BWOW vs TDOG: which tracked its coin?
Over the window both share, BWOW finished 1.4 percentage points behind Dogecoin and TDOG 1.5 behind. Bitwise Dogecoin ETF and 21Shares Dogecoin ETF.
BWOW since launch: fund −39.59%, Dogecoin −38.92%, 0.67 pts behind Dogecoin.
TDOG since launch: fund −24.47%, Dogecoin −23.95%, 0.52 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 TDOG 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 TDOG 0.52 of a percentage point 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 | TDOG | BWOW | TDOG | BWOW | TDOG |
| 1 month | +13.0% | +12.9% | +14.1% | +14.1% | −1.1 pts | −1.2 pts |
| 3 months | +29.5% | +29.3% | +31.0% | +31.0% | −1.5 pts | −1.7 pts |
| 6 months | +1.1% | +1.0% | +2.5% | +2.5% | −1.4 pts | −1.5 pts |
| Since each listed BWOW Nov 2025 · TDOG Jan 2026 | −39.6% | −24.5% | −38.9% | −23.9% | −0.7 pts | −0.5 pts |
BWOW and TDOG 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 TDOG 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.
TDOG in plain words
TDOG 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 −23.9% and TDOG returned −24.5%. That leaves it 0.52 of a percentage point behind. TDOG charges 0.50% a year and finished 0.5% behind Dogecoin, so the fee is almost the whole of the difference.
Questions people ask
- Which tracked Dogecoin more closely, BWOW or TDOG?
- Over the days each has traded, BWOW finished 0.67 of a percentage point behind Dogecoin and TDOG 0.52 of a percentage point 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 TDOG 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 TDOG, data as of Sep 30, 2026. https://etfiq.com/compare/crypto/bwow-vs-tdog
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 TDOG, data as of Sep 30, 2026. https://etfiq.com/compare/crypto/bwow-vs-tdog Free to use with attribution; the underlying files are at Open data.
Other forms
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- ETFIQ, BWOW against TDOG, data as of Sep 30, 2026. https://etfiq.com/compare/crypto/bwow-vs-tdog
- APA
- ETFIQ. (Sep 30, 2026). BWOW against TDOG. Retrieved from https://etfiq.com/compare/crypto/bwow-vs-tdog
- Markdown
- [BWOW against TDOG (ETFIQ, Sep 30, 2026)](https://etfiq.com/compare/crypto/bwow-vs-tdog)