DAPP vs. MNRS

Last updated Jun 23, 2026

DAPP (VanEck Digital Transformation ETF) and MNRS (Grayscale Bitcoin Miners ETF) are both Blockchain funds - DAPP tracks the MVIS Global Digital Assets Equity Index while MNRS tracks the Indxx Bitcoin Miners Index. Both are passively managed. Over the past year, DAPP returned 43.38% vs 123.27% for MNRS. Their correlation of 0.94 suggests significant overlap in exposure. DAPP charges 0.52%/yr vs 0.59%/yr for MNRS.

Performance

DAPP vs. MNRS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in VanEck Digital Transformation ETF (DAPP) 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, DAPP achieves a 32.37% return, which is significantly lower than MNRS's 61.21% return.

DAPP

• 1D: -0.64%
• 1M: 2.87%
• YTD: 32.37%
• 6M: 20.82%
• 1Y: 43.38%
• 3Y*: 51.74%
• 5Y*: 0.56%
• 10Y*: —

MNRS

• 1D: -0.40%
• 1M: 6.43%
• YTD: 61.21%
• 6M: 45.86%
• 1Y: 123.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

DAPP vs. MNRS - Yearly Performance Comparison

	2026 (YTD)	2025
DAPP VanEck Digital Transformation ETF	32.37%	12.60%
MNRS Grayscale Bitcoin Miners ETF	61.21%	14.05%

Correlation

The correlation between DAPP and MNRS is 0.96 - 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	0.96
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025	0.94

The correlation between DAPP and MNRS has been stable across timeframes, ranging from 0.94 to 0.96 - a consistent structural relationship.

Return for Risk

DAPP vs. MNRS — Risk / Return Rank

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

DAPP

DAPP Risk / Return Rank: 21
DAPP Sharpe Ratio Rank: 20
DAPP Sortino Ratio Rank: 24
DAPP Omega Ratio Rank: 23
DAPP Calmar Ratio Rank: 20
DAPP Martin Ratio Rank: 17

MNRS

MNRS Risk / Return Rank: 44
MNRS Sharpe Ratio Rank: 53
MNRS Sortino Ratio Rank: 47
MNRS Omega Ratio Rank: 43
MNRS Calmar Ratio Rank: 45
MNRS Martin Ratio Rank: 30

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.

DAPP vs. MNRS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Digital Transformation ETF (DAPP) 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.

	DAPP	MNRS	Difference
Sharpe ratio: Return per unit of total volatility	0.70	1.74	-1.04
Sortino ratio: Return per unit of downside risk	1.31	2.27	-0.96
Omega ratio: Gain probability vs. loss probability	1.15	1.27	-0.12
Calmar ratio: Return relative to maximum drawdown	0.90	2.19	-1.28
Martin ratio: Return relative to average drawdown	1.74	4.25	-2.51

DAPP vs. MNRS - Sharpe Ratio Comparison

The current DAPP Sharpe Ratio is 0.70, which is lower than the MNRS Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of DAPP 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

DAPP vs. MNRS - Drawdown Comparison

The maximum DAPP drawdown since its inception was -92.61%, which is greater than MNRS's maximum drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for DAPP and MNRS.

Drawdown Indicators

	DAPP	MNRS	Difference
Max Drawdown Largest peak-to-trough decline	-92.61%	-56.70%	-35.91%
Max Drawdown (1Y) Largest decline over 1 year	-48.21%	-56.70%	+8.49%
Max Drawdown (3Y) Largest decline over 3 years	-58.88%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-91.90%	—	—
Current Drawdown Current decline from peak	-33.81%	-11.14%	-22.67%
Average Drawdown Average peak-to-trough decline	-61.16%	-23.38%	-37.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.96%	29.11%	-4.15%

Volatility

DAPP vs. MNRS - Volatility Comparison

The current volatility for VanEck Digital Transformation ETF (DAPP) is 18.01%, while Grayscale Bitcoin Miners ETF (MNRS) has a volatility of 21.22%. This indicates that DAPP 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

	DAPP	MNRS	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.01%	21.22%	-3.21%
Volatility (6M) Calculated over the trailing 6-month period	46.44%	52.69%	-6.25%
Volatility (1Y) Calculated over the trailing 1-year period	62.22%	71.38%	-9.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.11%	70.79%	+2.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.81%	70.79%	+2.02%

DAPP vs. MNRS - Expense Ratio Comparison

DAPP has a 0.52% expense ratio, which is lower than MNRS's 0.59% expense ratio.

Dividends

DAPP vs. MNRS - Dividend Comparison

DAPP 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
DAPP VanEck Digital Transformation ETF	0.00%	0.00%	4.04%	0.00%	0.00%	10.13%
MNRS Grayscale Bitcoin Miners ETF	0.34%	0.54%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both DAPP and MNRS in my portfolio?

With a correlation of 0.96, DAPP 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, DAPP or MNRS?

MNRS has higher volatility (21.22%) compared to DAPP (18.01%). In terms of maximum drawdown, DAPP dropped -92.61% vs MNRS's -56.70%.

Which ETF is better, DAPP or MNRS?

On 1-year performance, MNRS leads with 123.27% vs 43.38% for DAPP. On fees, DAPP is cheaper at 0.52% per year. On volatility, DAPP has been the lower-risk option at 18.01%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DAPP or MNRS?

Over the 1-year period, MNRS has performed better with a 123.27% return vs 43.38%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DAPP or MNRS?

DAPP is cheaper with a 0.52% expense ratio, compared with 0.59% for MNRS.

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

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

What is the main difference between DAPP and MNRS?

DAPP tracks MVIS Global Digital Assets Equity Index, while MNRS tracks Indxx Bitcoin Miners Index. They also come from different issuers: VanEck and Grayscale. Their fees differ too: 0.52% for DAPP and 0.59% for MNRS.

Which has better risk-adjusted returns?

MNRS currently has the higher Sharpe Ratio (1.74 vs 0.70), 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.