In a saucepan, combine ketchup, apple cider vinegar, brown sugar, honey, and Worcestershire sauce.

Whisk together until smooth and well combined.

Add smoked paprika, garlic powder, onion powder, black pepper, salt, and cayenne pepper (if using).

Stir to combine all ingredients.

Bring the mixture to a simmer over medium heat, then reduce heat to low.

Let it cook for about 20 minutes, stirring occasionally, until thickened.

Remove from heat and let cool before using or storing.