The market’s full of shadows, and these crypto ETFs, the CoinShares Bitcoin Mining ETF (WGMI +4.71%) and the iShares Ethereum Trust ETF (ETHA +0.14%), are two of them. Both promise a piece of the digital pie, but they go about it in different ways. ETHA is a straight line to Ethereum, a mirror reflecting its every move. WGMI? That’s a detour through the back alleys of Bitcoin mining, a more complicated proposition. I’ve been looking at the numbers, and a clear picture doesn’t always emerge. It’s about understanding the angles, the risks, and what you’re really buying into.
Snapshot
| Metric | ETHA | WGMI |
|---|---|---|
| Issuer | iShares | CoinShares |
| Expense ratio | 0.25% | 0.75% |
| 1-yr return (as of Jan. 24, 2026) | -9.94% | 92.48% |
| AUM | $10.14 billion | $355.66 million |
WGMI’s expense ratio is a bit steep, but it’s been showing a return. ETHA, meanwhile, has been drifting south. Numbers tell a story, but they rarely tell the whole one.
Performance & Risk
| Metric | ETHA | WGMI |
|---|---|---|
| Max drawdown (1 y) | -58.52% | -56.18% |
| Growth of $1,000 over 1 year | $939 | $1,948 |
A dollar lost in ETHA is a dollar gone. A dollar in WGMI, at least for the last year, has grown a little. Drawdowns are brutal in this game. They remind you that fortunes can vanish faster than a gin fizz on a hot day.
What’s Inside
WGMI is spread across 25 companies, mostly tech. IREN Ltd. (IREN +8.46%), Cipher Mining (CIFR +1.24%), and Hut 8 Corp. (HUT +5.81%) are the names at the top of the list. It’s been trading for four years, and the price has climbed about 87.56%. It’s a play on the infrastructure, the pick and shovel trade of the crypto boom.
ETHA is simpler. It’s a single asset trust, locked onto Ethereum. No diversifications, no hiding places. It’s been around for less than two years, and the price is down 15.62%. It’s a direct bet on a single coin, a high-wire act with no net.
What This Means for Investors
Crypto ETFs are a gamble, pure and simple. Whether you’re going direct or indirect, you’re playing a volatile market. ETHA is particularly risky. It’s young, and it’s all in on Ethereum. Volatility is the name of the game. Expect swings, and be prepared for them.
WGMI’s holdings are stocks, but many of those stocks are tied to the crypto market. It’s not a safe harbor. There’s still a lot of risk under the surface.
Neither ETF offers a beta measurement. They’re too new. Five years of data is what you need to get a reliable read on volatility, and these funds haven’t been around that long. It’s a reminder that past performance is never a guarantee of future results.
WGMI has the edge on gains and dividend yield – a paltry 0.10%, but something. ETHA pays nothing. But WGMI is changing. Bitcoin mining companies are diversifying into high-performance computing and AI data centers. It’s a shift in strategy, a move away from the original game. If you’re comfortable with that transition, it’s still a way to get indirect exposure to crypto.
Glossary
ETF (Exchange-traded fund): A fund that trades on stock exchanges, holding a basket of underlying assets.
Trust (single-asset trust): A fund structure that holds only one asset, such as a single cryptocurrency or commodity.
Expense ratio: Annual fund operating costs expressed as a percentage of the fund’s average assets.
AUM (Assets under management): The total market value of all assets managed by a fund or investment firm.
1-year return: The total percentage gain or loss an investment produced over the past 12 months.
Beta: A measure of how volatile an investment is compared with a benchmark index, usually the S&P 500.
Volatility: The degree to which an investment’s price moves up and down over time.
Max drawdown: The largest peak-to-trough percentage loss an investment experiences over a specific period.
Risk-adjusted return: An investment’s return after accounting for the amount of risk taken to achieve it.
Sector exposure: The percentage of a fund’s assets invested in particular industries, such as technology or financial services.
Dividend yield: Annual dividends per share divided by the share price, showing income return from an investment.
Underlying equities: Individual stocks held inside a fund, representing ownership in specific companies.
For more guidance on ETF investing, check out the full guide at this link.
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2026-01-25 06:23