BITQ vs. MNRS

Last updated Jun 24, 2026

BITQ (Bitwise Crypto Industry Innovators ETF) and MNRS (Grayscale Bitcoin Miners ETF) are both Blockchain funds - BITQ tracks the Bitwise Crypto Innovators 30 Index while MNRS tracks the Indxx Bitcoin Miners Index. Both are passively managed. Over the past year, BITQ returned 49.39% vs 126.14% for MNRS. Their correlation of 0.95 suggests significant overlap in exposure. BITQ charges 0.85%/yr vs 0.59%/yr for MNRS.

Performance

BITQ vs. MNRS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitwise Crypto Industry Innovators ETF (BITQ) 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, BITQ achieves a 34.62% return, which is significantly lower than MNRS's 58.97% return.

BITQ

• 1D: -2.61%
• 1M: 0.04%
• YTD: 34.62%
• 6M: 25.61%
• 1Y: 49.39%
• 3Y*: 53.03%
• 5Y*: 4.41%
• 10Y*: —

MNRS

• 1D: -1.39%
• 1M: 4.95%
• YTD: 58.97%
• 6M: 47.48%
• 1Y: 126.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BITQ vs. MNRS - Yearly Performance Comparison

	2026 (YTD)	2025
BITQ Bitwise Crypto Industry Innovators ETF	34.62%	12.60%
MNRS Grayscale Bitcoin Miners ETF	58.97%	14.05%

Correlation

The correlation between BITQ and MNRS is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.95
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025	0.95

The correlation between BITQ and MNRS has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

Return for Risk

BITQ vs. MNRS — Risk / Return Rank

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

BITQ

BITQ Risk / Return Rank: 25
BITQ Sharpe Ratio Rank: 25
BITQ Sortino Ratio Rank: 28
BITQ Omega Ratio Rank: 25
BITQ Calmar Ratio Rank: 24
BITQ Martin Ratio Rank: 20

MNRS

MNRS Risk / Return Rank: 47
MNRS Sharpe Ratio Rank: 58
MNRS Sortino Ratio Rank: 50
MNRS Omega Ratio Rank: 46
MNRS Calmar Ratio Rank: 49
MNRS Martin Ratio Rank: 31

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.

BITQ vs. MNRS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitwise Crypto Industry Innovators ETF (BITQ) 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.

	BITQ	MNRS	Difference
Sharpe ratio: Return per unit of total volatility	0.87	1.78	-0.91
Sortino ratio: Return per unit of downside risk	1.47	2.30	-0.83
Omega ratio: Gain probability vs. loss probability	1.17	1.27	-0.10
Calmar ratio: Return relative to maximum drawdown	1.10	2.24	-1.13
Martin ratio: Return relative to average drawdown	2.30	4.35	-2.04

BITQ vs. MNRS - Sharpe Ratio Comparison

The current BITQ Sharpe Ratio is 0.87, which is lower than the MNRS Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of BITQ 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

BITQ vs. MNRS - Drawdown Comparison

The maximum BITQ drawdown since its inception was -90.32%, which is greater than MNRS's maximum drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for BITQ and MNRS.

Drawdown Indicators

	BITQ	MNRS	Difference
Max Drawdown Largest peak-to-trough decline	-90.32%	-56.70%	-33.62%
Max Drawdown (1Y) Largest decline over 1 year	-44.99%	-56.70%	+11.71%
Max Drawdown (3Y) Largest decline over 3 years	-51.22%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-90.32%	—	—
Current Drawdown Current decline from peak	-17.24%	-12.37%	-4.87%
Average Drawdown Average peak-to-trough decline	-52.52%	-23.35%	-29.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.50%	29.12%	-7.62%

Volatility

BITQ vs. MNRS - Volatility Comparison

The current volatility for Bitwise Crypto Industry Innovators ETF (BITQ) is 16.45%, while Grayscale Bitcoin Miners ETF (MNRS) has a volatility of 19.99%. This indicates that BITQ 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

	BITQ	MNRS	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.45%	19.99%	-3.54%
Volatility (6M) Calculated over the trailing 6-month period	43.05%	52.71%	-9.66%
Volatility (1Y) Calculated over the trailing 1-year period	56.94%	71.27%	-14.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.32%	70.71%	-3.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.24%	70.71%	-3.47%

BITQ vs. MNRS - Expense Ratio Comparison

BITQ has a 0.85% expense ratio, which is higher than MNRS's 0.59% expense ratio.

Dividends

BITQ vs. MNRS - Dividend Comparison

BITQ has not paid dividends to shareholders, while MNRS's dividend yield for the trailing twelve months is around 0.34%.

Position	TTM	2025	2024	2023	2022	2021
BITQ Bitwise Crypto Industry Innovators ETF	0.00%	0.00%	0.90%	1.51%	0.00%	3.12%
MNRS Grayscale Bitcoin Miners ETF	0.34%	0.54%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BITQ and MNRS in my portfolio?

With a correlation of 0.95, BITQ and MNRS move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, BITQ or MNRS?

MNRS has higher volatility (19.99%) compared to BITQ (16.45%). In terms of maximum drawdown, BITQ dropped -90.32% vs MNRS's -56.70%.

Which ETF is better, BITQ or MNRS?

On 1-year performance, MNRS leads with 126.14% vs 49.39% for BITQ. On fees, MNRS is cheaper at 0.59% per year. On volatility, BITQ has been the lower-risk option at 16.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BITQ or MNRS?

Over the 1-year period, MNRS has performed better with a 126.14% return vs 49.39%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BITQ or MNRS?

MNRS is cheaper with a 0.59% expense ratio, compared with 0.85% for BITQ.

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

MNRS has the higher dividend yield at 0.34%, compared with 0.00% for BITQ.

What is the main difference between BITQ and MNRS?

BITQ tracks Bitwise Crypto Innovators 30 Index, while MNRS tracks Indxx Bitcoin Miners Index. They also come from different issuers: Bitwise and Grayscale. Their fees differ too: 0.85% for BITQ and 0.59% for MNRS.

Which has better risk-adjusted returns?

MNRS currently has the higher Sharpe Ratio (1.78 vs 0.87), 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.