BPI vs. MNRS
BPI (Grayscale Bitcoin Premium Income ETF) and MNRS (Grayscale Bitcoin Miners ETF) are both exchange-traded funds - BPI is a Derivative Income fund actively managed by Grayscale, while MNRS is a Blockchain fund tracking the Indxx Bitcoin Miners Index. BPI is actively managed, while MNRS is passively managed. At a 0.41 correlation, their price movements are largely independent. BPI charges 0.65%/yr vs 0.59%/yr for MNRS.
Performance
BPI vs. MNRS - Performance Comparison
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Returns By Period
BPI
- 1D
- 1.29%
- 1M
- 3.45%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
MNRS
- 1D
- 9.42%
- 1M
- -26.41%
- 6M
- -8.31%
- YTD
- 19.11%
- 1Y
- 23.88%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 23.21%
BPI vs. MNRS - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
BPI Grayscale Bitcoin Premium Income ETF | -13.81% |
MNRS Grayscale Bitcoin Miners ETF | 8.03% |
Correlation
The correlation between BPI and MNRS is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Apr 30, 2026 | 0.41 |
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Return for Risk
BPI vs. MNRS — Risk / Return Rank
BPI
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
MNRS
BPI vs. MNRS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Premium Income ETF (BPI) 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.
| BPI | MNRS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | — | 1.11 | — |
| Calmar ratioReturn relative to maximum drawdown | — | 0.42 | — |
| Martin ratioReturn relative to average drawdown | — | 0.79 | — |
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Drawdowns
BPI vs. MNRS - Drawdown Comparison
The maximum BPI drawdown since its inception was -27.02%, smaller than the maximum MNRS drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for BPI and MNRS.
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Drawdown Indicators
| BPI | MNRS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.02% | -56.70% | +29.68% |
Max Drawdown (1Y)Largest decline over 1 year | — | -56.70% | — |
Current DrawdownCurrent decline from peak | -19.49% | -34.34% | +14.85% |
Average DrawdownAverage peak-to-trough decline | -14.74% | -23.64% | +8.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | — | 30.20% | — |
Volatility
BPI vs. MNRS - Volatility Comparison
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Volatility by Period
| BPI | MNRS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | — | 20.50% | — |
Volatility (6M)Calculated over the trailing 6-month period | — | 54.07% | — |
Volatility (1Y)Calculated over the trailing 1-year period | 36.81% | 72.65% | -35.84% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 36.81% | 71.04% | -34.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.81% | 71.04% | -34.23% |
BPI vs. MNRS - Expense Ratio Comparison
BPI has a 0.65% expense ratio, which is higher than MNRS's 0.59% expense ratio.
Dividends
BPI vs. MNRS - Dividend Comparison
BPI's dividend yield for the trailing twelve months is around 4.12%, more than MNRS's 0.46% yield.
| Position | TTM | 2025 |
|---|---|---|
BPI Grayscale Bitcoin Premium Income ETF | 4.12% | 0.00% |
MNRS Grayscale Bitcoin Miners ETF | 0.46% | 0.54% |
Frequently Asked Questions
BPI and MNRS have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, MNRS is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.
MNRS is cheaper with a 0.59% expense ratio, compared with 0.65% for BPI.
BPI has the higher dividend yield at 4.12%, compared with 0.46% for MNRS.
BPI is categorized as Derivative Income, while MNRS is Blockchain. Their fees differ too: 0.65% for BPI and 0.59% for MNRS.
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