BLCN vs. MNRS

Last updated Jun 4, 2026

BLCN (Siren ETF Trust Siren Nasdaq NexGen Economy ETF) and MNRS (Grayscale Bitcoin Miners ETF) are both exchange-traded funds - BLCN is a Large Cap Blend Equities fund tracking the Siren NASDAQ Blockchain Economy Index, while MNRS is a Blockchain fund tracking the Indxx Bitcoin Miners Index. Both are passively managed. Over the past year, BLCN returned 27.10% vs 145.64% for MNRS. A 0.62 correlation means they provide meaningful diversification when combined. BLCN charges 0.68%/yr vs 0.59%/yr for MNRS.

Performance

BLCN vs. MNRS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Siren ETF Trust Siren Nasdaq NexGen Economy ETF (BLCN) 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, BLCN achieves a 13.09% return, which is significantly lower than MNRS's 69.53% return.

BLCN

• 1D: 0.39%
• 1M: 10.42%
• YTD: 13.09%
• 6M: 10.14%
• 1Y: 27.10%
• 3Y*: 9.50%
• 5Y*: -9.77%
• 10Y*: —

MNRS

• 1D: -0.29%
• 1M: 43.77%
• YTD: 69.53%
• 6M: 48.60%
• 1Y: 145.64%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

BLCN vs. MNRS - Yearly Performance Comparison

	2026 (YTD)	2025
BLCN Siren ETF Trust Siren Nasdaq NexGen Economy ETF	13.09%	-6.64%
MNRS Grayscale Bitcoin Miners ETF	69.53%	12.66%

Correlation

The correlation between BLCN and MNRS is 0.58, 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	0.58
Correlation (All Time) Calculated using the full available price history since Jan 31, 2025	0.62

The correlation between BLCN and MNRS has been stable across timeframes, ranging from 0.58 to 0.62 - a consistent structural relationship.

Return for Risk

BLCN vs. MNRS — Risk / Return Rank

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

BLCN

BLCN Risk / Return Rank: 21
BLCN Sharpe Ratio Rank: 21
BLCN Sortino Ratio Rank: 23
BLCN Omega Ratio Rank: 23
BLCN Calmar Ratio Rank: 21
BLCN Martin Ratio Rank: 18

MNRS

MNRS Risk / Return Rank: 49
MNRS Sharpe Ratio Rank: 60
MNRS Sortino Ratio Rank: 51
MNRS Omega Ratio Rank: 47
MNRS Calmar Ratio Rank: 53
MNRS Martin Ratio Rank: 34

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.

BLCN vs. MNRS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Siren ETF Trust Siren Nasdaq NexGen Economy ETF (BLCN) 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.

	BLCN	MNRS	Difference
Sharpe ratio Return per unit of total volatility	0.76	2.09	-1.33
Sortino ratio Return per unit of downside risk	1.25	2.53	-1.27
Omega ratio Gain probability vs. loss probability	1.15	1.30	-0.15
Calmar ratio Return relative to maximum drawdown	0.92	2.70	-1.78
Martin ratio Return relative to average drawdown	1.97	5.30	-3.33
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BLCN vs. MNRS - Sharpe Ratio Comparison

The current BLCN Sharpe Ratio is 0.76, which is lower than the MNRS Sharpe Ratio of 2.09. The chart below compares the historical Sharpe Ratios of BLCN 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.

Sharpe Ratios by Period

	BLCN	MNRS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.76	2.09	-1.33
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.89	-0.81

Drawdowns

BLCN vs. MNRS - Drawdown Comparison

The maximum BLCN drawdown since its inception was -67.51%, which is greater than MNRS's maximum drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for BLCN and MNRS.

Drawdown Indicators

	BLCN	MNRS	Difference
Max Drawdown Largest peak-to-trough decline	-67.51%	-56.70%	-10.81%
Max Drawdown (1Y) Largest decline over 1 year	-29.53%	-56.70%	+27.17%
Max Drawdown (3Y) Largest decline over 3 years	-45.26%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-67.51%	—	—
Current Drawdown Current decline from peak	-45.11%	-6.55%	-38.56%
Average Drawdown Average peak-to-trough decline	-30.29%	-23.77%	-6.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.82%	28.93%	-15.11%

Volatility

BLCN vs. MNRS - Volatility Comparison

The current volatility for Siren ETF Trust Siren Nasdaq NexGen Economy ETF (BLCN) is 14.45%, while Grayscale Bitcoin Miners ETF (MNRS) has a volatility of 20.07%. This indicates that BLCN 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

	BLCN	MNRS	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.45%	20.07%	-5.62%
Volatility (6M) Calculated over the trailing 6-month period	29.11%	52.65%	-23.54%
Volatility (1Y) Calculated over the trailing 1-year period	36.03%	70.28%	-34.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	34.93%	70.57%	-35.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.22%	70.57%	-39.35%

BLCN vs. MNRS - Expense Ratio Comparison

BLCN has a 0.68% expense ratio, which is higher than MNRS's 0.59% expense ratio.

Dividends

BLCN vs. MNRS - Dividend Comparison

BLCN's dividend yield for the trailing twelve months is around 2.66%, more than MNRS's 0.32% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BLCN Siren ETF Trust Siren Nasdaq NexGen Economy ETF	2.66%	3.01%	0.67%	0.54%	1.28%	0.56%	0.58%	1.45%	1.16%
MNRS Grayscale Bitcoin Miners ETF	0.32%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BLCN and MNRS in my portfolio?

BLCN and MNRS have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BLCN or MNRS?

MNRS has higher volatility (20.07%) compared to BLCN (14.45%). In terms of maximum drawdown, BLCN dropped -67.51% vs MNRS's -56.70%.

Which ETF is better, BLCN or MNRS?

On 1-year performance, MNRS leads with 145.64% vs 27.10% for BLCN. On fees, MNRS is cheaper at 0.59% per year. On volatility, BLCN has been the lower-risk option at 14.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BLCN or MNRS?

Over the 1-year period, MNRS has performed better with a 145.64% return vs 27.10%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BLCN or MNRS?

MNRS is cheaper with a 0.59% expense ratio, compared with 0.68% for BLCN.

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

BLCN has the higher dividend yield at 2.66%, compared with 0.32% for MNRS.

What is the main difference between BLCN and MNRS?

BLCN is categorized as Large Cap Blend Equities, while MNRS is Blockchain. BLCN tracks Siren NASDAQ Blockchain Economy Index, while MNRS tracks Indxx Bitcoin Miners Index. They also come from different issuers: SRN Advisors and Grayscale. Their fees differ too: 0.68% for BLCN and 0.59% for MNRS.

Which has better risk-adjusted returns?

MNRS currently has the higher Sharpe Ratio (2.09 vs 0.76), 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.