YNOT vs. BCDF

Last updated Jul 15, 2026

YNOT (Horizon Digital Frontier ETF) and BCDF (Horizon Kinetics Blockchain Development ETF) are both exchange-traded funds - YNOT is a Technology Equities fund actively managed by Horizon, while BCDF is a Cryptocurrency fund actively managed by Horizon. Both are actively managed. Over the past year, YNOT returned 26.87% vs 3.03% for BCDF. At a 0.35 correlation, their price movements are largely independent. YNOT charges 0.75%/yr vs 0.85%/yr for BCDF.

Performance

YNOT vs. BCDF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Digital Frontier ETF (YNOT) 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, YNOT achieves a 13.83% return, which is significantly higher than BCDF's 3.60% return.

YNOT

• 1D: 1.56%
• 1M: -0.72%
• 6M: 7.83%
• YTD: 13.83%
• 1Y: 26.87%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BCDF

• 1D: 0.53%
• 1M: -1.15%
• 6M: 0.15%
• YTD: 3.60%
• 1Y: 3.03%
• 3Y*: 13.68%
• 5Y*: —
• 10Y*: —

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

YNOT vs. BCDF - Yearly Performance Comparison

	2026 (YTD)	2025
YNOT Horizon Digital Frontier ETF	13.83%	12.46%
BCDF Horizon Kinetics Blockchain Development ETF	3.60%	-0.44%

Correlation

The correlation between YNOT and BCDF is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.35
Correlation (All Time) Calculated using the full available price history since Jul 10, 2025	0.35

Return for Risk

YNOT vs. BCDF — Risk / Return Rank

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

YNOT

YNOT Risk / Return Rank: 37
YNOT Sharpe Ratio Rank: 37
YNOT Sortino Ratio Rank: 35
YNOT Omega Ratio Rank: 34
YNOT Calmar Ratio Rank: 39
YNOT Martin Ratio Rank: 39

BCDF

BCDF Risk / Return Rank: 12
BCDF Sharpe Ratio Rank: 13
BCDF Sortino Ratio Rank: 12
BCDF Omega Ratio Rank: 11
BCDF Calmar Ratio Rank: 12
BCDF Martin Ratio Rank: 13

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.

YNOT vs. BCDF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Digital Frontier ETF (YNOT) 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.

	YNOT	BCDF	Difference
Sharpe ratio: Return per unit of total volatility	1.10	0.20	+0.90
Sortino ratio: Return per unit of downside risk	1.54	0.37	+1.17
Omega ratio: Gain probability vs. loss probability	1.19	1.04	+0.15
Calmar ratio: Return relative to maximum drawdown	1.61	0.22	+1.40
Martin ratio: Return relative to average drawdown	4.86	0.67	+4.20

YNOT vs. BCDF - Sharpe Ratio Comparison

The current YNOT Sharpe Ratio is 1.10, which is higher than the BCDF Sharpe Ratio of 0.20. The chart below compares the historical Sharpe Ratios of YNOT 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

YNOT vs. BCDF - Drawdown Comparison

The maximum YNOT drawdown since its inception was -16.73%, smaller than the maximum BCDF drawdown of -27.70%. Use the drawdown chart below to compare losses from any high point for YNOT and BCDF.

Drawdown Indicators

	YNOT	BCDF	Difference
Max Drawdown Largest peak-to-trough decline	-16.73%	-27.70%	+10.97%
Max Drawdown (1Y) Largest decline over 1 year	-16.73%	-14.02%	-2.71%
Max Drawdown (3Y) Largest decline over 3 years	—	-14.02%	—
Current Drawdown Current decline from peak	-8.18%	-7.30%	-0.88%
Average Drawdown Average peak-to-trough decline	-4.12%	-9.80%	+5.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.54%	4.56%	+0.98%

Volatility

YNOT vs. BCDF - Volatility Comparison

Horizon Digital Frontier ETF (YNOT) has a higher volatility of 8.54% compared to Horizon Kinetics Blockchain Development ETF (BCDF) at 5.18%. This indicates that YNOT'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

	YNOT	BCDF	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.54%	5.18%	+3.36%
Volatility (6M) Calculated over the trailing 6-month period	20.11%	11.36%	+8.75%
Volatility (1Y) Calculated over the trailing 1-year period	24.63%	15.48%	+9.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	24.53%	16.95%	+7.58%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	24.53%	16.95%	+7.58%

YNOT vs. BCDF - Expense Ratio Comparison

YNOT has a 0.75% expense ratio, which is lower than BCDF's 0.85% expense ratio.

Dividends

YNOT vs. BCDF - Dividend Comparison

YNOT has not paid dividends to shareholders, while BCDF's dividend yield for the trailing twelve months is around 2.44%.

Position	TTM	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	2.44%	2.53%	1.63%	0.69%	0.38%
YNOT Horizon Digital Frontier ETF	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both YNOT and BCDF in my portfolio?

YNOT and BCDF have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, YNOT or BCDF?

YNOT has higher volatility (8.54%) compared to BCDF (5.18%). In terms of maximum drawdown, YNOT dropped -16.73% vs BCDF's -27.70%.

Which ETF is better, YNOT or BCDF?

On 1-year performance, YNOT leads with 26.87% vs 3.03% for BCDF. On fees, YNOT is cheaper at 0.75% per year. On volatility, BCDF has been the lower-risk option at 5.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, YNOT or BCDF?

Over the 1-year period, YNOT has performed better with a 26.87% return vs 3.03%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, YNOT or BCDF?

YNOT is cheaper with a 0.75% expense ratio, compared with 0.85% for BCDF.

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

BCDF has the higher dividend yield at 2.44%, compared with 0.00% for YNOT.

What is the main difference between YNOT and BCDF?

YNOT is categorized as Technology Equities, while BCDF is Cryptocurrency. Their fees differ too: 0.75% for YNOT and 0.85% for BCDF.

Which has better risk-adjusted returns?

YNOT currently has the higher Sharpe Ratio (1.10 vs 0.20), 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.