STCE vs. WGMI

Last updated Jun 4, 2026

STCE (Schwab Crypto Thematic ETF) and WGMI (Valkyrie Bitcoin Miners ETF) are both exchange-traded funds - STCE is a Blockchain fund tracking the Schwab Crypto Thematic Index, while WGMI is a Cryptocurrency fund actively managed by Valkyrie. STCE is passively managed, while WGMI is actively managed. Over the past 3 years, STCE returned 58.04%/yr vs 86.17%/yr for WGMI. Their correlation of 0.94 suggests significant overlap in exposure. STCE charges 0.30%/yr vs 0.75%/yr for WGMI.

Performance

STCE vs. WGMI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Crypto Thematic ETF (STCE) 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, STCE achieves a 32.00% return, which is significantly lower than WGMI's 84.78% return.

STCE

• 1D: -1.96%
• 1M: 16.12%
• YTD: 32.00%
• 6M: 10.29%
• 1Y: 84.98%
• 3Y*: 58.04%
• 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)

STCE vs. WGMI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
STCE Schwab Crypto Thematic ETF	32.00%	36.12%	41.76%	108.65%	-38.86%
WGMI Valkyrie Bitcoin Miners ETF	84.78%	72.47%	23.54%	304.08%	-63.18%

Correlation

The correlation between STCE and WGMI is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (3Y) Calculated over the trailing 3-year period	0.94
Correlation (All Time) Calculated using the full available price history since Aug 5, 2022	0.94

The correlation between STCE and WGMI has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

STCE vs. WGMI - Sectors Allocation Comparison

Sectors	STCE	WGMI
Financial Services	62.9%	51.3%
Technology	30.9%	45.9%
Communication Services	6.2%	1.2%
Energy	0.0%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	0.5%
Real Estate	-	-
Utilities	-	1.2%

Return for Risk

STCE vs. WGMI — Risk / Return Rank

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

STCE

STCE Risk / Return Rank: 33
STCE Sharpe Ratio Rank: 38
STCE Sortino Ratio Rank: 38
STCE Omega Ratio Rank: 34
STCE Calmar Ratio Rank: 32
STCE Martin Ratio Rank: 22

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.

STCE vs. WGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Crypto Thematic ETF (STCE) 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.

	STCE	WGMI	Difference
Sharpe ratio: Return per unit of total volatility	1.40	3.91	-2.51
Sortino ratio: Return per unit of downside risk	1.99	3.49	-1.50
Omega ratio: Gain probability vs. loss probability	1.24	1.42	-0.19
Calmar ratio: Return relative to maximum drawdown	1.58	5.83	-4.25
Martin ratio: Return relative to average drawdown	2.85	11.81	-8.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

STCE vs. WGMI - Sharpe Ratio Comparison

The current STCE Sharpe Ratio is 1.40, which is lower than the WGMI Sharpe Ratio of 3.91. The chart below compares the historical Sharpe Ratios of STCE 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

	STCE	WGMI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	3.91	-2.51
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.31	+0.34

Drawdowns

STCE vs. WGMI - Drawdown Comparison

The maximum STCE drawdown since its inception was -54.11%, smaller than the maximum WGMI drawdown of -85.76%. Use the drawdown chart below to compare losses from any high point for STCE and WGMI.

Drawdown Indicators

	STCE	WGMI	Difference
Max Drawdown Largest peak-to-trough decline	-54.11%	-85.76%	+31.65%
Max Drawdown (1Y) Largest decline over 1 year	-54.11%	-50.94%	-3.17%
Max Drawdown (3Y) Largest decline over 3 years	-54.11%	-62.79%	+8.68%
Current Drawdown Current decline from peak	-25.63%	-1.11%	-24.52%
Average Drawdown Average peak-to-trough decline	-21.98%	-42.90%	+20.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.87%	25.08%	+4.79%

Volatility

STCE vs. WGMI - Volatility Comparison

The current volatility for Schwab Crypto Thematic ETF (STCE) is 14.89%, while Valkyrie Bitcoin Miners ETF (WGMI) has a volatility of 20.10%. This indicates that STCE 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

	STCE	WGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.89%	20.10%	-5.21%
Volatility (6M) Calculated over the trailing 6-month period	42.80%	55.64%	-12.84%
Volatility (1Y) Calculated over the trailing 1-year period	61.14%	76.03%	-14.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.86%	81.53%	-25.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.86%	81.53%	-25.67%

STCE vs. WGMI - Expense Ratio Comparison

STCE has a 0.30% expense ratio, which is lower than WGMI's 0.75% expense ratio.

Dividends

STCE vs. WGMI - Dividend Comparison

STCE's dividend yield for the trailing twelve months is around 1.49%, while WGMI has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022
STCE Schwab Crypto Thematic ETF	1.49%	1.96%	0.64%	0.31%	1.46%
WGMI Valkyrie Bitcoin Miners ETF	0.00%	0.00%	0.22%	0.31%	0.00%

Frequently Asked Questions

Can I hold both STCE and WGMI in my portfolio?

With a correlation of 0.95, STCE and WGMI move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, STCE or WGMI?

WGMI has higher volatility (20.10%) compared to STCE (14.89%). In terms of maximum drawdown, STCE dropped -54.11% vs WGMI's -85.76%.

Which ETF is better, STCE or WGMI?

On 3-year performance, WGMI leads with 86.17% vs 58.04% for STCE. On fees, STCE is cheaper at 0.30% per year. On volatility, STCE has been the lower-risk option at 14.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, STCE or WGMI?

Over the 3-year period, WGMI has performed better with a 86.17% return vs 58.04%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, STCE or WGMI?

STCE is cheaper with a 0.30% expense ratio, compared with 0.75% for WGMI.

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

STCE has the higher dividend yield at 1.49%, compared with 0.00% for WGMI.

What is the main difference between STCE and WGMI?

STCE is categorized as Blockchain, while WGMI is Cryptocurrency. They also come from different issuers: Charles Schwab and Valkyrie. Their fees differ too: 0.30% for STCE and 0.75% for WGMI.

Which has better risk-adjusted returns?

WGMI currently has the higher Sharpe Ratio (3.91 vs 1.40), 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.