TDOG vs. BCDF

Last updated Jun 4, 2026

TDOG (21Shares Dogecoin ETF) and BCDF (Horizon Kinetics Blockchain Development ETF) are both Cryptocurrency funds. TDOG is passively managed, while BCDF is actively managed. At a 0.38 correlation, their price movements are largely independent. TDOG charges 0.50%/yr vs 0.85%/yr for BCDF.

Performance

TDOG vs. BCDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 21Shares Dogecoin ETF (TDOG) and Horizon Kinetics Blockchain Development ETF (BCDF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TDOG

• 1D: -2.41%
• 1M: -17.01%
• 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)

TDOG vs. BCDF - Yearly Performance Comparison

	2026 (YTD)
TDOG 21Shares Dogecoin ETF	-26.19%
BCDF Horizon Kinetics Blockchain Development ETF	-2.83%

Correlation

The correlation between TDOG and BCDF is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Jan 23, 2026	0.38

Return for Risk

TDOG 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.

TDOG vs. BCDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Dogecoin ETF (TDOG) 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

	TDOG	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	-0.85	0.39	-1.24

Drawdowns

TDOG vs. BCDF - Drawdown Comparison

The maximum TDOG drawdown since its inception was -29.24%, which is greater than BCDF's maximum drawdown of -27.70%. Use the drawdown chart below to compare losses from any high point for TDOG and BCDF.

Drawdown Indicators

	TDOG	BCDF	Difference
Max Drawdown Largest peak-to-trough decline	-29.24%	-27.70%	-1.54%
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	-27.22%	-7.63%	-19.59%
Average Drawdown Average peak-to-trough decline	-20.46%	-9.83%	-10.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.39%	—

Volatility

Volatility by Period

	TDOG	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	67.14%	14.76%	+52.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.14%	16.94%	+50.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.14%	16.94%	+50.20%

TDOG vs. BCDF - Expense Ratio Comparison

TDOG has a 0.50% expense ratio, which is lower than BCDF's 0.85% expense ratio.

Dividends

TDOG vs. BCDF - Dividend Comparison

TDOG 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%
TDOG 21Shares Dogecoin ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TDOG and BCDF in my portfolio?

TDOG and BCDF have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TDOG or BCDF?

On fees, TDOG is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TDOG or BCDF?

TDOG is cheaper with a 0.50% expense ratio, compared with 0.85% for BCDF.

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

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

What is the main difference between TDOG and BCDF?

They also come from different issuers: 21Shares and Horizon. Their fees differ too: 0.50% for TDOG and 0.85% for BCDF.