GSUI vs. BCDF

Last updated Apr 7, 2026

Compare and contrast key facts about Grayscale Sui Staking ETF (GSUI) and Horizon Kinetics Blockchain Development ETF (BCDF).

GSUI and BCDF are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. GSUI is a passively managed fund by Grayscale that tracks the performance of the CoinDesk SUI Reference Rate. It was launched on Feb 18, 2026. BCDF is an actively managed fund by Horizon. It was launched on Aug 1, 2022.

Performance

GSUI vs. BCDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Sui Staking ETF (GSUI) 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, GSUI achieves a -34.03% return, which is significantly lower than BCDF's 4.03% return.

GSUI

• 1D: 4.02%
• 1M: -0.68%
• YTD: -34.03%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BCDF

• 1D: 1.08%
• 1M: -1.04%
• YTD: 4.03%
• 6M: 0.25%
• 1Y: 22.23%
• 3Y*: 16.25%
• 5Y*: —
• 10Y*: —

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

GSUI vs. BCDF - Yearly Performance Comparison

	2026 (YTD)	2025
GSUI Grayscale Sui Staking ETF	-34.03%	-34.63%
BCDF Horizon Kinetics Blockchain Development ETF	4.03%	1.70%

Correlation

The correlation between GSUI and BCDF is 0.19, which is low. Their price movements are largely independent, making them effective diversification partners. Combining low-correlation assets is one of the most reliable ways to reduce portfolio risk without sacrificing expected returns.

GSUI vs. BCDF - Expense Ratio Comparison

GSUI has a 0.00% expense ratio, which is lower than BCDF's 0.85% expense ratio.

BCDF

Horizon Kinetics Blockchain Development ETF

GSUI

Grayscale Sui Staking ETF

Return for Risk

GSUI 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: 51
BCDF Sharpe Ratio Rank: 59
BCDF Sortino Ratio Rank: 62
BCDF Omega Ratio Rank: 52
BCDF Calmar Ratio Rank: 49
BCDF Martin Ratio Rank: 33

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.

GSUI vs. BCDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Sui Staking ETF (GSUI) 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

	GSUI	BCDF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.42	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.80	0.42	-1.22

Drawdowns

GSUI vs. BCDF - Drawdown Comparison

The maximum GSUI drawdown since its inception was -58.56%, which is greater than BCDF's maximum drawdown of -27.70%. Use the drawdown chart below to compare losses from any high point for GSUI and BCDF.

Drawdown Indicators

	GSUI	BCDF	Difference
Max Drawdown Largest peak-to-trough decline	-58.56%	-27.70%	-30.86%
Max Drawdown (1Y) Largest decline over 1 year	—	-7.51%	—
Current Drawdown Current decline from peak	-56.88%	-2.94%	-53.94%
Average Drawdown Average peak-to-trough decline	-39.90%	-10.21%	-29.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.44%	—

Volatility

Volatility by Period

	GSUI	BCDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.37%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.79%	—
Volatility (1Y) Calculated over the trailing 1-year period	114.54%	15.87%	+98.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	114.54%	17.06%	+97.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	114.54%	17.06%	+97.48%

Dividends

GSUI vs. BCDF - Dividend Comparison

GSUI has not paid dividends to shareholders, while BCDF's dividend yield for the trailing twelve months is around 2.43%.

	TTM	2025	2024	2023	2022
GSUI Grayscale Sui Staking ETF	0.00%	0.00%	0.00%	0.00%	0.00%
BCDF Horizon Kinetics Blockchain Development ETF	2.43%	2.53%	1.63%	0.69%	0.38%