Add ketchup, apple cider vinegar, brown sugar, and honey to a medium saucepan.
Stir in yellow mustard, Worcestershire sauce, smoked paprika, garlic powder, onion powder, black pepper, and cayenne pepper.
Place the saucepan over medium heat and bring the mixture to a gentle boil, stirring occasionally.
Lower the heat and allow the sauce to simmer on low for approximately 20 minutes, stirring occasionally, until it thickens a bit and the flavors combine.
Take the sauce off the heat and let it cool. Use it right away or keep it in an airtight container in the refrigerator for up to 2 weeks.