BWOW vs. WGMI

Last updated Jun 4, 2026

BWOW (Bitwise Dogecoin ETF) and WGMI (Valkyrie Bitcoin Miners ETF) are both Cryptocurrency funds. BWOW is passively managed, while WGMI is actively managed. At a 0.46 correlation, their price movements are largely independent. BWOW charges 0.34%/yr vs 0.75%/yr for WGMI.

Performance

BWOW vs. WGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Dogecoin ETF (BWOW) 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, BWOW achieves a -21.75% return, which is significantly lower than WGMI's 84.78% return.

BWOW

• 1D: -2.45%
• 1M: -16.98%
• YTD: -21.75%
• 6M: -39.23%
• 1Y: —
• 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)

BWOW vs. WGMI - Yearly Performance Comparison

	2026 (YTD)	2025
BWOW Bitwise Dogecoin ETF	-21.75%	-24.63%
WGMI Valkyrie Bitcoin Miners ETF	84.78%	-17.02%

Correlation

The correlation between BWOW and WGMI is 0.46, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 28, 2025	0.46

Return for Risk

BWOW vs. WGMI — Risk / Return Rank

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

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.

BWOW vs. WGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Dogecoin ETF (BWOW) 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	BWOW	WGMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	3.91	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.87	0.31	-1.18

Drawdowns

BWOW vs. WGMI - Drawdown Comparison

The maximum BWOW drawdown since its inception was -42.77%, smaller than the maximum WGMI drawdown of -85.76%. Use the drawdown chart below to compare losses from any high point for BWOW and WGMI.

Drawdown Indicators

	BWOW	WGMI	Difference
Max Drawdown Largest peak-to-trough decline	-42.77%	-85.76%	+42.99%
Max Drawdown (1Y) Largest decline over 1 year	—	-50.94%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-62.79%	—
Current Drawdown Current decline from peak	-41.02%	-1.11%	-39.91%
Average Drawdown Average peak-to-trough decline	-28.82%	-42.90%	+14.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	25.08%	—

Volatility

Volatility by Period

	BWOW	WGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	20.10%	—
Volatility (6M) Calculated over the trailing 6-month period	—	55.64%	—
Volatility (1Y) Calculated over the trailing 1-year period	74.31%	76.03%	-1.72%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.31%	81.53%	-7.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	74.31%	81.53%	-7.22%

BWOW vs. WGMI - Expense Ratio Comparison

BWOW has a 0.34% expense ratio, which is lower than WGMI's 0.75% expense ratio.

Dividends

BWOW vs. WGMI - Dividend Comparison

Neither BWOW nor WGMI has paid dividends to shareholders.

Position	TTM	2025	2024	2023
BWOW Bitwise Dogecoin 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 BWOW and WGMI in my portfolio?

BWOW and WGMI have a correlation of 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, BWOW or WGMI?

On fees, BWOW is cheaper at 0.34% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, BWOW or WGMI?

BWOW is cheaper with a 0.34% expense ratio, compared with 0.75% for WGMI.

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

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

What is the main difference between BWOW and WGMI?

They also come from different issuers: Bitwise and Valkyrie. Their fees differ too: 0.34% for BWOW and 0.75% for WGMI.