BTOP vs. WGMI

Last updated Jun 4, 2026

BTOP (Bitwise Bitcoin And Ether Equal Weight Strategy ETF) and WGMI (Valkyrie Bitcoin Miners ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, BTOP returned -10.58% vs 294.61% for WGMI. A 0.52 correlation means they provide meaningful diversification when combined. BTOP charges 0.90%/yr vs 0.75%/yr for WGMI.

Performance

BTOP vs. WGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP) 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, BTOP achieves a -0.19% return, which is significantly lower than WGMI's 84.78% return.

BTOP

• 1D: 0.00%
• 1M: -7.13%
• YTD: -0.19%
• 6M: -7.39%
• 1Y: -10.58%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WGMI

• 1D: -1.11%
• 1M: 40.03%
• YTD: 84.78%
• 6M: 55.52%
• 1Y: 294.61%
• 3Y*: 86.17%
• 5Y*: —
• 10Y*: —

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

BTOP vs. WGMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	-0.19%	-15.87%	62.27%	41.71%
WGMI Valkyrie Bitcoin Miners ETF	84.78%	72.47%	23.54%	89.13%

Correlation

The correlation between BTOP and WGMI is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Oct 3, 2023	0.52

The correlation between BTOP and WGMI shifts across timeframes, from 0.34 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.

Return for Risk

BTOP vs. WGMI — Risk / Return Rank

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

BTOP

BTOP Risk / Return Rank: 5
BTOP Sharpe Ratio Rank: 5
BTOP Sortino Ratio Rank: 5
BTOP Omega Ratio Rank: 5
BTOP Calmar Ratio Rank: 5
BTOP Martin Ratio Rank: 6

WGMI

WGMI Risk / Return Rank: 79
WGMI Sharpe Ratio Rank: 95
WGMI Sortino Ratio Rank: 76
WGMI Omega Ratio Rank: 69
WGMI Calmar Ratio Rank: 91
WGMI Martin Ratio Rank: 64

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.

BTOP vs. WGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP) 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.

	BTOP	WGMI	Difference
Sharpe ratio: Return per unit of total volatility	-0.42	3.91	-4.33
Sortino ratio: Return per unit of downside risk	-0.41	3.49	-3.90
Omega ratio: Gain probability vs. loss probability	0.94	1.42	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.44	5.83	-6.27
Martin ratio: Return relative to average drawdown	-0.63	11.81	-12.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BTOP vs. WGMI - Sharpe Ratio Comparison

The current BTOP Sharpe Ratio is -0.42, which is lower than the WGMI Sharpe Ratio of 3.91. The chart below compares the historical Sharpe Ratios of BTOP 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.

Sharpe Ratios by Period

	BTOP	WGMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.42	3.91	-4.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.61	0.31	+0.30

Drawdowns

BTOP vs. WGMI - Drawdown Comparison

The maximum BTOP drawdown since its inception was -43.37%, smaller than the maximum WGMI drawdown of -85.76%. Use the drawdown chart below to compare losses from any high point for BTOP and WGMI.

Drawdown Indicators

	BTOP	WGMI	Difference
Max Drawdown Largest peak-to-trough decline	-43.37%	-85.76%	+42.39%
Max Drawdown (1Y) Largest decline over 1 year	-31.35%	-50.94%	+19.59%
Max Drawdown (3Y) Largest decline over 3 years	—	-62.79%	—
Current Drawdown Current decline from peak	-29.59%	-1.11%	-28.48%
Average Drawdown Average peak-to-trough decline	-19.28%	-42.90%	+23.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.91%	25.08%	-3.17%

Volatility

BTOP vs. WGMI - Volatility Comparison

The current volatility for Bitwise Bitcoin And Ether Equal Weight Strategy ETF (BTOP) is 7.72%, while Valkyrie Bitcoin Miners ETF (WGMI) has a volatility of 20.10%. This indicates that BTOP 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

	BTOP	WGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.72%	20.10%	-12.38%
Volatility (6M) Calculated over the trailing 6-month period	23.63%	55.64%	-32.01%
Volatility (1Y) Calculated over the trailing 1-year period	32.72%	76.03%	-43.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	46.22%	81.53%	-35.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	46.22%	81.53%	-35.31%

BTOP vs. WGMI - Expense Ratio Comparison

BTOP has a 0.90% expense ratio, which is higher than WGMI's 0.75% expense ratio.

Dividends

BTOP vs. WGMI - Dividend Comparison

BTOP's dividend yield for the trailing twelve months is around 2.39%, while WGMI has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BTOP Bitwise Bitcoin And Ether Equal Weight Strategy ETF	2.39%	2.38%	59.44%	5.82%
WGMI Valkyrie Bitcoin Miners ETF	0.00%	0.00%	0.22%	0.31%

Frequently Asked Questions

Can I hold both BTOP and WGMI in my portfolio?

BTOP and WGMI have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTOP or WGMI?

WGMI has higher volatility (20.10%) compared to BTOP (7.72%). In terms of maximum drawdown, BTOP dropped -43.37% vs WGMI's -85.76%.

Which ETF is better, BTOP or WGMI?

On 1-year performance, WGMI leads with 294.61% vs -10.58% for BTOP. On fees, WGMI is cheaper at 0.75% per year. On volatility, BTOP has been the lower-risk option at 7.72%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BTOP or WGMI?

Over the 1-year period, WGMI has performed better with a 294.61% return vs -10.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BTOP or WGMI?

WGMI is cheaper with a 0.75% expense ratio, compared with 0.90% for BTOP.

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

BTOP has the higher dividend yield at 2.39%, compared with 0.00% for WGMI.

What is the main difference between BTOP and WGMI?

They also come from different issuers: Bitwise and Valkyrie. Their fees differ too: 0.90% for BTOP and 0.75% for WGMI.

Which has better risk-adjusted returns?

WGMI currently has the higher Sharpe Ratio (3.91 vs -0.42), 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.