WGMI vs. HODL

Last updated Aug 4, 2026

WGMI (CoinShares Bitcoin Miners ETF) and HODL (VanEck Bitcoin Trust) are both Cryptocurrency funds. WGMI is actively managed, while HODL is passively managed. Over the past year, WGMI returned 133.77% vs -43.61% for HODL. Their 0.61 correlation means they have sometimes moved together and sometimes differently. WGMI charges 0.75%/yr vs 0.25%/yr for HODL.

Performance

WGMI vs. HODL - Performance Comparison

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

Returns By Period

In the year-to-date period, WGMI achieves a 43.06% return, which is significantly higher than HODL's -27.01% return.

WGMI

• 1D: 6.39%
• 1M: 2.93%
• 6M: 23.20%
• YTD: 43.06%
• 1Y: 133.77%
• 3Y*: 56.99%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 18.02%

HODL

• 1D: 1.52%
• 1M: 3.91%
• 6M: -18.14%
• YTD: -27.01%
• 1Y: -43.61%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 11.06%

*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)
HODL VanEck Bitcoin Trust	$18.51M	$17.76M	$22.96M
WGMI CoinShares Bitcoin Miners ETF	$37.11M	$31.73M	$41.52M

WGMI vs. HODL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
WGMI CoinShares Bitcoin Miners ETF	43.06%	72.47%	28.61%
HODL VanEck Bitcoin Trust	-27.01%	-6.42%	91.50%

Correlation

The correlation between WGMI and HODL is 0.52, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.52
Correlation (All Time) Calculated using the full available price history since Jan 11, 2024	0.61

The correlation between WGMI and HODL has been stable across timeframes, ranging from 0.52 to 0.61 - a consistent structural relationship.

Return for Risk

WGMI vs. HODL — Risk / Return Rank

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

WGMI

WGMI Risk / Return Rank: 62
WGMI Sharpe Ratio Rank: 69
WGMI Sortino Ratio Rank: 66
WGMI Omega Ratio Rank: 58
WGMI Calmar Ratio Rank: 73
WGMI Martin Ratio Rank: 45

HODL

HODL Risk / Return Rank: 2
HODL Sharpe Ratio Rank: 2
HODL Sortino Ratio Rank: 2
HODL Omega Ratio Rank: 2
HODL Calmar Ratio Rank: 2
HODL Martin Ratio Rank: 3

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. HODL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for CoinShares Bitcoin Miners ETF (WGMI) and VanEck Bitcoin Trust (HODL). 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	HODL	Difference
Sharpe ratio: Return per unit of total volatility	1.62	-0.99	+2.61
Sortino ratio: Return per unit of downside risk	2.22	-1.45	+3.67
Omega ratio: Gain probability vs. loss probability	1.26	0.84	+0.42
Calmar ratio: Return relative to maximum drawdown	2.64	-0.82	+3.46
Martin ratio: Return relative to average drawdown	5.10	-1.26	+6.36

WGMI vs. HODL - Sharpe Ratio Comparison

The current WGMI Sharpe Ratio is 1.62, which is higher than the HODL Sharpe Ratio of -0.99. The chart below compares the historical Sharpe Ratios of WGMI and HODL, 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. HODL - Drawdown Comparison

The maximum WGMI drawdown since its inception was -85.76%, which is greater than HODL's maximum drawdown of -53.20%. Use the drawdown chart below to compare losses from any high point for WGMI and HODL.

Drawdown Indicators

	WGMI	HODL	Difference
Max Drawdown Largest peak-to-trough decline	-85.76%	-53.20%	-32.56%
Max Drawdown (1Y) Largest decline over 1 year	-50.94%	-53.20%	+2.26%
Max Drawdown (3Y) Largest decline over 3 years	-62.79%	—	—
Current Drawdown Current decline from peak	-24.06%	-49.14%	+25.08%
Average Drawdown Average peak-to-trough decline	-41.96%	-18.22%	-23.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.33%	34.70%	-8.37%

Volatility

WGMI vs. HODL - Volatility Comparison

CoinShares Bitcoin Miners ETF (WGMI) has a higher volatility of 34.42% compared to VanEck Bitcoin Trust (HODL) at 8.96%. This indicates that WGMI's price experiences larger fluctuations and is considered to be riskier than HODL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WGMI	HODL	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.42%	8.96%	+25.46%
Volatility (6M) Calculated over the trailing 6-month period	61.40%	33.76%	+27.64%
Volatility (1Y) Calculated over the trailing 1-year period	83.14%	44.33%	+38.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	82.41%	49.25%	+33.16%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	82.41%	49.25%	+33.16%

WGMI vs. HODL - Expense Ratio Comparison

WGMI has a 0.75% expense ratio, which is higher than HODL's 0.25% expense ratio.

Dividends

WGMI vs. HODL - Dividend Comparison

Neither WGMI nor HODL has paid dividends to shareholders.

Position	TTM	2025	2024	2023
HODL VanEck Bitcoin Trust	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 HODL in my portfolio?

WGMI and HODL have a correlation of 0.52, 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 HODL?

WGMI has higher volatility (34.42%) compared to HODL (8.96%). In terms of maximum drawdown, WGMI dropped -85.76% vs HODL's -53.20%.

Which ETF is better, WGMI or HODL?

On 1-year performance, WGMI leads with 133.77% vs -43.61% for HODL. On fees, HODL is cheaper at 0.25% per year. On volatility, HODL has been the lower-risk option at 8.96%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WGMI or HODL?

Over the 1-year period, WGMI has performed better with a 133.77% return vs -43.61%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WGMI or HODL?

HODL is cheaper with a 0.25% expense ratio, compared with 0.75% for WGMI.

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

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

What is the main difference between WGMI and HODL?

They also come from different issuers: CoinShares and VanEck. Their fees differ too: 0.75% for WGMI and 0.25% for HODL.

Which has better risk-adjusted returns?

WGMI currently has the higher Sharpe Ratio (1.62 vs -0.99), 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.