GXLM vs. BCDF

Last updated Jul 21, 2026

GXLM (Grayscale Stellar Lumens Trust (XLM)) and BCDF (Horizon Kinetics Blockchain Development ETF) are both Cryptocurrency funds. Both are actively managed. Over the past 3 years, GXLM returned -21.32%/yr vs 13.66%/yr for BCDF. At a 0.28 correlation, their price movements are largely independent.

Performance

GXLM vs. BCDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Stellar Lumens Trust (XLM) (GXLM) 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, GXLM achieves a 22.71% return, which is significantly higher than BCDF's 3.17% return.

GXLM

• 1D: 0.72%
• 1M: -11.84%
• 6M: 1.98%
• YTD: 22.71%
• 1Y: -45.29%
• 3Y*: -21.32%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -21.50%

BCDF

• 1D: -0.39%
• 1M: 2.17%
• 6M: -3.74%
• YTD: 3.17%
• 1Y: 1.43%
• 3Y*: 13.66%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 6.73%

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

GXLM vs. BCDF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GXLM Grayscale Stellar Lumens Trust (XLM)	22.71%	-50.11%	15.60%	532.21%	-51.53%
BCDF Horizon Kinetics Blockchain Development ETF	3.17%	11.63%	14.87%	24.99%	-21.71%

Correlation

The correlation between GXLM and BCDF is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.31
Correlation (All Time) Calculated using the full available price history since Aug 2, 2022	0.28

Return for Risk

GXLM vs. BCDF — Risk / Return Rank

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

GXLM

GXLM Risk / Return Rank: 6
GXLM Sharpe Ratio Rank: 6
GXLM Sortino Ratio Rank: 7
GXLM Omega Ratio Rank: 7
GXLM Calmar Ratio Rank: 4
GXLM Martin Ratio Rank: 6

BCDF

BCDF Risk / Return Rank: 12
BCDF Sharpe Ratio Rank: 12
BCDF Sortino Ratio Rank: 11
BCDF Omega Ratio Rank: 11
BCDF Calmar Ratio Rank: 12
BCDF Martin Ratio Rank: 12

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.

GXLM vs. BCDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Stellar Lumens Trust (XLM) (GXLM) 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	GXLM	BCDF	Difference
Sharpe ratio: Return per unit of total volatility	-0.48	0.09	-0.57
Sortino ratio: Return per unit of downside risk	-0.26	0.23	-0.50
Omega ratio: Gain probability vs. loss probability	0.97	1.03	-0.06
Calmar ratio: Return relative to maximum drawdown	-0.63	0.10	-0.73
Martin ratio: Return relative to average drawdown	-0.84	0.31	-1.15

GXLM vs. BCDF - Sharpe Ratio Comparison

The current GXLM Sharpe Ratio is -0.48, which is lower than the BCDF Sharpe Ratio of 0.09. The chart below compares the historical Sharpe Ratios of GXLM 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.

Drawdowns

GXLM vs. BCDF - Drawdown Comparison

The maximum GXLM drawdown since its inception was -94.01%, which is greater than BCDF's maximum drawdown of -27.70%. Use the drawdown chart below to compare losses from any high point for GXLM and BCDF.

Drawdown Indicators

	GXLM	BCDF	Difference
Max Drawdown Largest peak-to-trough decline	-94.01%	-27.70%	-66.31%
Max Drawdown (1Y) Largest decline over 1 year	-71.88%	-14.02%	-57.86%
Max Drawdown (3Y) Largest decline over 3 years	-78.19%	-14.02%	-64.17%
Current Drawdown Current decline from peak	-72.88%	-7.69%	-65.19%
Average Drawdown Average peak-to-trough decline	-70.47%	-9.79%	-60.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	53.74%	4.64%	+49.10%

Volatility

GXLM vs. BCDF - Volatility Comparison

Grayscale Stellar Lumens Trust (XLM) (GXLM) has a higher volatility of 23.86% compared to Horizon Kinetics Blockchain Development ETF (BCDF) at 4.74%. This indicates that GXLM'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

	GXLM	BCDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.86%	4.74%	+19.12%
Volatility (6M) Calculated over the trailing 6-month period	60.91%	11.28%	+49.63%
Volatility (1Y) Calculated over the trailing 1-year period	95.62%	15.36%	+80.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	147.67%	16.93%	+130.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	147.67%	16.93%	+130.74%

Dividends

GXLM vs. BCDF - Dividend Comparison

GXLM 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%
GXLM Grayscale Stellar Lumens Trust (XLM)	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GXLM and BCDF in my portfolio?

GXLM and BCDF have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GXLM or BCDF?

GXLM has higher volatility (23.86%) compared to BCDF (4.74%). In terms of maximum drawdown, GXLM dropped -94.01% vs BCDF's -27.70%.

Which ETF is better, GXLM or BCDF?

On 3-year performance, BCDF leads with 13.66% vs -21.32% for GXLM. On volatility, BCDF has been the lower-risk option at 4.74%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GXLM or BCDF?

Over the 3-year period, BCDF has performed better with a 13.66% return vs -21.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

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

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

What is the main difference between GXLM and BCDF?

They also come from different issuers: Grayscale and Horizon.

Which has better risk-adjusted returns?

BCDF currently has the higher Sharpe Ratio (0.09 vs -0.48), 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.