YNOT vs. BCDF

Last updated Jun 4, 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. At a 0.39 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 21.63% return, which is significantly higher than BCDF's 3.23% return.

YNOT

• 1D: -1.88%
• 1M: 8.38%
• YTD: 21.63%
• 6M: 20.04%
• 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)

YNOT vs. BCDF - Yearly Performance Comparison

	2026 (YTD)	2025
YNOT Horizon Digital Frontier ETF	21.63%	11.82%
BCDF Horizon Kinetics Blockchain Development ETF	3.23%	-0.89%

Correlation

The correlation between YNOT and BCDF is 0.39, 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 Jul 11, 2025	0.39

YNOT vs. BCDF - Sectors Allocation Comparison

Sectors	YNOT	BCDF
Technology	47.3%	9.7%
Industrials	17.2%	0.4%
Communication Services	13.4%	1.4%
Consumer Cyclical	8.9%	-
Basic Materials	8.4%	-
Financial Services	1.9%	80.2%
Utilities	1.4%	4.7%
Healthcare	0.8%	0.0%
Energy	0.7%	3.5%
Consumer Defensive	-	-
Real Estate	-	0.1%

Return for Risk

YNOT 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.

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.

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

Sharpe Ratios by Period

	YNOT	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	1.77	0.39	+1.38

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	—	-7.63%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-13.46%	—
Current Drawdown Current decline from peak	-1.88%	-7.63%	+5.75%
Average Drawdown Average peak-to-trough decline	-3.74%	-9.83%	+6.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	3.39%	—

Volatility

Volatility by Period

	YNOT	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	23.11%	14.76%	+8.35%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.11%	16.94%	+6.17%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.11%	16.94%	+6.17%

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 2.45%.

Position	TTM	2025	2024	2023	2022
BCDF Horizon Kinetics Blockchain Development ETF	2.45%	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 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, YNOT or BCDF?

On fees, YNOT is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

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 2.45%, 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.