WGMI vs. ETH

Last updated Jun 4, 2026

WGMI (Valkyrie Bitcoin Miners ETF) and ETH (Grayscale Ethereum Staking Mini ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, WGMI returned 294.61% vs -30.84% for ETH. A 0.59 correlation means they provide meaningful diversification when combined. WGMI charges 0.75%/yr vs 0.15%/yr for ETH.

Performance

WGMI vs. ETH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Valkyrie Bitcoin Miners ETF (WGMI) and Grayscale Ethereum Staking Mini ETF (ETH). 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 higher than ETH's -38.95% return.

WGMI

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

ETH

• 1D: -5.52%
• 1M: -23.42%
• YTD: -38.95%
• 6M: -42.17%
• 1Y: -30.84%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

WGMI vs. ETH - Yearly Performance Comparison

	2026 (YTD)	2025	2024
WGMI Valkyrie Bitcoin Miners ETF	84.78%	72.47%	-8.38%
ETH Grayscale Ethereum Staking Mini ETF	-38.95%	-10.89%	-3.70%

Correlation

The correlation between WGMI and ETH is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jul 24, 2024	0.59

The correlation between WGMI and ETH has been stable across timeframes, ranging from 0.50 to 0.59 - a consistent structural relationship.

Return for Risk

WGMI vs. ETH — 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

ETH

ETH Risk / Return Rank: 5
ETH Sharpe Ratio Rank: 5
ETH Sortino Ratio Rank: 6
ETH Omega Ratio Rank: 6
ETH Calmar Ratio Rank: 5
ETH 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. ETH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin Miners ETF (WGMI) and Grayscale Ethereum Staking Mini ETF (ETH). 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	ETH	Difference
Sharpe ratio: Return per unit of total volatility	3.91	-0.45	+4.36
Sortino ratio: Return per unit of downside risk	3.49	-0.29	+3.78
Omega ratio: Gain probability vs. loss probability	1.42	0.97	+0.45
Calmar ratio: Return relative to maximum drawdown	5.83	-0.50	+6.32
Martin ratio: Return relative to average drawdown	11.81	-0.82	+12.63
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. ETH - Sharpe Ratio Comparison

The current WGMI Sharpe Ratio is 3.91, which is higher than the ETH Sharpe Ratio of -0.45. The chart below compares the historical Sharpe Ratios of WGMI and ETH, 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	ETH	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.91	-0.45	+4.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	-0.41	+0.72

Drawdowns

WGMI vs. ETH - Drawdown Comparison

The maximum WGMI drawdown since its inception was -85.76%, which is greater than ETH's maximum drawdown of -64.01%. Use the drawdown chart below to compare losses from any high point for WGMI and ETH.

Drawdown Indicators

	WGMI	ETH	Difference
Max Drawdown Largest peak-to-trough decline	-85.76%	-64.01%	-21.75%
Max Drawdown (1Y) Largest decline over 1 year	-50.94%	-62.40%	+11.46%
Max Drawdown (3Y) Largest decline over 3 years	-62.79%	—	—
Current Drawdown Current decline from peak	-1.11%	-62.40%	+61.29%
Average Drawdown Average peak-to-trough decline	-42.90%	-32.58%	-10.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.08%	37.50%	-12.42%

Volatility

WGMI vs. ETH - Volatility Comparison

Valkyrie Bitcoin Miners ETF (WGMI) has a higher volatility of 20.10% compared to Grayscale Ethereum Staking Mini ETF (ETH) at 9.90%. This indicates that WGMI's price experiences larger fluctuations and is considered to be riskier than ETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WGMI	ETH	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.10%	9.90%	+10.20%
Volatility (6M) Calculated over the trailing 6-month period	55.64%	46.02%	+9.62%
Volatility (1Y) Calculated over the trailing 1-year period	76.03%	68.34%	+7.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.53%	72.26%	+9.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.53%	72.26%	+9.27%

WGMI vs. ETH - Expense Ratio Comparison

WGMI has a 0.75% expense ratio, which is higher than ETH's 0.15% expense ratio.

Dividends

WGMI vs. ETH - Dividend Comparison

Neither WGMI nor ETH has paid dividends to shareholders.

Position	TTM	2025	2024	2023
ETH Grayscale Ethereum Staking Mini 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 ETH in my portfolio?

WGMI and ETH have a correlation of 0.50, 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 ETH?

WGMI has higher volatility (20.10%) compared to ETH (9.90%). In terms of maximum drawdown, WGMI dropped -85.76% vs ETH's -64.01%.

Which ETF is better, WGMI or ETH?

On 1-year performance, WGMI leads with 294.61% vs -30.84% for ETH. On fees, ETH is cheaper at 0.15% per year. On volatility, ETH has been the lower-risk option at 9.90%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WGMI or ETH?

Over the 1-year period, WGMI has performed better with a 294.61% return vs -30.84%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WGMI or ETH?

ETH is cheaper with a 0.15% expense ratio, compared with 0.75% for WGMI.

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

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

What is the main difference between WGMI and ETH?

They also come from different issuers: Valkyrie and Grayscale. Their fees differ too: 0.75% for WGMI and 0.15% for ETH.

Which has better risk-adjusted returns?

WGMI currently has the higher Sharpe Ratio (3.91 vs -0.45), 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.