WGMI vs. BWET

Last updated Jun 4, 2026

WGMI (Valkyrie Bitcoin Miners ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - WGMI is a Cryptocurrency fund actively managed by Valkyrie, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. WGMI is actively managed, while BWET is passively managed. Over the past 3 years, WGMI returned 86.17%/yr vs 129.64%/yr for BWET. At a correlation of -0.01, they often move in opposite directions. WGMI charges 0.75%/yr vs 3.50%/yr for BWET.

Performance

WGMI vs. BWET - Performance Comparison

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

Returns By Period

In the year-to-date period, WGMI achieves a 84.78% return, which is significantly lower than BWET's 875.88% return.

WGMI

• 1D: -1.11%
• 1M: 40.03%
• YTD: 84.78%
• 6M: 55.52%
• 1Y: 294.61%
• 3Y*: 86.17%
• 5Y*: —
• 10Y*: —

BWET

• 1D: 4.26%
• 1M: 9.15%
• YTD: 875.88%
• 6M: 735.56%
• 1Y: 1,800.91%
• 3Y*: 129.64%
• 5Y*: —
• 10Y*: —

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

WGMI vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WGMI Valkyrie Bitcoin Miners ETF	84.78%	72.47%	23.54%	79.72%
BWET Breakwave Tanker Shipping ETF	875.88%	96.22%	-39.21%	15.94%

Correlation

The correlation between WGMI and BWET is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (3Y) Calculated over the trailing 3-year period	-0.00
Correlation (All Time) Calculated using the full available price history since May 4, 2023	-0.01

The correlation between WGMI and BWET shifts across timeframes, from -0.12 (1 year) to -0.00 (3 years), reflecting how their relationship changes across market environments.

WGMI vs. BWET - Sectors Allocation Comparison

Sectors	WGMI	BWET
Financial Services	51.3%	8.6%
Technology	45.9%	-
Communication Services	1.2%	-
Utilities	1.2%	-
Industrials	0.5%	-
Basic Materials	-	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Energy	-	-
Healthcare	-	-
Real Estate	-	-

Return for Risk

WGMI vs. BWET — Risk / Return Rank

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

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

BWET

BWET Risk / Return Rank: 99
BWET Sharpe Ratio Rank: 100
BWET Sortino Ratio Rank: 97
BWET Omega Ratio Rank: 97
BWET Calmar Ratio Rank: 100
BWET Martin Ratio Rank: 99

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. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin Miners ETF (WGMI) and Breakwave Tanker Shipping ETF (BWET). 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	BWET	Difference
Sharpe ratio Return per unit of total volatility	3.91	18.57	-14.66
Sortino ratio Return per unit of downside risk	3.49	6.55	-3.07
Omega ratio Gain probability vs. loss probability	1.42	1.96	-0.54
Calmar ratio Return relative to maximum drawdown	5.83	59.51	-53.68
Martin ratio Return relative to average drawdown	11.81	158.07	-146.26
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. BWET - Sharpe Ratio Comparison

The current WGMI Sharpe Ratio is 3.91, which is lower than the BWET Sharpe Ratio of 18.57. The chart below compares the historical Sharpe Ratios of WGMI and BWET, 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

	WGMI	BWET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.91	18.57	-14.66
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	1.90	-1.59

Drawdowns

WGMI vs. BWET - Drawdown Comparison

The maximum WGMI drawdown since its inception was -85.76%, which is greater than BWET's maximum drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for WGMI and BWET.

Drawdown Indicators

	WGMI	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-85.76%	-56.90%	-28.86%
Max Drawdown (1Y) Largest decline over 1 year	-50.94%	-30.64%	-20.30%
Max Drawdown (3Y) Largest decline over 3 years	-62.79%	-56.90%	-5.89%
Current Drawdown Current decline from peak	-1.11%	-11.29%	+10.18%
Average Drawdown Average peak-to-trough decline	-42.90%	-24.09%	-18.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.08%	11.51%	+13.57%

Volatility

WGMI vs. BWET - Volatility Comparison

The current volatility for Valkyrie Bitcoin Miners ETF (WGMI) is 20.10%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 33.96%. This indicates that WGMI experiences smaller price fluctuations and is considered to be less risky than BWET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WGMI	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.10%	33.96%	-13.86%
Volatility (6M) Calculated over the trailing 6-month period	55.64%	88.49%	-32.85%
Volatility (1Y) Calculated over the trailing 1-year period	76.03%	98.35%	-22.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.53%	70.45%	+11.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.53%	70.45%	+11.08%

WGMI vs. BWET - Expense Ratio Comparison

WGMI has a 0.75% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

WGMI vs. BWET - Dividend Comparison

Neither WGMI nor BWET has paid dividends to shareholders.

Position	TTM	2025	2024	2023
BWET Breakwave Tanker Shipping 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 WGMI and BWET in my portfolio?

WGMI and BWET have a correlation of -0.12, 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 BWET?

BWET has higher volatility (33.96%) compared to WGMI (20.10%). In terms of maximum drawdown, WGMI dropped -85.76% vs BWET's -56.90%.

Which ETF is better, WGMI or BWET?

On 3-year performance, BWET leads with 129.64% vs 86.17% for WGMI. On fees, WGMI is cheaper at 0.75% per year. On volatility, WGMI has been the lower-risk option at 20.10%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WGMI or BWET?

Over the 3-year period, BWET has performed better with a 129.64% return vs 86.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WGMI or BWET?

WGMI is cheaper with a 0.75% expense ratio, compared with 3.50% for BWET.

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

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

What is the main difference between WGMI and BWET?

WGMI is categorized as Cryptocurrency, while BWET is Commodities. They also come from different issuers: Valkyrie and Amplify. Their fees differ too: 0.75% for WGMI and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (18.57 vs 3.91), 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.