GDOG vs. WGMI

Last updated Jun 4, 2026

GDOG (Grayscale Dogecoin Trust ETF) and WGMI (Valkyrie Bitcoin Miners ETF) are both Cryptocurrency funds. GDOG is passively managed, while WGMI is actively managed. At a 0.47 correlation, their price movements are largely independent. GDOG charges 0.35%/yr vs 0.75%/yr for WGMI.

Performance

GDOG vs. WGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Dogecoin Trust ETF (GDOG) 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, GDOG achieves a -21.87% return, which is significantly lower than WGMI's 84.78% return.

GDOG

• 1D: -2.62%
• 1M: -17.02%
• YTD: -21.87%
• 6M: -39.30%
• 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)

GDOG vs. WGMI - Yearly Performance Comparison

	2026 (YTD)	2025
GDOG Grayscale Dogecoin Trust ETF	-21.87%	-23.70%
WGMI Valkyrie Bitcoin Miners ETF	84.78%	-11.25%

Correlation

The correlation between GDOG and WGMI is 0.47, 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 25, 2025	0.47

Return for Risk

GDOG 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.

GDOG vs. WGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Dogecoin Trust ETF (GDOG) 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

	GDOG	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	-0.86	0.31	-1.17

Drawdowns

GDOG vs. WGMI - Drawdown Comparison

The maximum GDOG drawdown since its inception was -42.91%, smaller than the maximum WGMI drawdown of -85.76%. Use the drawdown chart below to compare losses from any high point for GDOG and WGMI.

Drawdown Indicators

	GDOG	WGMI	Difference
Max Drawdown Largest peak-to-trough decline	-42.91%	-85.76%	+42.85%
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	-41.16%	-1.11%	-40.05%
Average Drawdown Average peak-to-trough decline	-28.48%	-42.90%	+14.42%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	25.08%	—

Volatility

Volatility by Period

	GDOG	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	73.98%	76.03%	-2.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.98%	81.53%	-7.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.98%	81.53%	-7.55%

GDOG vs. WGMI - Expense Ratio Comparison

GDOG has a 0.35% expense ratio, which is lower than WGMI's 0.75% expense ratio.

Dividends

GDOG vs. WGMI - Dividend Comparison

Neither GDOG nor WGMI has paid dividends to shareholders.

Position	TTM	2025	2024	2023
GDOG Grayscale Dogecoin Trust 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 GDOG and WGMI in my portfolio?

GDOG and WGMI have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GDOG or WGMI?

On fees, GDOG is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GDOG or WGMI?

GDOG is cheaper with a 0.35% expense ratio, compared with 0.75% for WGMI.

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

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

What is the main difference between GDOG and WGMI?

They also come from different issuers: Grayscale and Valkyrie. Their fees differ too: 0.35% for GDOG and 0.75% for WGMI.