BWOW vs GDOG: which tracked its coin?
Over the window both share, BWOW finished 1.4 percentage points behind Dogecoin and GDOG 1.2 behind. Bitwise Dogecoin ETF and Grayscale Dogecoin Trust ETF.
BWOW since launch: fund −39.59%, Dogecoin −38.92%, 0.67 pts behind Dogecoin.
GDOG since launch: fund −38.78%, Dogecoin −37.72%, 1.06 pts behind Dogecoin.
A percentile among the 25 spot crypto ETPs listed less than a year. It is a position in a set, not a rating, and neither end of it is a recommendation. All crypto ETFs ranked by it → How it is computed →
The same coin, two trusts
BWOW and GDOG hold the same asset. Both are 1933 Act trusts holding Dogecoin through a custodian, so neither has a portfolio to compare: the whole of each fund is one line. Over the days each has traded, BWOW finished 0.67 of a percentage point behind Dogecoin and GDOG 1.1 percentage points behind, but the two windows are not the same days, so neither figure is set against the other here. That gap is the fee, the custody, the creation and redemption friction and the market’s pricing of the shares, compounded into one figure.
Performance, window by window
| Total return | The coin over the same days | Difference, percentage points | ||||
|---|---|---|---|---|---|---|
| Window | BWOW | GDOG | BWOW | GDOG | BWOW | GDOG |
| 1 month | +13.0% | +13.2% | +14.1% | +14.1% | −1.1 pts | −0.9 pts |
| 3 months | +29.5% | +29.5% | +31.0% | +31.0% | −1.5 pts | −1.5 pts |
| 6 months | +1.1% | +1.4% | +2.5% | +2.5% | −1.4 pts | −1.2 pts |
| Since each listed BWOW Nov 2025 · GDOG Nov 2025 | −39.6% | −38.8% | −38.9% | −37.7% | −0.7 pts | −1.1 pts |
BWOW and GDOG over each window. Every figure is an ETFIQ calculation with distributions reinvested. Source: ETFIQ. Open the live comparison on ETFIQ →
On the same fields
BWOW and GDOG on the same fields, as of Sep 30, 2026. Source: ETFIQ.
BWOW in plain words
BWOW holds Dogecoin through a custodian and trades on an exchange, so a holder gets the coin’s return inside a brokerage account rather than a wallet. Over the time since it listed to Sep 30, 2026, Dogecoin moved −38.9% and BWOW returned −39.6%. That leaves it 0.67 of a percentage point behind. That difference is the fee, the custody cost, the friction of creating and redeeming shares in blocks, and whatever the market paid for the shares rather than for the coin, all of it together. It is the only figure on this page the sponsor does not publish itself. BWOW charges 0.34% a year and finished 0.7% behind Dogecoin, so the fee is less than the whole difference and the rest is what the market paid for the shares, which moved against holders. A spot trust is not a registered investment company. It files a 10-K rather than an N-PORT, and its holding is one line: the Dogecoin it custodies.
GDOG in plain words
GDOG holds Dogecoin through a custodian and trades on an exchange, so a holder gets the coin’s return inside a brokerage account rather than a wallet. Over the time since it listed to Sep 30, 2026, Dogecoin moved −37.7% and GDOG returned −38.8%. That leaves it 1.1 percentage points behind. GDOG charges 0.35% a year and finished 1.1% behind Dogecoin, so the fee is less than the whole difference and the rest is what the market paid for the shares, which moved against holders.
Questions people ask
- Which tracked Dogecoin more closely, BWOW or GDOG?
- Over the days each has traded, BWOW finished 0.67 of a percentage point behind Dogecoin and GDOG 1.1 percentage points behind. Those are not set against each other here, because the two windows are not the same days, so neither is nearer its coin than the other on this page. Each difference carries the fee, the custody cost, the friction of creating and redeeming shares in blocks and whatever the market paid for the shares rather than for the coin.
- Do BWOW or GDOG pay a staking yield?
- Dogecoin is a proof of work chain, so there is nothing to stake and no fund holding it can pay a staking yield.
ETFIQ links to the documents behind every figure. It is not affiliated with any issuer, and a link is not an endorsement. A comparison is not a recommendation.
ETFIQ, BWOW against GDOG, data as of Sep 30, 2026. https://etfiq.com/compare/crypto/bwow-vs-gdog
Free to use with attribution. Every figure is calculated from a named public source; the method is at etfiq.com/methodology.
Cite this page. ETFIQ, BWOW against GDOG, data as of Sep 30, 2026. https://etfiq.com/compare/crypto/bwow-vs-gdog Free to use with attribution; the underlying files are at Open data.
Other forms
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- APA
- ETFIQ. (Sep 30, 2026). BWOW against GDOG. Retrieved from https://etfiq.com/compare/crypto/bwow-vs-gdog
- Markdown
- [BWOW against GDOG (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/crypto/bwow-vs-gdog)