THYP vs. BCDF

Last updated Jun 30, 2026

THYP (21Shares Hyperliquid ETF) and BCDF (Horizon Kinetics Blockchain Development ETF) are both Cryptocurrency funds. Both are actively managed. At a 0.07 correlation, their price movements are largely independent.

Performance

THYP vs. BCDF - Performance Comparison

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

Returns By Period

THYP

• 1D: 3.06%
• 1M: 0.93%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BCDF

• 1D: -0.25%
• 1M: -8.73%
• YTD: -2.63%
• 6M: -3.96%
• 1Y: -1.52%
• 3Y*: 12.46%
• 5Y*: —
• 10Y*: —

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

THYP vs. BCDF - Yearly Performance Comparison

	2026 (YTD)
THYP 21Shares Hyperliquid ETF	54.95%
BCDF Horizon Kinetics Blockchain Development ETF	-10.13%

Correlation

The correlation between THYP and BCDF is 0.07, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 12, 2026	0.07

Return for Risk

THYP vs. BCDF — Risk / Return Rank

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

THYP

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

BCDF

BCDF Risk / Return Rank: 8
BCDF Sharpe Ratio Rank: 8
BCDF Sortino Ratio Rank: 8
BCDF Omega Ratio Rank: 8
BCDF Calmar Ratio Rank: 8
BCDF Martin Ratio Rank: 8

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.

THYP vs. BCDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Hyperliquid ETF (THYP) 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.

	THYP	BCDF	Difference
Sharpe ratio: Return per unit of total volatility	—	-0.10	—
Sortino ratio: Return per unit of downside risk	—	-0.03	—
Omega ratio: Gain probability vs. loss probability	—	1.00	—
Calmar ratio: Return relative to maximum drawdown	—	-0.11	—
Martin ratio: Return relative to average drawdown	—	-0.36	—

Drawdowns

THYP vs. BCDF - Drawdown Comparison

The maximum THYP drawdown since its inception was -27.01%, roughly equal to the maximum BCDF drawdown of -27.70%. Use the drawdown chart below to compare losses from any high point for THYP and BCDF.

Drawdown Indicators

	THYP	BCDF	Difference
Max Drawdown Largest peak-to-trough decline	-27.01%	-27.70%	+0.69%
Max Drawdown (1Y) Largest decline over 1 year	—	-14.02%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-14.02%	—
Current Drawdown Current decline from peak	-9.34%	-12.88%	+3.54%
Average Drawdown Average peak-to-trough decline	-7.69%	-9.81%	+2.12%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	4.20%	—

Volatility

Volatility by Period

	THYP	BCDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	5.44%	—
Volatility (6M) Calculated over the trailing 6-month period	—	11.65%	—
Volatility (1Y) Calculated over the trailing 1-year period	110.48%	15.44%	+95.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	110.48%	16.99%	+93.49%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	110.48%	16.99%	+93.49%

Dividends

THYP vs. BCDF - Dividend Comparison

THYP's dividend yield for the trailing twelve months is around 0.10%, less than BCDF's 2.59% yield.

Position	TTM	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	2.59%	2.53%	1.63%	0.69%	0.38%
THYP 21Shares Hyperliquid ETF	0.10%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both THYP and BCDF in my portfolio?

THYP and BCDF have a correlation of 0.07, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

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

BCDF has the higher dividend yield at 2.59%, compared with 0.10% for THYP.

What is the main difference between THYP and BCDF?

They also come from different issuers: 21Shares and Horizon.