WGMI vs. SPY

Last updated Jun 13, 2026

WGMI (Valkyrie Bitcoin Miners ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - WGMI is a Cryptocurrency fund actively managed by Valkyrie, while SPY is a S&P 500 fund tracking the S&P 500 Index. WGMI is actively managed, while SPY is passively managed. Over the past 3 years, WGMI returned 84.57%/yr vs 20.86%/yr for SPY. A 0.58 correlation means they provide meaningful diversification when combined. WGMI charges 0.75%/yr vs 0.09%/yr for SPY.

Performance

WGMI vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Valkyrie Bitcoin Miners ETF (WGMI) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, WGMI achieves a 72.38% return, which is significantly higher than SPY's 9.07% return.

WGMI

• 1D: 3.21%
• 1M: 12.04%
• YTD: 72.38%
• 6M: 54.35%
• 1Y: 236.41%
• 3Y*: 84.57%
• 5Y*: —
• 10Y*: —

SPY

• 1D: 0.54%
• 1M: -0.08%
• YTD: 9.07%
• 6M: 9.42%
• 1Y: 24.27%
• 3Y*: 20.86%
• 5Y*: 13.36%
• 10Y*: 15.42%

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

WGMI vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
WGMI Valkyrie Bitcoin Miners ETF	72.38%	72.47%	23.54%	304.08%	-82.94%
SPY State Street SPDR S&P 500 ETF	9.07%	17.72%	24.89%	26.18%	-13.11%

Correlation

The correlation between WGMI and SPY is 0.54, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.53
Correlation (All Time) Calculated using the full available price history since Feb 8, 2022	0.58

The correlation between WGMI and SPY has been stable across timeframes, ranging from 0.53 to 0.58 - a consistent structural relationship.

WGMI vs. SPY - Sectors Allocation Comparison

Sectors	WGMI	SPY
Financial Services	51.3%	11.8%
Technology	45.9%	35.9%
Communication Services	1.2%	11.3%
Utilities	1.2%	2.4%
Industrials	0.5%	7.8%
Basic Materials	-	1.8%
Consumer Cyclical	-	10.3%
Consumer Defensive	-	4.8%
Energy	-	3.6%
Healthcare	-	8.4%
Real Estate	-	1.9%

Return for Risk

WGMI vs. SPY — 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: 80
WGMI Omega Ratio Rank: 72
WGMI Calmar Ratio Rank: 89
WGMI Martin Ratio Rank: 60

SPY

SPY Risk / Return Rank: 70
SPY Sharpe Ratio Rank: 71
SPY Sortino Ratio Rank: 69
SPY Omega Ratio Rank: 71
SPY Calmar Ratio Rank: 63
SPY Martin Ratio Rank: 76

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Valkyrie Bitcoin Miners ETF (WGMI) and State Street SPDR S&P 500 ETF (SPY). 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	SPY	Difference
Sharpe ratio: Return per unit of total volatility	3.09	1.98	+1.11
Sortino ratio: Return per unit of downside risk	3.07	2.68	+0.39
Omega ratio: Gain probability vs. loss probability	1.37	1.36	+0.01
Calmar ratio: Return relative to maximum drawdown	4.67	2.74	+1.93
Martin ratio: Return relative to average drawdown	9.45	12.39	-2.94

WGMI vs. SPY - Sharpe Ratio Comparison

The current WGMI Sharpe Ratio is 3.09, which is higher than the SPY Sharpe Ratio of 1.98. The chart below compares the historical Sharpe Ratios of WGMI and SPY, 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. SPY - Drawdown Comparison

The maximum WGMI drawdown since its inception was -85.76%, which is greater than SPY's maximum drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for WGMI and SPY.

Drawdown Indicators

	WGMI	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-85.76%	-55.19%	-30.57%
Max Drawdown (1Y) Largest decline over 1 year	-50.94%	-8.88%	-42.06%
Max Drawdown (3Y) Largest decline over 3 years	-62.79%	-18.76%	-44.03%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.72%	—
Current Drawdown Current decline from peak	-7.75%	-2.35%	-5.40%
Average Drawdown Average peak-to-trough decline	-42.65%	-9.04%	-33.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.13%	1.97%	+23.16%

Volatility

WGMI vs. SPY - Volatility Comparison

Valkyrie Bitcoin Miners ETF (WGMI) has a higher volatility of 23.62% compared to State Street SPDR S&P 500 ETF (SPY) at 4.34%. This indicates that WGMI's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WGMI	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.62%	4.34%	+19.28%
Volatility (6M) Calculated over the trailing 6-month period	57.26%	9.58%	+47.68%
Volatility (1Y) Calculated over the trailing 1-year period	77.08%	12.29%	+64.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	81.67%	17.12%	+64.55%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.67%	17.96%	+63.71%

WGMI vs. SPY - Expense Ratio Comparison

WGMI has a 0.75% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

WGMI vs. SPY - Dividend Comparison

WGMI has not paid dividends to shareholders, while SPY's dividend yield for the trailing twelve months is around 1.00%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPY State Street SPDR S&P 500 ETF	1.00%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%
WGMI Valkyrie Bitcoin Miners ETF	0.00%	0.00%	0.22%	0.31%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both WGMI and SPY in my portfolio?

WGMI and SPY have a correlation of 0.54, 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 SPY?

WGMI has higher volatility (23.62%) compared to SPY (4.34%). In terms of maximum drawdown, WGMI dropped -85.76% vs SPY's -55.19%.

Which ETF is better, WGMI or SPY?

On 3-year performance, WGMI leads with 84.57% vs 20.86% for SPY. On fees, SPY is cheaper at 0.09% per year. On volatility, SPY has been the lower-risk option at 4.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, WGMI or SPY?

Over the 3-year period, WGMI has performed better with a 84.57% return vs 20.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, WGMI or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 0.75% for WGMI.

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

SPY has the higher dividend yield at 1.00%, compared with 0.00% for WGMI.

What is the main difference between WGMI and SPY?

WGMI is categorized as Cryptocurrency, while SPY is S&P 500. They also come from different issuers: Valkyrie and State Street. Their fees differ too: 0.75% for WGMI and 0.09% for SPY.

Which has better risk-adjusted returns?

WGMI currently has the higher Sharpe Ratio (3.09 vs 1.98), 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.