WGMI vs. ETHD

Last updated Jun 26, 2026

WGMI (Valkyrie Bitcoin Miners ETF) and ETHD (ProShares UltraShort Ether ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, WGMI returned 233.32% vs -36.09% for ETHD. At a correlation of -0.59, they often move in opposite directions. WGMI charges 0.75%/yr vs 1.01%/yr for ETHD.

Performance

WGMI vs. ETHD - Performance Comparison

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

Returns By Period

In the year-to-date period, WGMI achieves a 69.66% return, which is significantly lower than ETHD's 98.16% return.

WGMI

• 1D: -2.74%
• 1M: 0.15%
• YTD: 69.66%
• 6M: 55.30%
• 1Y: 233.32%
• 3Y*: 75.16%
• 5Y*: —
• 10Y*: —

ETHD

• 1D: 3.15%
• 1M: 57.64%
• YTD: 98.16%
• 6M: 93.66%
• 1Y: -36.09%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

WGMI vs. ETHD - Yearly Performance Comparison

	2026 (YTD)	2025	2024
WGMI Valkyrie Bitcoin Miners ETF	69.66%	72.47%	14.21%
ETHD ProShares UltraShort Ether ETF	98.16%	-72.49%	-38.58%

Correlation

The correlation between WGMI and ETHD is -0.51, 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	-0.51
Correlation (All Time) Calculated using the full available price history since Jun 7, 2024	-0.59

The correlation between WGMI and ETHD has been stable across timeframes, ranging from -0.59 to -0.51 - a consistent structural relationship.

Return for Risk

WGMI vs. ETHD — 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: 94
WGMI Sortino Ratio Rank: 79
WGMI Omega Ratio Rank: 72
WGMI Calmar Ratio Rank: 89
WGMI Martin Ratio Rank: 60

ETHD

ETHD Risk / Return Rank: 9
ETHD Sharpe Ratio Rank: 7
ETHD Sortino Ratio Rank: 12
ETHD Omega Ratio Rank: 12
ETHD Calmar Ratio Rank: 6
ETHD Martin Ratio Rank: 7

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. ETHD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin Miners ETF (WGMI) and ProShares UltraShort Ether ETF (ETHD). 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	ETHD	Difference
Sharpe ratio: Return per unit of total volatility	3.06	-0.26	+3.32
Sortino ratio: Return per unit of downside risk	3.05	0.52	+2.53
Omega ratio: Gain probability vs. loss probability	1.37	1.06	+0.30
Calmar ratio: Return relative to maximum drawdown	4.61	-0.44	+5.05
Martin ratio: Return relative to average drawdown	9.33	-0.56	+9.89

WGMI vs. ETHD - Sharpe Ratio Comparison

The current WGMI Sharpe Ratio is 3.06, which is higher than the ETHD Sharpe Ratio of -0.26. The chart below compares the historical Sharpe Ratios of WGMI and ETHD, 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. ETHD - Drawdown Comparison

The maximum WGMI drawdown since its inception was -85.76%, smaller than the maximum ETHD drawdown of -95.59%. Use the drawdown chart below to compare losses from any high point for WGMI and ETHD.

Drawdown Indicators

	WGMI	ETHD	Difference
Max Drawdown Largest peak-to-trough decline	-85.76%	-95.59%	+9.83%
Max Drawdown (1Y) Largest decline over 1 year	-50.94%	-82.01%	+31.07%
Max Drawdown (3Y) Largest decline over 3 years	-62.79%	—	—
Current Drawdown Current decline from peak	-9.94%	-84.52%	+74.58%
Average Drawdown Average peak-to-trough decline	-42.37%	-66.48%	+24.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.13%	64.02%	-38.89%

Volatility

WGMI vs. ETHD - Volatility Comparison

The current volatility for Valkyrie Bitcoin Miners ETF (WGMI) is 21.80%, while ProShares UltraShort Ether ETF (ETHD) has a volatility of 39.60%. This indicates that WGMI experiences smaller price fluctuations and is considered to be less risky than ETHD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WGMI	ETHD	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.80%	39.60%	-17.80%
Volatility (6M) Calculated over the trailing 6-month period	55.06%	92.56%	-37.50%
Volatility (1Y) Calculated over the trailing 1-year period	76.83%	137.24%	-60.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.50%	142.43%	-60.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.50%	142.43%	-60.93%

WGMI vs. ETHD - Expense Ratio Comparison

WGMI has a 0.75% expense ratio, which is lower than ETHD's 1.01% expense ratio.

Dividends

WGMI vs. ETHD - Dividend Comparison

WGMI has not paid dividends to shareholders, while ETHD's dividend yield for the trailing twelve months is around 8.83%.

Position	TTM	2025	2024	2023
ETHD ProShares UltraShort Ether ETF	8.83%	156.62%	19.15%	0.00%
WGMI Valkyrie Bitcoin Miners ETF	0.00%	0.00%	0.22%	0.31%

Frequently Asked Questions

Can I hold both WGMI and ETHD in my portfolio?

WGMI and ETHD have a correlation of -0.51, 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 ETHD?

ETHD has higher volatility (39.60%) compared to WGMI (21.80%). In terms of maximum drawdown, WGMI dropped -85.76% vs ETHD's -95.59%.

Which ETF is better, WGMI or ETHD?

On 1-year performance, WGMI leads with 233.32% vs -36.09% for ETHD. On fees, WGMI is cheaper at 0.75% per year. On volatility, WGMI has been the lower-risk option at 21.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WGMI or ETHD?

Over the 1-year period, WGMI has performed better with a 233.32% return vs -36.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WGMI or ETHD?

WGMI is cheaper with a 0.75% expense ratio, compared with 1.01% for ETHD.

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

ETHD has the higher dividend yield at 8.83%, compared with 0.00% for WGMI.

What is the main difference between WGMI and ETHD?

They also come from different issuers: Valkyrie and ProShares. Their fees differ too: 0.75% for WGMI and 1.01% for ETHD.

Which has better risk-adjusted returns?

WGMI currently has the higher Sharpe Ratio (3.06 vs -0.26), 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.