Combine ingredients in a saucepan: 1 cup ketchup, 1/2 cup apple cider vinegar, 1/4 cup packed brown sugar, and 1/4 cup honey.
Whisk the mixture until smooth and well combined.
Add 1 tablespoon Worcestershire sauce, 1 teaspoon smoked paprika, 1 teaspoon garlic powder, 1 teaspoon onion powder, 1/2 teaspoon black pepper, 1/2 teaspoon salt, and optional cayenne pepper, and stir to combine thoroughly.
Place the saucepan over medium heat and bring the sauce to a simmer.
Reduce heat to low and let it simmer for about 20 minutes, stirring occasionally.
Remove from heat and let cool before using or storing.