BCOR vs. MNRS

Last updated Jul 14, 2026

BCOR (Grayscale Bitcoin Adopters ETF) and MNRS (Grayscale Bitcoin Miners ETF) are both Blockchain funds from Grayscale - BCOR tracks the Indxx Bitcoin Adopters Index while MNRS tracks the Indxx Bitcoin Miners Index. Both are passively managed. Over the past year, BCOR returned -33.02% vs 32.34% for MNRS. A 0.76 correlation means they provide meaningful diversification when combined. Both charge a 0.59% expense ratio.

Performance

BCOR vs. MNRS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Adopters ETF (BCOR) and Grayscale Bitcoin Miners ETF (MNRS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BCOR achieves a -12.51% return, which is significantly lower than MNRS's 19.40% return.

BCOR

• 1D: -2.73%
• 1M: -8.22%
• 6M: -20.02%
• YTD: -12.51%
• 1Y: -33.02%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MNRS

• 1D: -4.89%
• 1M: -20.90%
• 6M: -3.22%
• YTD: 19.40%
• 1Y: 32.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BCOR vs. MNRS - Yearly Performance Comparison

	2026 (YTD)	2025
BCOR Grayscale Bitcoin Adopters ETF	-12.51%	5.68%
MNRS Grayscale Bitcoin Miners ETF	19.40%	65.90%

Correlation

The correlation between BCOR and MNRS is 0.79, 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	0.79
Correlation (All Time) Calculated using the full available price history since Apr 30, 2025	0.76

The correlation between BCOR and MNRS has been stable across timeframes, ranging from 0.76 to 0.79 - a consistent structural relationship.

Return for Risk

BCOR vs. MNRS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BCOR

BCOR Risk / Return Rank: 3
BCOR Sharpe Ratio Rank: 3
BCOR Sortino Ratio Rank: 3
BCOR Omega Ratio Rank: 4
BCOR Calmar Ratio Rank: 3
BCOR Martin Ratio Rank: 3

MNRS

MNRS Risk / Return Rank: 19
MNRS Sharpe Ratio Rank: 18
MNRS Sortino Ratio Rank: 24
MNRS Omega Ratio Rank: 22
MNRS Calmar Ratio Rank: 18
MNRS Martin Ratio Rank: 16

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.

BCOR vs. MNRS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Adopters ETF (BCOR) and Grayscale Bitcoin Miners ETF (MNRS). 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.

	BCOR	MNRS	Difference
Sharpe ratio: Return per unit of total volatility	-0.79	0.45	-1.24
Sortino ratio: Return per unit of downside risk	-1.03	1.11	-2.13
Omega ratio: Gain probability vs. loss probability	0.89	1.13	-0.24
Calmar ratio: Return relative to maximum drawdown	-0.77	0.57	-1.34
Martin ratio: Return relative to average drawdown	-1.28	1.09	-2.37

BCOR vs. MNRS - Sharpe Ratio Comparison

The current BCOR Sharpe Ratio is -0.79, which is lower than the MNRS Sharpe Ratio of 0.45. The chart below compares the historical Sharpe Ratios of BCOR and MNRS, 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

BCOR vs. MNRS - Drawdown Comparison

The maximum BCOR drawdown since its inception was -42.99%, smaller than the maximum MNRS drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for BCOR and MNRS.

Drawdown Indicators

	BCOR	MNRS	Difference
Max Drawdown Largest peak-to-trough decline	-42.99%	-56.70%	+13.71%
Max Drawdown (1Y) Largest decline over 1 year	-42.99%	-56.70%	+13.71%
Current Drawdown Current decline from peak	-38.12%	-34.19%	-3.93%
Average Drawdown Average peak-to-trough decline	-19.53%	-23.47%	+3.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	25.75%	29.77%	-4.02%

Volatility

BCOR vs. MNRS - Volatility Comparison

The current volatility for Grayscale Bitcoin Adopters ETF (BCOR) is 12.03%, while Grayscale Bitcoin Miners ETF (MNRS) has a volatility of 19.32%. This indicates that BCOR experiences smaller price fluctuations and is considered to be less risky than MNRS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BCOR	MNRS	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.03%	19.32%	-7.29%
Volatility (6M) Calculated over the trailing 6-month period	33.25%	52.95%	-19.70%
Volatility (1Y) Calculated over the trailing 1-year period	42.03%	71.81%	-29.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	43.28%	70.76%	-27.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	43.28%	70.76%	-27.48%

BCOR vs. MNRS - Expense Ratio Comparison

Both BCOR and MNRS have an expense ratio of 0.59%.

Dividends

BCOR vs. MNRS - Dividend Comparison

BCOR's dividend yield for the trailing twelve months is around 3.60%, more than MNRS's 0.45% yield.

Position	TTM	2025
BCOR Grayscale Bitcoin Adopters ETF	3.60%	3.10%
MNRS Grayscale Bitcoin Miners ETF	0.45%	0.54%

Frequently Asked Questions

Can I hold both BCOR and MNRS in my portfolio?

BCOR and MNRS have a correlation of 0.79, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BCOR or MNRS?

MNRS has higher volatility (19.32%) compared to BCOR (12.03%). In terms of maximum drawdown, BCOR dropped -42.99% vs MNRS's -56.70%.

Which ETF is better, BCOR or MNRS?

On 1-year performance, MNRS leads with 32.34% vs -33.02% for BCOR. Both ETFs have the same 0.59% expense ratio. On volatility, BCOR has been the lower-risk option at 12.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BCOR or MNRS?

Over the 1-year period, MNRS has performed better with a 32.34% return vs -33.02%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BCOR or MNRS?

BCOR and MNRS have the same expense ratio: 0.59% per year.

Which ETF pays a higher dividend yield, BCOR or MNRS?

BCOR has the higher dividend yield at 3.60%, compared with 0.45% for MNRS.

What is the main difference between BCOR and MNRS?

BCOR tracks Indxx Bitcoin Adopters Index, while MNRS tracks Indxx Bitcoin Miners Index.

Which has better risk-adjusted returns?

MNRS currently has the higher Sharpe Ratio (0.45 vs -0.79), 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.