1 1/4 cup
Add the entire can of chipotle en adobo peppers, ketchup, honey, and soy sauce to a blender.
Add the water to the chipotle en adobo can and do a quick swish with the water, then add to the blender along with the rest of the ingredients.
Blend for 30 seconds; the resulting sauce should be relatively smooth.
Add the sauce to a small saucepan and turn to medium heat. Cook for 3 minutes over a simmer, stirring constantly.
Remove from heat and let cool. Makes 1 ¼ cup sauce.