BHDG vs. WGMI
BHDG (Nicholas Bitcoin Tail ETF) and WGMI (Valkyrie Bitcoin Miners ETF) are both Cryptocurrency funds. Both are actively managed. At a correlation of -0.58, they often move in opposite directions. BHDG charges 0.97%/yr vs 0.75%/yr for WGMI.
Performance
BHDG vs. WGMI - Performance Comparison
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Returns By Period
BHDG
- 1D
- 2.19%
- 1M
- 9.98%
- YTD
- —
- 6M
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
WGMI
- 1D
- -5.95%
- 1M
- 7.80%
- YTD
- 74.44%
- 6M
- 59.67%
- 1Y
- 243.77%
- 3Y*
- 72.93%
- 5Y*
- —
- 10Y*
- —
BHDG vs. WGMI - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
BHDG Nicholas Bitcoin Tail ETF | 0.95% |
WGMI Valkyrie Bitcoin Miners ETF | 66.36% |
Correlation
The correlation between BHDG and WGMI is -0.58, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Mar 18, 2026 | -0.58 |
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Return for Risk
BHDG vs. WGMI — Risk / Return Rank
BHDG
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
WGMI
BHDG vs. WGMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Bitcoin Tail ETF (BHDG) and Valkyrie Bitcoin Miners ETF (WGMI). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| BHDG | WGMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.38 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 4.82 | — |
| Martin ratioReturn relative to average drawdown | — | 9.75 | — |
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Drawdowns
BHDG vs. WGMI - Drawdown Comparison
The maximum BHDG drawdown since its inception was -15.06%, smaller than the maximum WGMI drawdown of -85.76%. Use the drawdown chart below to compare losses from any high point for BHDG and WGMI.
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Drawdown Indicators
| BHDG | WGMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -15.06% | -85.76% | +70.70% |
Max Drawdown (1Y)Largest decline over 1 year | — | -50.94% | — |
Max Drawdown (3Y)Largest decline over 3 years | — | -62.79% | — |
Current DrawdownCurrent decline from peak | -3.89% | -7.41% | +3.52% |
Average DrawdownAverage peak-to-trough decline | -8.62% | -42.40% | +33.78% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 25.12% | — |
Volatility
BHDG vs. WGMI - Volatility Comparison
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Volatility by Period
| BHDG | WGMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 22.06% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 55.01% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 27.77% | 77.05% | -49.28% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.77% | 81.52% | -53.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.77% | 81.52% | -53.75% |
BHDG vs. WGMI - Expense Ratio Comparison
BHDG has a 0.97% expense ratio, which is higher than WGMI's 0.75% expense ratio.
Dividends
BHDG vs. WGMI - Dividend Comparison
Neither BHDG nor WGMI has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
BHDG Nicholas Bitcoin Tail ETF | 0.00% | 0.00% | 0.00% | 0.00% |
WGMI Valkyrie Bitcoin Miners ETF | 0.00% | 0.00% | 0.22% | 0.31% |
Frequently Asked Questions
BHDG and WGMI have a correlation of -0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, WGMI is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.
WGMI is cheaper with a 0.75% expense ratio, compared with 0.97% for BHDG.
BHDG and WGMI have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Nicholas and Valkyrie. Their fees differ too: 0.97% for BHDG and 0.75% for WGMI.
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