QGRD vs. BCDF

Last updated Jul 17, 2026

QGRD (Horizon NASDAQ-100 Defined Risk ETF) and BCDF (Horizon Kinetics Blockchain Development ETF) are both exchange-traded funds - QGRD is a Equity Hedged fund actively managed by Horizon, while BCDF is a Cryptocurrency fund actively managed by Horizon. Both are actively managed. Over the past year, QGRD returned 19.20% vs 3.84% for BCDF. At a 0.32 correlation, their price movements are largely independent. Both charge a 0.85% expense ratio.

Performance

QGRD vs. BCDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon NASDAQ-100 Defined Risk ETF (QGRD) 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, QGRD achieves a 10.23% return, which is significantly higher than BCDF's 4.63% return.

QGRD

• 1D: -1.30%
• 1M: -2.77%
• 6M: 9.01%
• YTD: 10.23%
• 1Y: 19.20%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BCDF

• 1D: 0.70%
• 1M: 0.13%
• 6M: -1.03%
• YTD: 4.63%
• 1Y: 3.84%
• 3Y*: 14.28%
• 5Y*: —
• 10Y*: —

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

QGRD vs. BCDF - Yearly Performance Comparison

	2026 (YTD)	2025
QGRD Horizon NASDAQ-100 Defined Risk ETF	10.23%	8.15%
BCDF Horizon Kinetics Blockchain Development ETF	4.63%	-0.44%

Correlation

The correlation between QGRD and BCDF is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.32

Return for Risk

QGRD vs. BCDF — Risk / Return Rank

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

QGRD

QGRD Risk / Return Rank: 45
QGRD Sharpe Ratio Rank: 45
QGRD Sortino Ratio Rank: 42
QGRD Omega Ratio Rank: 43
QGRD Calmar Ratio Rank: 50
QGRD Martin Ratio Rank: 47

BCDF

BCDF Risk / Return Rank: 13
BCDF Sharpe Ratio Rank: 14
BCDF Sortino Ratio Rank: 12
BCDF Omega Ratio Rank: 12
BCDF Calmar Ratio Rank: 13
BCDF Martin Ratio Rank: 14

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.

QGRD vs. BCDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon NASDAQ-100 Defined Risk ETF (QGRD) 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.

	QGRD	BCDF	Difference
Sharpe ratio: Return per unit of total volatility	1.31	0.25	+1.06
Sortino ratio: Return per unit of downside risk	1.79	0.45	+1.35
Omega ratio: Gain probability vs. loss probability	1.23	1.05	+0.18
Calmar ratio: Return relative to maximum drawdown	2.05	0.27	+1.77
Martin ratio: Return relative to average drawdown	6.18	0.84	+5.34

QGRD vs. BCDF - Sharpe Ratio Comparison

The current QGRD Sharpe Ratio is 1.31, which is higher than the BCDF Sharpe Ratio of 0.25. The chart below compares the historical Sharpe Ratios of QGRD 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

QGRD vs. BCDF - Drawdown Comparison

The maximum QGRD drawdown since its inception was -9.41%, smaller than the maximum BCDF drawdown of -27.70%. Use the drawdown chart below to compare losses from any high point for QGRD and BCDF.

Drawdown Indicators

	QGRD	BCDF	Difference
Max Drawdown Largest peak-to-trough decline	-9.41%	-27.70%	+18.29%
Max Drawdown (1Y) Largest decline over 1 year	-9.41%	-14.02%	+4.61%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.02%	—
Current Drawdown Current decline from peak	-4.34%	-6.38%	+2.04%
Average Drawdown Average peak-to-trough decline	-2.25%	-9.80%	+7.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.11%	4.60%	-1.49%

Volatility

QGRD vs. BCDF - Volatility Comparison

Horizon NASDAQ-100 Defined Risk ETF (QGRD) has a higher volatility of 5.86% compared to Horizon Kinetics Blockchain Development ETF (BCDF) at 5.15%. This indicates that QGRD'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

	QGRD	BCDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.86%	5.15%	+0.71%
Volatility (6M) Calculated over the trailing 6-month period	11.69%	11.34%	+0.35%
Volatility (1Y) Calculated over the trailing 1-year period	14.72%	15.44%	-0.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.61%	16.93%	-2.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	14.61%	16.93%	-2.32%

QGRD vs. BCDF - Expense Ratio Comparison

Both QGRD and BCDF have an expense ratio of 0.85%.

Dividends

QGRD vs. BCDF - Dividend Comparison

QGRD's dividend yield for the trailing twelve months is around 1.42%, less than BCDF's 2.41% yield.

Position	TTM	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	2.41%	2.53%	1.63%	0.69%	0.38%
QGRD Horizon NASDAQ-100 Defined Risk ETF	1.42%	1.57%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both QGRD and BCDF in my portfolio?

QGRD and BCDF have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, QGRD or BCDF?

QGRD has higher volatility (5.86%) compared to BCDF (5.15%). In terms of maximum drawdown, QGRD dropped -9.41% vs BCDF's -27.70%.

Which ETF is better, QGRD or BCDF?

On 1-year performance, QGRD leads with 19.20% vs 3.84% for BCDF. Both ETFs have the same 0.85% expense ratio. On volatility, BCDF has been the lower-risk option at 5.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, QGRD or BCDF?

Over the 1-year period, QGRD has performed better with a 19.20% return vs 3.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, QGRD or BCDF?

QGRD and BCDF have the same expense ratio: 0.85% per year.

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

BCDF has the higher dividend yield at 2.41%, compared with 1.42% for QGRD.

What is the main difference between QGRD and BCDF?

QGRD is categorized as Equity Hedged, while BCDF is Cryptocurrency.

Which has better risk-adjusted returns?

QGRD currently has the higher Sharpe Ratio (1.31 vs 0.25), 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.