.63%	1.56%	1.82%	2.42%	1.53%	2.20%	2.32%	2.67%	1.95%	2.30%	2.43%

Frequently Asked Questions

Can I hold both GFOF and KCE in my portfolio?

GFOF and KCE have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GFOF or KCE?

On fees, KCE is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GFOF or KCE?

KCE is cheaper with a 0.35% expense ratio, compared with 0.70% for GFOF.

Which ETF pays a higher dividend yield, GFOF or KCE?

KCE has the higher dividend yield at 1.75%, compared with 0.00% for GFOF.

What is the main difference between GFOF and KCE?

GFOF is categorized as Blockchain, while KCE is Financials Equities. GFOF tracks Bloomberg Grayscale Future of Finance Index, while KCE tracks S&P Capital Markets Select Industry Index. They also come from different issuers: Grayscale and State Street. Their fees differ too: 0.70% for GFOF and 0.35% for KCE.