NCIQ vs. WGMI

Last updated Jun 5, 2026

NCIQ (Hashdex Nasdaq Crypto Index US ETF) and WGMI (Valkyrie Bitcoin Miners ETF) are both Cryptocurrency funds. NCIQ is passively managed, while WGMI is actively managed. Over the past year, NCIQ returned -41.02% vs 261.44% for WGMI. A 0.59 correlation means they provide meaningful diversification when combined. NCIQ charges 0.25%/yr vs 0.75%/yr for WGMI.

Performance

NCIQ vs. WGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hashdex Nasdaq Crypto Index US ETF (NCIQ) 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, NCIQ achieves a -30.25% return, which is significantly lower than WGMI's 81.24% return.

NCIQ

• 1D: -2.79%
• 1M: -21.86%
• YTD: -30.25%
• 6M: -34.70%
• 1Y: -41.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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)

NCIQ vs. WGMI - Yearly Performance Comparison

	2026 (YTD)	2025
NCIQ Hashdex Nasdaq Crypto Index US ETF	-30.25%	-10.21%
WGMI Valkyrie Bitcoin Miners ETF	81.24%	63.55%

Correlation

The correlation between NCIQ and WGMI is 0.55, 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	0.55
Correlation (All Time) Calculated using the full available price history since Feb 18, 2025	0.59

The correlation between NCIQ and WGMI has been stable across timeframes, ranging from 0.55 to 0.59 - a consistent structural relationship.

Return for Risk

NCIQ vs. WGMI — Risk / Return Rank

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

NCIQ

NCIQ Risk / Return Rank: 2
NCIQ Sharpe Ratio Rank: 2
NCIQ Sortino Ratio Rank: 3
NCIQ Omega Ratio Rank: 3
NCIQ Calmar Ratio Rank: 2
NCIQ 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.

NCIQ vs. WGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hashdex Nasdaq Crypto Index US ETF (NCIQ) 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.

	NCIQ	WGMI	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	3.48	-4.35
Sortino ratio: Return per unit of downside risk	-1.20	3.30	-4.49
Omega ratio: Gain probability vs. loss probability	0.87	1.40	-0.53
Calmar ratio: Return relative to maximum drawdown	-0.77	5.17	-5.94
Martin ratio: Return relative to average drawdown	-1.32	10.48	-11.80
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NCIQ vs. WGMI - Sharpe Ratio Comparison

The current NCIQ Sharpe Ratio is -0.87, which is lower than the WGMI Sharpe Ratio of 3.48. The chart below compares the historical Sharpe Ratios of NCIQ 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

	NCIQ	WGMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.87	3.48	-4.35
Sharpe Ratio (All Time) Calculated using the full available price history	-0.64	0.30	-0.94

Drawdowns

NCIQ vs. WGMI - Drawdown Comparison

The maximum NCIQ drawdown since its inception was -53.35%, smaller than the maximum WGMI drawdown of -85.76%. Use the drawdown chart below to compare losses from any high point for NCIQ and WGMI.

Drawdown Indicators

	NCIQ	WGMI	Difference
Max Drawdown Largest peak-to-trough decline	-53.35%	-85.76%	+32.41%
Max Drawdown (1Y) Largest decline over 1 year	-53.35%	-50.94%	-2.41%
Max Drawdown (3Y) Largest decline over 3 years	—	-62.79%	—
Current Drawdown Current decline from peak	-53.35%	-3.01%	-50.34%
Average Drawdown Average peak-to-trough decline	-21.95%	-42.86%	+20.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.13%	25.08%	+6.05%

Volatility

NCIQ vs. WGMI - Volatility Comparison

The current volatility for Hashdex Nasdaq Crypto Index US ETF (NCIQ) is 9.32%, while Valkyrie Bitcoin Miners ETF (WGMI) has a volatility of 18.90%. This indicates that NCIQ 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

	NCIQ	WGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.32%	18.90%	-9.58%
Volatility (6M) Calculated over the trailing 6-month period	35.88%	55.08%	-19.20%
Volatility (1Y) Calculated over the trailing 1-year period	47.24%	75.99%	-28.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	47.79%	81.50%	-33.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.79%	81.50%	-33.71%

NCIQ vs. WGMI - Expense Ratio Comparison

NCIQ has a 0.25% expense ratio, which is lower than WGMI's 0.75% expense ratio.

Dividends

NCIQ vs. WGMI - Dividend Comparison

Neither NCIQ nor WGMI has paid dividends to shareholders.

Position	TTM	2025	2024	2023
NCIQ Hashdex Nasdaq Crypto Index US 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 NCIQ and WGMI in my portfolio?

NCIQ and WGMI have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NCIQ or WGMI?

WGMI has higher volatility (18.90%) compared to NCIQ (9.32%). In terms of maximum drawdown, NCIQ dropped -53.35% vs WGMI's -85.76%.

Which ETF is better, NCIQ or WGMI?

On 1-year performance, WGMI leads with 261.44% vs -41.02% for NCIQ. On fees, NCIQ is cheaper at 0.25% per year. On volatility, NCIQ has been the lower-risk option at 9.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NCIQ or WGMI?

Over the 1-year period, WGMI has performed better with a 261.44% return vs -41.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NCIQ or WGMI?

NCIQ is cheaper with a 0.25% expense ratio, compared with 0.75% for WGMI.

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

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

What is the main difference between NCIQ and WGMI?

They also come from different issuers: Hashdex and Valkyrie. Their fees differ too: 0.25% for NCIQ and 0.75% for WGMI.

Which has better risk-adjusted returns?

WGMI currently has the higher Sharpe Ratio (3.48 vs -0.87), 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.