OBTC vs. WGMI

Last updated Jun 6, 2026

OBTC (Osprey Bitcoin Trust) and WGMI (Valkyrie Bitcoin Miners ETF) are both Cryptocurrency funds. OBTC is passively managed, while WGMI is actively managed. Over the past 3 years, OBTC returned 55.06%/yr vs 78.99%/yr for WGMI. A 0.58 correlation means they provide meaningful diversification when combined. OBTC charges 0.49%/yr vs 0.75%/yr for WGMI.

Performance

OBTC vs. WGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Osprey Bitcoin Trust (OBTC) 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, OBTC achieves a -31.16% return, which is significantly lower than WGMI's 60.94% return.

OBTC

• 1D: -5.16%
• 1M: -26.03%
• YTD: -31.16%
• 6M: -29.55%
• 1Y: -32.02%
• 3Y*: 55.06%
• 5Y*: 6.73%
• 10Y*: —

WGMI

• 1D: -11.20%
• 1M: 1.37%
• YTD: 60.94%
• 6M: 35.27%
• 1Y: 238.41%
• 3Y*: 78.99%
• 5Y*: —
• 10Y*: —

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

OBTC vs. WGMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
OBTC Osprey Bitcoin Trust	-31.16%	-1.87%	130.89%	277.81%	-72.90%
WGMI Valkyrie Bitcoin Miners ETF	60.94%	72.47%	23.54%	304.08%	-83.48%

Correlation

The correlation between OBTC and WGMI is 0.52, 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	0.52
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (All Time) Calculated using the full available price history since Feb 9, 2022	0.58

The correlation between OBTC and WGMI has been stable across timeframes, ranging from 0.52 to 0.58 - a consistent structural relationship.

Return for Risk

OBTC vs. WGMI — Risk / Return Rank

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

OBTC

OBTC Risk / Return Rank: 3
OBTC Sharpe Ratio Rank: 3
OBTC Sortino Ratio Rank: 4
OBTC Omega Ratio Rank: 4
OBTC Calmar Ratio Rank: 4
OBTC Martin Ratio Rank: 3

WGMI

WGMI Risk / Return Rank: 74
WGMI Sharpe Ratio Rank: 92
WGMI Sortino Ratio Rank: 70
WGMI Omega Ratio Rank: 64
WGMI Calmar Ratio Rank: 86
WGMI Martin Ratio Rank: 56

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.

OBTC vs. WGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Osprey Bitcoin Trust (OBTC) 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.

	OBTC	WGMI	Difference
Sharpe ratio: Return per unit of total volatility	-0.72	3.14	-3.86
Sortino ratio: Return per unit of downside risk	-0.89	3.10	-4.00
Omega ratio: Gain probability vs. loss probability	0.90	1.38	-0.48
Calmar ratio: Return relative to maximum drawdown	-0.67	4.71	-5.38
Martin ratio: Return relative to average drawdown	-1.26	9.55	-10.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OBTC vs. WGMI - Sharpe Ratio Comparison

The current OBTC Sharpe Ratio is -0.72, which is lower than the WGMI Sharpe Ratio of 3.14. The chart below compares the historical Sharpe Ratios of OBTC 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

	OBTC	WGMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.72	3.14	-3.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.23	0.26	-0.49

Drawdowns

OBTC vs. WGMI - Drawdown Comparison

The maximum OBTC drawdown since its inception was -94.50%, which is greater than WGMI's maximum drawdown of -85.76%. Use the drawdown chart below to compare losses from any high point for OBTC and WGMI.

Drawdown Indicators

	OBTC	WGMI	Difference
Max Drawdown Largest peak-to-trough decline	-94.50%	-85.76%	-8.74%
Max Drawdown (1Y) Largest decline over 1 year	-48.14%	-50.94%	+2.80%
Max Drawdown (3Y) Largest decline over 3 years	-48.14%	-62.79%	+14.65%
Max Drawdown (5Y) Largest decline over 5 years	-83.76%	—	—
Current Drawdown Current decline from peak	-65.62%	-13.87%	-51.75%
Average Drawdown Average peak-to-trough decline	-69.62%	-42.84%	-26.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.40%	25.10%	+0.30%

Volatility

OBTC vs. WGMI - Volatility Comparison

The current volatility for Osprey Bitcoin Trust (OBTC) is 9.93%, while Valkyrie Bitcoin Miners ETF (WGMI) has a volatility of 20.80%. This indicates that OBTC 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

	OBTC	WGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.93%	20.80%	-10.87%
Volatility (6M) Calculated over the trailing 6-month period	34.48%	56.30%	-21.82%
Volatility (1Y) Calculated over the trailing 1-year period	44.58%	76.64%	-32.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	58.14%	81.65%	-23.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	71.55%	81.65%	-10.10%

OBTC vs. WGMI - Expense Ratio Comparison

OBTC has a 0.49% expense ratio, which is lower than WGMI's 0.75% expense ratio.

Dividends

OBTC vs. WGMI - Dividend Comparison

Neither OBTC nor WGMI has paid dividends to shareholders.

Position	TTM	2025	2024	2023
OBTC Osprey Bitcoin Trust	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 OBTC and WGMI in my portfolio?

OBTC and WGMI have a correlation of 0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, OBTC or WGMI?

WGMI has higher volatility (20.80%) compared to OBTC (9.93%). In terms of maximum drawdown, OBTC dropped -94.50% vs WGMI's -85.76%.

Which ETF is better, OBTC or WGMI?

On 3-year performance, WGMI leads with 78.99% vs 55.06% for OBTC. On fees, OBTC is cheaper at 0.49% per year. On volatility, OBTC has been the lower-risk option at 9.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, OBTC or WGMI?

Over the 3-year period, WGMI has performed better with a 78.99% return vs 55.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, OBTC or WGMI?

OBTC is cheaper with a 0.49% expense ratio, compared with 0.75% for WGMI.

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

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

What is the main difference between OBTC and WGMI?

They also come from different issuers: Osprey Funds and Valkyrie. Their fees differ too: 0.49% for OBTC and 0.75% for WGMI.

Which has better risk-adjusted returns?

WGMI currently has the higher Sharpe Ratio (3.14 vs -0.72), 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.