BTC vs. MNRS
BTC (Grayscale Bitcoin Mini Trust ETF) and MNRS (Grayscale Bitcoin Miners ETF) are both exchange-traded funds - BTC is a Cryptocurrency fund actively managed by Grayscale, while MNRS is a Blockchain fund tracking the Indxx Bitcoin Miners Index. BTC is actively managed, while MNRS is passively managed. Over the past year, BTC returned -43.50% vs 100.47% for MNRS. A 0.64 correlation means they provide meaningful diversification when combined. BTC charges 0.15%/yr vs 0.59%/yr for MNRS.
Performance
BTC vs. MNRS - Performance Comparison
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Returns By Period
In the year-to-date period, BTC achieves a -31.66% return, which is significantly lower than MNRS's 49.75% return.
BTC
- 1D
- -3.96%
- 1M
- -21.06%
- YTD
- -31.66%
- 6M
- -31.44%
- 1Y
- -43.50%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MNRS
- 1D
- -5.80%
- 1M
- -1.14%
- YTD
- 49.75%
- 6M
- 38.73%
- 1Y
- 100.47%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
BTC vs. MNRS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | -31.66% | -16.22% |
MNRS Grayscale Bitcoin Miners ETF | 49.75% | 14.05% |
Correlation
The correlation between BTC and MNRS is 0.62, 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 | 0.62 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.64 |
The correlation between BTC and MNRS has been stable across timeframes, ranging from 0.62 to 0.64 - a consistent structural relationship.
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Return for Risk
BTC vs. MNRS — Risk / Return Rank
BTC
MNRS
BTC vs. MNRS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Mini Trust ETF (BTC) 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.
| BTC | MNRS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.40 | ||
| Sortino ratioReturn per unit of downside risk | -3.46 | ||
| Omega ratioGain probability vs. loss probability | 0.84 | 1.24 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.83 | 1.78 | -2.61 |
| Martin ratioReturn relative to average drawdown | -1.42 | 3.46 | -4.88 |
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Drawdowns
BTC vs. MNRS - Drawdown Comparison
The maximum BTC drawdown since its inception was -52.37%, smaller than the maximum MNRS drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for BTC and MNRS.
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Drawdown Indicators
| BTC | MNRS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -52.37% | -56.70% | +4.33% |
Max Drawdown (1Y)Largest decline over 1 year | -52.37% | -56.70% | +4.33% |
Current DrawdownCurrent decline from peak | -52.37% | -17.46% | -34.91% |
Average DrawdownAverage peak-to-trough decline | -17.73% | -23.33% | +5.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.70% | 29.14% | +1.56% |
Volatility
BTC vs. MNRS - Volatility Comparison
The current volatility for Grayscale Bitcoin Mini Trust ETF (BTC) is 13.21%, while Grayscale Bitcoin Miners ETF (MNRS) has a volatility of 20.93%. This indicates that BTC 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.
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Volatility by Period
| BTC | MNRS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 13.21% | 20.93% | -7.72% |
Volatility (6M)Calculated over the trailing 6-month period | 34.53% | 52.42% | -17.89% |
Volatility (1Y)Calculated over the trailing 1-year period | 44.39% | 71.47% | -27.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 48.29% | 70.79% | -22.50% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 48.29% | 70.79% | -22.50% |
BTC vs. MNRS - Expense Ratio Comparison
BTC has a 0.15% expense ratio, which is lower than MNRS's 0.59% expense ratio.
Dividends
BTC vs. MNRS - Dividend Comparison
BTC has not paid dividends to shareholders, while MNRS's dividend yield for the trailing twelve months is around 0.36%.
| Position | TTM | 2025 |
|---|---|---|
BTC Grayscale Bitcoin Mini Trust ETF | 0.00% | 0.00% |
MNRS Grayscale Bitcoin Miners ETF | 0.36% | 0.54% |
Frequently Asked Questions
BTC and MNRS have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MNRS has higher volatility (20.93%) compared to BTC (13.21%). In terms of maximum drawdown, BTC dropped -52.37% vs MNRS's -56.70%.
On 1-year performance, MNRS leads with 100.47% vs -43.50% for BTC. On fees, BTC is cheaper at 0.15% per year. On volatility, BTC has been the lower-risk option at 13.21%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MNRS has performed better with a 100.47% return vs -43.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BTC is cheaper with a 0.15% expense ratio, compared with 0.59% for MNRS.
MNRS has the higher dividend yield at 0.36%, compared with 0.00% for BTC.
BTC is categorized as Cryptocurrency, while MNRS is Blockchain. Their fees differ too: 0.15% for BTC and 0.59% for MNRS.
MNRS currently has the higher Sharpe Ratio (1.42 vs -0.98), 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.
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