BITQ vs. WGMI

Last updated Jun 23, 2026

BITQ (Bitwise Crypto Industry Innovators ETF) and WGMI (Valkyrie Bitcoin Miners ETF) are both exchange-traded funds - BITQ is a Blockchain fund tracking the Bitwise Crypto Innovators 30 Index, while WGMI is a Cryptocurrency fund actively managed by Valkyrie. BITQ is passively managed, while WGMI is actively managed. Over the past 3 years, BITQ returned 54.38%/yr vs 77.33%/yr for WGMI. Their correlation of 0.95 suggests significant overlap in exposure. BITQ charges 0.85%/yr vs 0.75%/yr for WGMI.

Performance

BITQ vs. WGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Crypto Industry Innovators ETF (BITQ) and Valkyrie Bitcoin Miners ETF (WGMI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BITQ achieves a 38.23% return, which is significantly lower than WGMI's 88.08% return.

BITQ

• 1D: -1.15%
• 1M: 2.72%
• YTD: 38.23%
• 6M: 26.55%
• 1Y: 53.06%
• 3Y*: 54.38%
• 5Y*: 5.66%
• 10Y*: —

WGMI

• 1D: -0.17%
• 1M: 16.23%
• YTD: 88.08%
• 6M: 70.65%
• 1Y: 287.41%
• 3Y*: 77.33%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BITQ vs. WGMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BITQ Bitwise Crypto Industry Innovators ETF	38.23%	18.00%	46.97%	246.83%	-80.21%
WGMI Valkyrie Bitcoin Miners ETF	88.08%	72.47%	23.54%	304.08%	-82.94%

Correlation

The correlation between BITQ and WGMI is 0.93, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.93
Correlation (3Y) Calculated over the trailing 3-year period	0.95
Correlation (All Time) Calculated using the full available price history since Feb 8, 2022	0.95

The correlation between BITQ and WGMI has been stable across timeframes, ranging from 0.93 to 0.95 - a consistent structural relationship.

Return for Risk

BITQ vs. WGMI — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BITQ

BITQ Risk / Return Rank: 26
BITQ Sharpe Ratio Rank: 27
BITQ Sortino Ratio Rank: 29
BITQ Omega Ratio Rank: 27
BITQ Calmar Ratio Rank: 25
BITQ Martin Ratio Rank: 21

WGMI

WGMI Risk / Return Rank: 81
WGMI Sharpe Ratio Rank: 96
WGMI Sortino Ratio Rank: 80
WGMI Omega Ratio Rank: 73
WGMI Calmar Ratio Rank: 92
WGMI Martin Ratio Rank: 65

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BITQ vs. WGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Crypto Industry Innovators ETF (BITQ) 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.

	BITQ	WGMI	Difference
Sharpe ratio: Return per unit of total volatility	0.94	3.77	-2.83
Sortino ratio: Return per unit of downside risk	1.53	3.39	-1.85
Omega ratio: Gain probability vs. loss probability	1.18	1.41	-0.23
Calmar ratio: Return relative to maximum drawdown	1.19	5.68	-4.50
Martin ratio: Return relative to average drawdown	2.48	11.50	-9.03

BITQ vs. WGMI - Sharpe Ratio Comparison

The current BITQ Sharpe Ratio is 0.94, which is lower than the WGMI Sharpe Ratio of 3.77. The chart below compares the historical Sharpe Ratios of BITQ and WGMI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BITQ vs. WGMI - Drawdown Comparison

The maximum BITQ drawdown since its inception was -90.32%, which is greater than WGMI's maximum drawdown of -85.76%. Use the drawdown chart below to compare losses from any high point for BITQ and WGMI.

Drawdown Indicators

	BITQ	WGMI	Difference
Max Drawdown Largest peak-to-trough decline	-90.32%	-85.76%	-4.56%
Max Drawdown (1Y) Largest decline over 1 year	-44.99%	-50.94%	+5.95%
Max Drawdown (3Y) Largest decline over 3 years	-51.22%	-62.79%	+11.57%
Max Drawdown (5Y) Largest decline over 5 years	-90.32%	—	—
Current Drawdown Current decline from peak	-15.02%	-0.17%	-14.85%
Average Drawdown Average peak-to-trough decline	-52.55%	-42.47%	-10.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.49%	25.12%	-3.63%

Volatility

BITQ vs. WGMI - Volatility Comparison

The current volatility for Bitwise Crypto Industry Innovators ETF (BITQ) is 16.68%, while Valkyrie Bitcoin Miners ETF (WGMI) has a volatility of 21.83%. This indicates that BITQ experiences smaller price fluctuations and is considered to be less risky than WGMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BITQ	WGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.68%	21.83%	-5.15%
Volatility (6M) Calculated over the trailing 6-month period	42.98%	55.32%	-12.34%
Volatility (1Y) Calculated over the trailing 1-year period	56.98%	76.97%	-19.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.31%	81.54%	-14.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.26%	81.54%	-14.28%

BITQ vs. WGMI - Expense Ratio Comparison

BITQ has a 0.85% expense ratio, which is higher than WGMI's 0.75% expense ratio.

Dividends

BITQ vs. WGMI - Dividend Comparison

Neither BITQ nor WGMI has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BITQ Bitwise Crypto Industry Innovators ETF	0.00%	0.00%	0.90%	1.51%	0.00%	3.12%
WGMI Valkyrie Bitcoin Miners ETF	0.00%	0.00%	0.22%	0.31%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITQ and WGMI in my portfolio?

With a correlation of 0.93, BITQ and WGMI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BITQ or WGMI?

WGMI has higher volatility (21.83%) compared to BITQ (16.68%). In terms of maximum drawdown, BITQ dropped -90.32% vs WGMI's -85.76%.

Which ETF is better, BITQ or WGMI?

On 3-year performance, WGMI leads with 77.33% vs 54.38% for BITQ. On fees, WGMI is cheaper at 0.75% per year. On volatility, BITQ has been the lower-risk option at 16.68%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITQ or WGMI?

Over the 3-year period, WGMI has performed better with a 77.33% return vs 54.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITQ or WGMI?

WGMI is cheaper with a 0.75% expense ratio, compared with 0.85% for BITQ.

Which ETF pays a higher dividend yield, BITQ or WGMI?

BITQ and WGMI have nearly identical dividend yields, around 0.00%.

What is the main difference between BITQ and WGMI?

BITQ is categorized as Blockchain, while WGMI is Cryptocurrency. They also come from different issuers: Bitwise and Valkyrie. Their fees differ too: 0.85% for BITQ and 0.75% for WGMI.

Which has better risk-adjusted returns?

WGMI currently has the higher Sharpe Ratio (3.77 vs 0.94), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.