Horizon Kinetics Blockchain Development ETF (BCDF) Performance
BCDF total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +10.7% since Dec 31, 2025
- 1 year
- +7.7% total return
- 3 years
- +19.0% a year
- Since first price
- +7.8% a year since 2022
BCDF trailing returns vs SPY, QQQ, AGG
| Period | BCDF total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +2.5% | +2.5% | −1.0% | −5.0% | +0.9% |
| 3 months | +7.1% | +7.1% | +3.2% | +1.9% | −0.4% |
| 6 months | +3.8% | +3.8% | +7.8% | +8.4% | −1.5% |
| YTD | +10.7% | +10.7% | +12.3% | +15.1% | −1.0% |
| 1 year | +7.7% | +5.0% | +14.4% | +15.9% | −1.1% |
| 3 years | +68.5%+19.0%/yr | +60.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionAug 2, 2022 | +37.1%+7.8%/yr | +30.2% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: BCDF vs SPY
From Aug 2, 2022: BCDF grew to $13,711, SPY to $19,696.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
BCDF returns by calendar year
3 of 3 full years positive. Best 2023 (+25.0%), worst 2025 (+11.6%). 2026 is year to date.
BCDF annual returns table
| Year | BCDF | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +10.7% | −14.0% | +12.3% | +15.1% | −1.0% |
| 2025 | +11.6% | −12.1% | +17.7% | +20.8% | +7.2% |
| 2024 | +14.9% | −6.8% | +24.9% | +25.6% | +1.3% |
| 2023 | +25.0% | −10.9% | +26.2% | +54.9% | +5.7% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
BCDF largest drawdowns
Now 2.7% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Aug 12, 2022 | −27.7% | Mar 15, 2023 | Aug 21, 2024 | 7 months | 2.0 years |
| May 22, 2026 | −14.0% | Jun 25, 2026 | Aug 21, 2026 | 34 days | 3 months |
| Nov 22, 2024 | −13.5% | Apr 8, 2025 | May 1, 2025 | 5 months | 5 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
BCDF risk statistics
| Statistic | 3 years | Since 2022 |
|---|---|---|
| Annualized return | +16.7% | +8.8% |
| Volatility (annualized) | 14.4% | 15.5% |
| Sharpe ratio | 0.85 | 0.35 |
| Sortino ratio | 1.41 | 0.50 |
| Best month | +9.1% | +9.1% |
| Worst month | −7.6% | −12.7% |
| Best 12 months | +36.3% | +36.3% |
| Worst 12 months | −2.0% | −8.5% |
| Positive months | 67% | 61% |
| Beta vs S&P 500 | 0.67 | — |
| Correlation with S&P 500 | 0.58 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
BCDF rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 39 | −8.5% | +14.2% | +36.3% | 95% |
| 3-year (a year) | 15 | +10.3% | +15.9% | +18.7% | 100% |
Every holding period starting at a month-end since 2022. Returns for 3 years and longer are annualized.
BCDF performance overview
Horizon Kinetics Blockchain Development ETF (BCDF) returned +7.7% over the past year, with distributions reinvested. Since its first recorded price in 2022 it has returned +7.8% a year, turning $10,000 into about $13,711. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −27.7%, from Aug 12, 2022 to Mar 15, 2023, and it took 1.4 years to get back to the old high. BCDF finished 3 of its 3 full calendar years with a gain; the best year was 2023 (+25.0%) and the worst 2025 (+11.6%). Volatility has been 15.5% a year.
Related: BCDF chart, BCDF holdings, BCDF dividends. See the BCDF overview for the latest quote and fund facts.
BCDF performance FAQ
What is the BCDF return over the past year?
BCDF returned +7.7% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it rose 5.0%.
How much would $10,000 invested in BCDF be worth?
$10,000 invested in BCDF at its first recorded close on August 2, 2022 would be worth about $13,711 on October 23, 2026 with distributions reinvested.
What was the worst year for BCDF?
The worst calendar year was 2025, with a total return of +11.6%. The best was 2023 at +25.0%.
What is the biggest drawdown of BCDF?
The largest peak-to-trough decline was −27.7% between August 12, 2022 and March 15, 2023. It recovered to the old high on August 21, 2024, 1.4 years after the bottom.
How volatile is BCDF?
Over the past 3 years BCDF had an annualized volatility of 14.4% and a Sharpe ratio of 0.85 (excess return over 1–3 month T-bills per unit of risk).