WGMI vs. BITO

Last updated Apr 2, 2026

Compare and contrast key facts about Valkyrie Bitcoin Miners ETF (WGMI) and ProShares Bitcoin Strategy ETF (BITO).

WGMI and BITO are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. WGMI is an actively managed fund by Valkyrie. It was launched on Feb 7, 2022. BITO is an actively managed fund by ProShares. It was launched on Oct 19, 2021.

Performance

WGMI vs. BITO - Performance Comparison

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

WGMI vs. BITO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
WGMI Valkyrie Bitcoin Miners ETF	-8.91%	72.47%	23.54%	304.08%	-83.48%
BITO ProShares Bitcoin Strategy ETF	-22.79%	-11.19%	104.45%	137.33%	-62.64%

Returns By Period

In the year-to-date period, WGMI achieves a -8.91% return, which is significantly higher than BITO's -22.79% return.

WGMI

• 1D: 0.11%
• 1M: -13.78%
• YTD: -8.91%
• 6M: -22.65%
• 1Y: 155.01%
• 3Y*: 55.57%
• 5Y*: —
• 10Y*: —

BITO

• 1D: 0.60%
• 1M: -1.72%
• YTD: -22.79%
• 6M: -43.10%
• 1Y: -23.27%
• 3Y*: 24.87%
• 5Y*: —
• 10Y*: —

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

WGMI vs. BITO - Expense Ratio Comparison

WGMI has a 0.75% expense ratio, which is lower than BITO's 0.95% expense ratio.

BITO

ProShares Bitcoin Strategy ETF

WGMI

Valkyrie Bitcoin Miners ETF

Return for Risk

WGMI vs. BITO — Risk / Return Rank

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

WGMI

WGMI Risk / Return Rank: 83
WGMI Sharpe Ratio Rank: 89
WGMI Sortino Ratio Rank: 88
WGMI Omega Ratio Rank: 75
WGMI Calmar Ratio Rank: 92
WGMI Martin Ratio Rank: 69

BITO

BITO Risk / Return Rank: 5
BITO Sharpe Ratio Rank: 4
BITO Sortino Ratio Rank: 4
BITO Omega Ratio Rank: 5
BITO Calmar Ratio Rank: 5
BITO Martin Ratio Rank: 5

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.

WGMI vs. BITO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin Miners ETF (WGMI) and ProShares Bitcoin Strategy ETF (BITO). 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.

	WGMI	BITO	Difference
Sharpe ratio Return per unit of total volatility	2.00	-0.52	+2.52
Sortino ratio Return per unit of downside risk	2.48	-0.50	+2.98
Omega ratio Gain probability vs. loss probability	1.29	0.94	+0.35
Calmar ratio Return relative to maximum drawdown	3.40	-0.42	+3.82
Martin ratio Return relative to average drawdown	7.40	-0.89	+8.29
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WGMI vs. BITO - Sharpe Ratio Comparison

The current WGMI Sharpe Ratio is 2.00, which is higher than the BITO Sharpe Ratio of -0.52. The chart below compares the historical Sharpe Ratios of WGMI and BITO, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	WGMI	BITO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.00	-0.52	+2.52
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	-0.08	+0.15

Correlation

The correlation between WGMI and BITO is 0.69, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

WGMI vs. BITO - Dividend Comparison

WGMI has not paid dividends to shareholders, while BITO's dividend yield for the trailing twelve months is around 80.47%.

	TTM	2025	2024	2023
WGMI Valkyrie Bitcoin Miners ETF	0.00%	0.00%	0.22%	0.31%
BITO ProShares Bitcoin Strategy ETF	80.47%	78.29%	61.59%	15.14%

Drawdowns

WGMI vs. BITO - Drawdown Comparison

The maximum WGMI drawdown since its inception was -85.76%, which is greater than BITO's maximum drawdown of -77.86%. Use the drawdown chart below to compare losses from any high point for WGMI and BITO.

Drawdown Indicators

	WGMI	BITO	Difference
Max Drawdown Largest peak-to-trough decline	-85.76%	-77.86%	-7.90%
Max Drawdown (1Y) Largest decline over 1 year	-50.94%	-50.05%	-0.89%
Current Drawdown Current decline from peak	-47.10%	-46.75%	-0.35%
Average Drawdown Average peak-to-trough decline	-43.87%	-36.57%	-7.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.36%	23.73%	-0.37%

Volatility

WGMI vs. BITO - Volatility Comparison

Valkyrie Bitcoin Miners ETF (WGMI) has a higher volatility of 23.09% compared to ProShares Bitcoin Strategy ETF (BITO) at 12.84%. This indicates that WGMI's price experiences larger fluctuations and is considered to be riskier than BITO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WGMI	BITO	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.09%	12.84%	+10.25%
Volatility (6M) Calculated over the trailing 6-month period	60.97%	36.71%	+24.26%
Volatility (1Y) Calculated over the trailing 1-year period	78.21%	45.32%	+32.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.07%	55.77%	+26.30%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.07%	55.77%	+26.30%