BITW vs. WGMI

Last updated Jun 23, 2026

BITW (Bitwise 10 Crypto Index ETF) and WGMI (Valkyrie Bitcoin Miners ETF) are both Cryptocurrency funds. BITW is passively managed, while WGMI is actively managed. Over the past 3 years, BITW returned 53.76%/yr vs 77.33%/yr for WGMI. A 0.62 correlation means they provide meaningful diversification when combined. Both charge a 0.75% expense ratio.

Performance

BITW vs. WGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise 10 Crypto Index ETF (BITW) 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, BITW achieves a -30.09% return, which is significantly lower than WGMI's 88.08% return.

BITW

• 1D: 1.83%
• 1M: -15.18%
• YTD: -30.09%
• 6M: -31.04%
• 1Y: -33.61%
• 3Y*: 53.76%
• 5Y*: 3.43%
• 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)

BITW vs. WGMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
BITW Bitwise 10 Crypto Index ETF	-30.09%	-2.63%	160.69%	331.10%	-84.86%
WGMI Valkyrie Bitcoin Miners ETF	88.08%	72.47%	23.54%	304.08%	-82.94%

Correlation

The correlation between BITW and WGMI is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.57
Correlation (All Time) Calculated using the full available price history since Feb 8, 2022	0.62

The correlation between BITW and WGMI has been stable across timeframes, ranging from 0.54 to 0.62 - a consistent structural relationship.

Return for Risk

BITW vs. WGMI — Risk / Return Rank

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

BITW

BITW Risk / Return Rank: 4
BITW Sharpe Ratio Rank: 4
BITW Sortino Ratio Rank: 4
BITW Omega Ratio Rank: 4
BITW Calmar Ratio Rank: 4
BITW Martin Ratio Rank: 4

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.

BITW vs. WGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise 10 Crypto Index ETF (BITW) 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.

	BITW	WGMI	Difference
Sharpe ratio: Return per unit of total volatility	-0.68	3.77	-4.45
Sortino ratio: Return per unit of downside risk	-0.80	3.39	-4.18
Omega ratio: Gain probability vs. loss probability	0.91	1.41	-0.50
Calmar ratio: Return relative to maximum drawdown	-0.61	5.68	-6.29
Martin ratio: Return relative to average drawdown	-1.04	11.50	-12.54

BITW vs. WGMI - Sharpe Ratio Comparison

The current BITW Sharpe Ratio is -0.68, which is lower than the WGMI Sharpe Ratio of 3.77. The chart below compares the historical Sharpe Ratios of BITW 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

BITW vs. WGMI - Drawdown Comparison

The maximum BITW drawdown since its inception was -96.46%, which is greater than WGMI's maximum drawdown of -85.76%. Use the drawdown chart below to compare losses from any high point for BITW and WGMI.

Drawdown Indicators

	BITW	WGMI	Difference
Max Drawdown Largest peak-to-trough decline	-96.46%	-85.76%	-10.70%
Max Drawdown (1Y) Largest decline over 1 year	-55.51%	-50.94%	-4.57%
Max Drawdown (3Y) Largest decline over 3 years	-55.51%	-62.79%	+7.28%
Max Drawdown (5Y) Largest decline over 5 years	-91.93%	—	—
Current Drawdown Current decline from peak	-70.45%	-0.17%	-70.28%
Average Drawdown Average peak-to-trough decline	-69.56%	-42.47%	-27.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.38%	25.12%	+7.26%

Volatility

BITW vs. WGMI - Volatility Comparison

The current volatility for Bitwise 10 Crypto Index ETF (BITW) is 13.95%, while Valkyrie Bitcoin Miners ETF (WGMI) has a volatility of 21.83%. This indicates that BITW 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

	BITW	WGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	13.95%	21.83%	-7.88%
Volatility (6M) Calculated over the trailing 6-month period	37.24%	55.32%	-18.08%
Volatility (1Y) Calculated over the trailing 1-year period	49.88%	76.97%	-27.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	65.58%	81.54%	-15.96%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	108.37%	81.54%	+26.83%

BITW vs. WGMI - Expense Ratio Comparison

Both BITW and WGMI have an expense ratio of 0.75%.

Dividends

BITW vs. WGMI - Dividend Comparison

Neither BITW nor WGMI has paid dividends to shareholders.

Position	TTM	2025	2024	2023
BITW Bitwise 10 Crypto Index 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

Can I hold both BITW and WGMI in my portfolio?

BITW and WGMI have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BITW or WGMI?

WGMI has higher volatility (21.83%) compared to BITW (13.95%). In terms of maximum drawdown, BITW dropped -96.46% vs WGMI's -85.76%.

Which ETF is better, BITW or WGMI?

On 3-year performance, WGMI leads with 77.33% vs 53.76% for BITW. Both ETFs have the same 0.75% expense ratio. On volatility, BITW has been the lower-risk option at 13.95%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITW or WGMI?

Over the 3-year period, WGMI has performed better with a 77.33% return vs 53.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITW or WGMI?

BITW and WGMI have the same expense ratio: 0.75% per year.

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

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

What is the main difference between BITW and WGMI?

They also come from different issuers: Bitwise and Valkyrie.

Which has better risk-adjusted returns?

WGMI currently has the higher Sharpe Ratio (3.77 vs -0.68), 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.