GSOL vs. BCDF

Last updated Jun 4, 2026

GSOL (Grayscale Solana Staking ETF) and BCDF (Horizon Kinetics Blockchain Development ETF) are both Cryptocurrency funds. Both are actively managed. Their correlation of 0.80 suggests significant overlap in exposure. GSOL charges 0.35%/yr vs 0.85%/yr for BCDF.

Performance

GSOL vs. BCDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Solana Staking ETF (GSOL) and Horizon Kinetics Blockchain Development ETF (BCDF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GSOL

• 1D: -4.43%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 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)

GSOL vs. BCDF - Yearly Performance Comparison

	2026 (YTD)
GSOL Grayscale Solana Staking ETF	-12.36%
BCDF Horizon Kinetics Blockchain Development ETF	-3.12%

Correlation

The correlation between GSOL and BCDF is 0.80, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 29, 2026	0.80

Return for Risk

GSOL vs. BCDF — Risk / Return Rank

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

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.

GSOL vs. BCDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Solana Staking ETF (GSOL) 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.

Sharpe Ratios by Period

	GSOL	BCDF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.43	—
Sharpe Ratio (All Time) Calculated using the full available price history	-2.23	0.39	-2.63

Drawdowns

GSOL vs. BCDF - Drawdown Comparison

The maximum GSOL drawdown since its inception was -12.36%, smaller than the maximum BCDF drawdown of -27.70%. Use the drawdown chart below to compare losses from any high point for GSOL and BCDF.

Drawdown Indicators

	GSOL	BCDF	Difference
Max Drawdown Largest peak-to-trough decline	-12.36%	-27.70%	+15.34%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.63%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.46%	—
Current Drawdown Current decline from peak	-12.36%	-7.63%	-4.73%
Average Drawdown Average peak-to-trough decline	-5.53%	-9.83%	+4.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.39%	—

Volatility

Volatility by Period

	GSOL	BCDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.17%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.03%	—
Volatility (1Y) Calculated over the trailing 1-year period	51.66%	14.76%	+36.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.66%	16.94%	+34.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.66%	16.94%	+34.72%

GSOL vs. BCDF - Expense Ratio Comparison

GSOL has a 0.35% expense ratio, which is lower than BCDF's 0.85% expense ratio.

Dividends

GSOL vs. BCDF - Dividend Comparison

GSOL 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%
GSOL Grayscale Solana Staking ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GSOL and BCDF in my portfolio?

GSOL and BCDF have a correlation of 0.80, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GSOL or BCDF?

On fees, GSOL 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, GSOL or BCDF?

GSOL is cheaper with a 0.35% expense ratio, compared with 0.85% for BCDF.

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

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

What is the main difference between GSOL and BCDF?

They also come from different issuers: Grayscale and Horizon. Their fees differ too: 0.35% for GSOL and 0.85% for BCDF.