documentclass[preview]{standalone}
usepackage{tikz-cd}
begin{document}

How I normally use the baseline.  To get the punctation to follow the diagram, I do
[
begin{tikzcd}[baseline=(W.base)]
  X ar[d] ar[r] & Y ar[d] \
  Z ar[r] & |[alias=W]| W
end{tikzcd}.
]

But now if I want to number the diagram as well, I get
begin{equation}
begin{tikzcd}[baseline=(W.base)]
  X ar[d] ar[r] & Y ar[d] \
  Z ar[r] & |[alias=W]| W
end{tikzcd}.
end{equation}
But I want the equation number positioned as in
begin{equation}
begin{tikzcd}
  X ar[d] ar[r] & Y ar[d] \
  Z ar[r] & |[alias=W]| W
end{tikzcd}.
end{equation}

end{document}