WGMI vs. CAOS

Last updated Aug 2, 2026

WGMI (CoinShares Bitcoin Miners ETF) and CAOS (Alpha Architect Tail Risk ETF) are both exchange-traded funds - WGMI is a Cryptocurrency fund actively managed by CoinShares, while CAOS is a Options Trading fund actively managed by Alpha Architect. Both are actively managed. Over the past 3 years, WGMI returned 49.81%/yr vs 3.48%/yr for CAOS. Their -0.04 correlation means they have often moved in opposite directions in the past. WGMI charges 0.75%/yr vs 0.63%/yr for CAOS.

Performance

WGMI vs. CAOS - Performance Comparison

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

Returns By Period

In the year-to-date period, WGMI achieves a 34.47% return, which is significantly higher than CAOS's 0.76% return.

WGMI

• 1D: -2.67%
• 1M: -3.25%
• 6M: 14.20%
• YTD: 34.47%
• 1Y: 119.73%
• 3Y*: 49.81%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 16.43%

CAOS

• 1D: -0.06%
• 1M: -0.01%
• 6M: 0.16%
• YTD: 0.76%
• 1Y: 1.73%
• 3Y*: 3.48%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 4.70%

*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)
CAOS Alpha Architect Tail Risk ETF	$6.81M	$5.39M	$5.09M
WGMI CoinShares Bitcoin Miners ETF	$36.52M	$32.75M	$41.50M

WGMI vs. CAOS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
WGMI CoinShares Bitcoin Miners ETF	34.47%	72.47%	23.54%	139.55%
CAOS Alpha Architect Tail Risk ETF	0.76%	2.55%	5.33%	7.43%

Correlation

The correlation between WGMI and CAOS is -0.23, 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.	-0.23
Correlation (3Y) Balances recent behavior with more history.	-0.09
Correlation (All Time) Calculated using the full available price history since Mar 6, 2023	-0.04

The correlation between WGMI and CAOS shifts across timeframes, from -0.23 (1 year) to -0.04 (all time), reflecting how their relationship changes across market environments.

Return for Risk

WGMI vs. CAOS — Risk / Return Rank

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

WGMI

WGMI Risk / Return Rank: 51
WGMI Sharpe Ratio Rank: 52
WGMI Sortino Ratio Rank: 57
WGMI Omega Ratio Rank: 51
WGMI Calmar Ratio Rank: 58
WGMI Martin Ratio Rank: 38

CAOS

CAOS Risk / Return Rank: 56
CAOS Sharpe Ratio Rank: 49
CAOS Sortino Ratio Rank: 55
CAOS Omega Ratio Rank: 54
CAOS Calmar Ratio Rank: 72
CAOS Martin Ratio Rank: 48

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. CAOS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CoinShares Bitcoin Miners ETF (WGMI) and Alpha Architect Tail Risk ETF (CAOS). 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	CAOS	Difference
Sharpe ratio: Return per unit of total volatility	1.25	1.19	+0.06
Sortino ratio: Return per unit of downside risk	1.95	1.89	+0.06
Omega ratio: Gain probability vs. loss probability	1.23	1.24	-0.01
Calmar ratio: Return relative to maximum drawdown	2.05	2.47	-0.42
Martin ratio: Return relative to average drawdown	3.96	5.45	-1.49

WGMI vs. CAOS - Sharpe Ratio Comparison

The current WGMI Sharpe Ratio is 1.25, which is comparable to the CAOS Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of WGMI and CAOS, 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. CAOS - Drawdown Comparison

The maximum WGMI drawdown since its inception was -85.76%, which is greater than CAOS's maximum drawdown of -3.89%. Use the drawdown chart below to compare losses from any high point for WGMI and CAOS.

Drawdown Indicators

	WGMI	CAOS	Difference
Max Drawdown Largest peak-to-trough decline	-85.76%	-3.89%	-81.87%
Max Drawdown (1Y) Largest decline over 1 year	-50.94%	-0.76%	-50.18%
Max Drawdown (3Y) Largest decline over 3 years	-62.79%	-3.60%	-59.19%
Current Drawdown Current decline from peak	-28.63%	-1.13%	-27.50%
Average Drawdown Average peak-to-trough decline	-41.97%	-0.92%	-41.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.29%	0.34%	+25.95%

Volatility

WGMI vs. CAOS - Volatility Comparison

CoinShares Bitcoin Miners ETF (WGMI) has a higher volatility of 35.22% compared to Alpha Architect Tail Risk ETF (CAOS) at 0.51%. This indicates that WGMI's price experiences larger fluctuations and is considered to be riskier than CAOS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WGMI	CAOS	Difference
Volatility (1M) Calculated over the trailing 1-month period	35.22%	0.51%	+34.71%
Volatility (6M) Calculated over the trailing 6-month period	61.62%	1.07%	+60.55%
Volatility (1Y) Calculated over the trailing 1-year period	83.14%	1.57%	+81.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.40%	4.18%	+78.22%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.40%	4.18%	+78.22%

WGMI vs. CAOS - Expense Ratio Comparison

WGMI has a 0.75% expense ratio, which is higher than CAOS's 0.63% expense ratio.

Dividends

WGMI vs. CAOS - Dividend Comparison

Neither WGMI nor CAOS has paid dividends to shareholders.

Position	TTM	2025	2024	2023
CAOS Alpha Architect Tail Risk ETF	0.00%	0.00%	0.00%	0.00%
WGMI CoinShares Bitcoin Miners ETF	0.00%	0.00%	0.22%	0.31%

Frequently Asked Questions

Can I hold both WGMI and CAOS in my portfolio?

WGMI and CAOS have a correlation of -0.23, 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 CAOS?

WGMI has higher volatility (35.22%) compared to CAOS (0.51%). In terms of maximum drawdown, WGMI dropped -85.76% vs CAOS's -3.89%.

Which ETF is better, WGMI or CAOS?

On 3-year performance, WGMI leads with 49.81% vs 3.48% for CAOS. On fees, CAOS is cheaper at 0.63% per year. On volatility, CAOS has been the lower-risk option at 0.51%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WGMI or CAOS?

Over the 3-year period, WGMI has performed better with a 49.81% return vs 3.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WGMI or CAOS?

CAOS is cheaper with a 0.63% expense ratio, compared with 0.75% for WGMI.

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

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

What is the main difference between WGMI and CAOS?

WGMI is categorized as Cryptocurrency, while CAOS is Options Trading. They also come from different issuers: CoinShares and Alpha Architect. Their fees differ too: 0.75% for WGMI and 0.63% for CAOS.

Which has better risk-adjusted returns?

WGMI currently has the higher Sharpe Ratio (1.25 vs 1.19), 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.