GBTC vs. WGMI

Last updated Jun 5, 2026

GBTC (Grayscale Bitcoin Trust ETF) and WGMI (Valkyrie Bitcoin Miners ETF) are both Cryptocurrency funds. GBTC is passively managed, while WGMI is actively managed. Over the past 3 years, GBTC returned 53.36%/yr vs 88.52%/yr for WGMI. A 0.68 correlation means they provide meaningful diversification when combined. GBTC charges 1.50%/yr vs 0.75%/yr for WGMI.

Performance

GBTC vs. WGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Trust ETF (GBTC) 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, GBTC achieves a -27.82% return, which is significantly lower than WGMI's 81.24% return.

GBTC

• 1D: -2.74%
• 1M: -22.25%
• YTD: -27.82%
• 6M: -31.83%
• 1Y: -40.35%
• 3Y*: 53.36%
• 5Y*: 9.81%
• 10Y*: 49.21%

WGMI

• 1D: -1.92%
• 1M: 25.79%
• YTD: 81.24%
• 6M: 46.67%
• 1Y: 261.44%
• 3Y*: 88.52%
• 5Y*: —
• 10Y*: —

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

GBTC vs. WGMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GBTC Grayscale Bitcoin Trust ETF	-27.82%	-7.65%	113.81%	317.61%	-73.56%
WGMI Valkyrie Bitcoin Miners ETF	81.24%	72.47%	23.54%	304.08%	-83.48%

Correlation

The correlation between GBTC and WGMI is 0.56, 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	0.56
Correlation (3Y) Calculated over the trailing 3-year period	0.63
Correlation (All Time) Calculated using the full available price history since Feb 9, 2022	0.68

The correlation between GBTC and WGMI shifts across timeframes, from 0.56 (1 year) to 0.68 (all time), reflecting how their relationship changes across market environments.

Return for Risk

GBTC vs. WGMI — Risk / Return Rank

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

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 2
GBTC Sortino Ratio Rank: 2
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 2
GBTC Martin Ratio Rank: 2

WGMI

WGMI Risk / Return Rank: 77
WGMI Sharpe Ratio Rank: 93
WGMI Sortino Ratio Rank: 75
WGMI Omega Ratio Rank: 67
WGMI Calmar Ratio Rank: 88
WGMI Martin Ratio Rank: 60

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.

GBTC vs. WGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) 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.

	GBTC	WGMI	Difference
Sharpe ratio: Return per unit of total volatility	-0.93	3.48	-4.40
Sortino ratio: Return per unit of downside risk	-1.31	3.30	-4.60
Omega ratio: Gain probability vs. loss probability	0.85	1.40	-0.54
Calmar ratio: Return relative to maximum drawdown	-0.81	5.17	-5.98
Martin ratio: Return relative to average drawdown	-1.40	10.48	-11.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBTC vs. WGMI - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -0.93, which is lower than the WGMI Sharpe Ratio of 3.48. The chart below compares the historical Sharpe Ratios of GBTC 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

	GBTC	WGMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.93	3.48	-4.40
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.16	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.30	+0.35

Drawdowns

GBTC vs. WGMI - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, roughly equal to the maximum WGMI drawdown of -85.76%. Use the drawdown chart below to compare losses from any high point for GBTC and WGMI.

Drawdown Indicators

	GBTC	WGMI	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-85.76%	-4.15%
Max Drawdown (1Y) Largest decline over 1 year	-49.87%	-50.94%	+1.07%
Max Drawdown (3Y) Largest decline over 3 years	-49.87%	-62.79%	+12.92%
Max Drawdown (5Y) Largest decline over 5 years	-85.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-89.91%	—	—
Current Drawdown Current decline from peak	-49.87%	-3.01%	-46.86%
Average Drawdown Average peak-to-trough decline	-43.43%	-42.86%	-0.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.81%	25.08%	+3.73%

Volatility

GBTC vs. WGMI - Volatility Comparison

The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 9.07%, while Valkyrie Bitcoin Miners ETF (WGMI) has a volatility of 18.90%. This indicates that GBTC 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

	GBTC	WGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.07%	18.90%	-9.83%
Volatility (6M) Calculated over the trailing 6-month period	33.86%	55.08%	-21.22%
Volatility (1Y) Calculated over the trailing 1-year period	43.69%	75.99%	-32.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	62.44%	81.50%	-19.06%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.20%	81.50%	+0.70%

GBTC vs. WGMI - Expense Ratio Comparison

GBTC has a 1.50% expense ratio, which is higher than WGMI's 0.75% expense ratio.

Dividends

GBTC vs. WGMI - Dividend Comparison

Neither GBTC nor WGMI has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBTC Grayscale Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%
WGMI Valkyrie Bitcoin Miners ETF	0.00%	0.00%	0.22%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GBTC and WGMI in my portfolio?

GBTC and WGMI have a correlation of 0.56, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBTC or WGMI?

WGMI has higher volatility (18.90%) compared to GBTC (9.07%). In terms of maximum drawdown, GBTC dropped -89.91% vs WGMI's -85.76%.

Which ETF is better, GBTC or WGMI?

On 3-year performance, WGMI leads with 88.52% vs 53.36% for GBTC. On fees, WGMI is cheaper at 0.75% per year. On volatility, GBTC has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GBTC or WGMI?

Over the 3-year period, WGMI has performed better with a 88.52% return vs 53.36%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GBTC or WGMI?

WGMI is cheaper with a 0.75% expense ratio, compared with 1.50% for GBTC.

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

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

What is the main difference between GBTC and WGMI?

They also come from different issuers: Grayscale and Valkyrie. Their fees differ too: 1.50% for GBTC and 0.75% for WGMI.

Which has better risk-adjusted returns?

WGMI currently has the higher Sharpe Ratio (3.48 vs -0.93), 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.