WGMI vs. BITI

Last updated Aug 5, 2026

WGMI (CoinShares Bitcoin Miners ETF) and BITI (ProShares Short Bitcoin ETF) are both Cryptocurrency funds. WGMI is actively managed, while BITI is passively managed. Over the past 3 years, WGMI returned 55.05%/yr vs -32.46%/yr for BITI. Their -0.66 correlation means they have often moved in opposite directions in the past. WGMI charges 0.75%/yr vs 1.03%/yr for BITI.

Performance

WGMI vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in CoinShares Bitcoin Miners ETF (WGMI) and ProShares Short Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WGMI achieves a 37.84% return, which is significantly higher than BITI's 24.60% return.

WGMI

• 1D: -3.65%
• 1M: -0.83%
• 6M: 16.45%
• YTD: 37.84%
• 1Y: 112.44%
• 3Y*: 55.05%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 17.03%

BITI

• 1D: -0.50%
• 1M: -4.51%
• 6M: 10.22%
• YTD: 24.60%
• 1Y: 57.95%
• 3Y*: -32.46%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -35.89%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
BITI ProShares Short Bitcoin ETF	$22.17M	$25.84M	$38.74M
WGMI CoinShares Bitcoin Miners ETF	$36.71M	$32.23M	$41.00M

WGMI vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
WGMI CoinShares Bitcoin Miners ETF	37.84%	72.47%	23.54%	304.08%	-54.20%
BITI ProShares Short Bitcoin ETF	24.60%	-1.76%	-62.60%	-66.17%	3.39%

Correlation

The correlation between WGMI and BITI is -0.52, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.52
Correlation (3Y) Balances recent behavior with more history.	-0.61
Correlation (All Time) Calculated using the full available price history since Jun 21, 2022	-0.66

The correlation between WGMI and BITI shifts across timeframes, from -0.66 (all time) to -0.52 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

WGMI vs. BITI — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

WGMI

WGMI Risk / Return Rank: 47
WGMI Sharpe Ratio Rank: 48
WGMI Sortino Ratio Rank: 51
WGMI Omega Ratio Rank: 46
WGMI Calmar Ratio Rank: 56
WGMI Martin Ratio Rank: 38

BITI

BITI Risk / Return Rank: 48
BITI Sharpe Ratio Rank: 47
BITI Sortino Ratio Rank: 46
BITI Omega Ratio Rank: 43
BITI Calmar Ratio Rank: 58
BITI Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

WGMI vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CoinShares Bitcoin Miners ETF (WGMI) and ProShares Short Bitcoin ETF (BITI). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	WGMI	BITI	Difference
Sharpe ratio: Return per unit of total volatility	1.36	1.32	+0.04
Sortino ratio: Return per unit of downside risk	2.04	1.89	+0.14
Omega ratio: Gain probability vs. loss probability	1.24	1.23	+0.01
Calmar ratio: Return relative to maximum drawdown	2.22	2.30	-0.08
Martin ratio: Return relative to average drawdown	4.28	5.60	-1.33

WGMI vs. BITI - Sharpe Ratio Comparison

The current WGMI Sharpe Ratio is 1.36, which is comparable to the BITI Sharpe Ratio of 1.32. The chart below compares the historical Sharpe Ratios of WGMI and BITI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

WGMI vs. BITI - Drawdown Comparison

The maximum WGMI drawdown since its inception was -85.76%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for WGMI and BITI.

Drawdown Indicators

	WGMI	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-85.76%	-92.16%	+6.40%
Max Drawdown (1Y) Largest decline over 1 year	-50.94%	-25.28%	-25.66%
Max Drawdown (3Y) Largest decline over 3 years	-62.79%	-84.63%	+21.84%
Current Drawdown Current decline from peak	-26.84%	-86.40%	+59.56%
Average Drawdown Average peak-to-trough decline	-41.94%	-68.62%	+26.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.39%	10.37%	+16.02%

Volatility

WGMI vs. BITI - Volatility Comparison

CoinShares Bitcoin Miners ETF (WGMI) has a higher volatility of 34.06% compared to ProShares Short Bitcoin ETF (BITI) at 8.18%. This indicates that WGMI's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WGMI	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.06%	8.18%	+25.88%
Volatility (6M) Calculated over the trailing 6-month period	61.51%	32.69%	+28.82%
Volatility (1Y) Calculated over the trailing 1-year period	83.08%	44.17%	+38.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.40%	51.98%	+30.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.40%	51.98%	+30.42%

WGMI vs. BITI - Expense Ratio Comparison

WGMI has a 0.75% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

WGMI vs. BITI - Dividend Comparison

WGMI has not paid dividends to shareholders, while BITI's dividend yield for the trailing twelve months is around 21.91%.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	21.91%	1.60%	3.91%	3.33%	0.06%
WGMI CoinShares Bitcoin Miners ETF	0.00%	0.00%	0.22%	0.31%	0.00%

Frequently Asked Questions

Can I hold both WGMI and BITI in my portfolio?

WGMI and BITI 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, WGMI or BITI?

WGMI has higher volatility (34.06%) compared to BITI (8.18%). In terms of maximum drawdown, WGMI dropped -85.76% vs BITI's -92.16%.

Which ETF is better, WGMI or BITI?

On 3-year performance, WGMI leads with 55.05% vs -32.46% for BITI. On fees, WGMI is cheaper at 0.75% per year. On volatility, BITI has been the lower-risk option at 8.18%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WGMI or BITI?

Over the 3-year period, WGMI has performed better with a 55.05% return vs -32.46%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WGMI or BITI?

WGMI is cheaper with a 0.75% expense ratio, compared with 1.03% for BITI.

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

BITI has the higher dividend yield at 21.91%, compared with 0.00% for WGMI.

What is the main difference between WGMI and BITI?

They also come from different issuers: CoinShares and ProShares. Their fees differ too: 0.75% for WGMI and 1.03% for BITI.

Which has better risk-adjusted returns?

WGMI currently has the higher Sharpe Ratio (1.36 vs 1.32), 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.