XRPI vs. BCDF

Last updated Jul 17, 2026

XRPI (Volatility Shares XRP ETF) and BCDF (Horizon Kinetics Blockchain Development ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, XRPI returned -68.65% vs 3.84% for BCDF. At a 0.37 correlation, their price movements are largely independent. XRPI charges 0.94%/yr vs 0.85%/yr for BCDF.

Performance

XRPI vs. BCDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Volatility Shares XRP ETF (XRPI) 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, XRPI achieves a -42.21% return, which is significantly lower than BCDF's 4.63% return.

XRPI

• 1D: -1.23%
• 1M: -10.50%
• 6M: -48.62%
• YTD: -42.21%
• 1Y: -68.65%
• 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)

XRPI vs. BCDF - Yearly Performance Comparison

	2026 (YTD)	2025
XRPI Volatility Shares XRP ETF	-42.21%	-32.74%
BCDF Horizon Kinetics Blockchain Development ETF	4.63%	1.09%

Correlation

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

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (All Time) Calculated using the full available price history since May 22, 2025	0.37

Return for Risk

XRPI vs. BCDF — Risk / Return Rank

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

XRPI

XRPI Risk / Return Rank: 2
XRPI Sharpe Ratio Rank: 2
XRPI Sortino Ratio Rank: 1
XRPI Omega Ratio Rank: 1
XRPI Calmar Ratio Rank: 1
XRPI Martin Ratio Rank: 2

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.

XRPI vs. BCDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Volatility Shares XRP ETF (XRPI) 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.

	XRPI	BCDF	Difference
Sharpe ratio: Return per unit of total volatility	-0.94	0.25	-1.19
Sortino ratio: Return per unit of downside risk	-1.76	0.45	-2.20
Omega ratio: Gain probability vs. loss probability	0.81	1.05	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.92	0.27	-1.20
Martin ratio: Return relative to average drawdown	-1.31	0.84	-2.15

XRPI vs. BCDF - Sharpe Ratio Comparison

The current XRPI Sharpe Ratio is -0.94, which is lower than the BCDF Sharpe Ratio of 0.25. The chart below compares the historical Sharpe Ratios of XRPI 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

XRPI vs. BCDF - Drawdown Comparison

The maximum XRPI drawdown since its inception was -74.60%, which is greater than BCDF's maximum drawdown of -27.70%. Use the drawdown chart below to compare losses from any high point for XRPI and BCDF.

Drawdown Indicators

	XRPI	BCDF	Difference
Max Drawdown Largest peak-to-trough decline	-74.60%	-27.70%	-46.90%
Max Drawdown (1Y) Largest decline over 1 year	-74.60%	-14.02%	-60.58%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.02%	—
Current Drawdown Current decline from peak	-73.03%	-6.38%	-66.65%
Average Drawdown Average peak-to-trough decline	-42.96%	-9.80%	-33.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	52.23%	4.60%	+47.63%

Volatility

XRPI vs. BCDF - Volatility Comparison

Volatility Shares XRP ETF (XRPI) has a higher volatility of 13.64% compared to Horizon Kinetics Blockchain Development ETF (BCDF) at 5.15%. This indicates that XRPI'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

	XRPI	BCDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.64%	5.15%	+8.49%
Volatility (6M) Calculated over the trailing 6-month period	50.32%	11.34%	+38.98%
Volatility (1Y) Calculated over the trailing 1-year period	73.82%	15.44%	+58.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.36%	16.93%	+57.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.36%	16.93%	+57.43%

XRPI vs. BCDF - Expense Ratio Comparison

XRPI has a 0.94% expense ratio, which is higher than BCDF's 0.85% expense ratio.

Dividends

XRPI vs. BCDF - Dividend Comparison

XRPI's dividend yield for the trailing twelve months is around 4.09%, more 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%
XRPI Volatility Shares XRP ETF	4.09%	1.54%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both XRPI and BCDF in my portfolio?

XRPI 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 is riskier, XRPI or BCDF?

XRPI has higher volatility (13.64%) compared to BCDF (5.15%). In terms of maximum drawdown, XRPI dropped -74.60% vs BCDF's -27.70%.

Which ETF is better, XRPI or BCDF?

On 1-year performance, BCDF leads with 3.84% vs -68.65% for XRPI. On fees, BCDF is cheaper at 0.85% per year. 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, XRPI or BCDF?

Over the 1-year period, BCDF has performed better with a 3.84% return vs -68.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, XRPI or BCDF?

BCDF is cheaper with a 0.85% expense ratio, compared with 0.94% for XRPI.

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

XRPI has the higher dividend yield at 4.09%, compared with 2.41% for BCDF.

What is the main difference between XRPI and BCDF?

They also come from different issuers: Volatility Shares and Horizon. Their fees differ too: 0.94% for XRPI and 0.85% for BCDF.

Which has better risk-adjusted returns?

BCDF currently has the higher Sharpe Ratio (0.25 vs -0.94), 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.