DECO vs. MNRS

Last updated Jun 23, 2026

DECO (State Street Galaxy Digital Asset Ecosystem ETF) and MNRS (Grayscale Bitcoin Miners ETF) are both Blockchain funds. DECO is actively managed, while MNRS is passively managed. Over the past year, DECO returned 168.39% vs 123.27% for MNRS. Their correlation of 0.92 suggests significant overlap in exposure. DECO charges 0.65%/yr vs 0.59%/yr for MNRS.

Performance

DECO vs. MNRS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Galaxy Digital Asset Ecosystem ETF (DECO) 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, DECO achieves a 82.53% return, which is significantly higher than MNRS's 61.21% return.

DECO

• 1D: 0.37%
• 1M: 16.71%
• YTD: 82.53%
• 6M: 72.36%
• 1Y: 168.39%
• 3Y*: —
• 5Y*: —
• 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)

DECO vs. MNRS - Yearly Performance Comparison

	2026 (YTD)	2025
DECO State Street Galaxy Digital Asset Ecosystem ETF	82.53%	34.27%
MNRS Grayscale Bitcoin Miners ETF	61.21%	14.05%

Correlation

The correlation between DECO and MNRS is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025	0.92

The correlation between DECO and MNRS has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

Return for Risk

DECO vs. MNRS — Risk / Return Rank

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

DECO

DECO Risk / Return Rank: 90
DECO Sharpe Ratio Rank: 96
DECO Sortino Ratio Rank: 89
DECO Omega Ratio Rank: 85
DECO Calmar Ratio Rank: 94
DECO Martin Ratio Rank: 88

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.

DECO vs. MNRS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Galaxy Digital Asset Ecosystem ETF (DECO) 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.

	DECO	MNRS	Difference
Sharpe ratio: Return per unit of total volatility	3.78	1.74	+2.04
Sortino ratio: Return per unit of downside risk	3.88	2.27	+1.61
Omega ratio: Gain probability vs. loss probability	1.49	1.27	+0.22
Calmar ratio: Return relative to maximum drawdown	6.62	2.19	+4.43
Martin ratio: Return relative to average drawdown	18.43	4.25	+14.18

DECO vs. MNRS - Sharpe Ratio Comparison

The current DECO Sharpe Ratio is 3.78, which is higher than the MNRS Sharpe Ratio of 1.74. The chart below compares the historical Sharpe Ratios of DECO 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

DECO vs. MNRS - Drawdown Comparison

The maximum DECO drawdown since its inception was -47.71%, smaller than the maximum MNRS drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for DECO and MNRS.

Drawdown Indicators

	DECO	MNRS	Difference
Max Drawdown Largest peak-to-trough decline	-47.71%	-56.70%	+8.99%
Max Drawdown (1Y) Largest decline over 1 year	-25.60%	-56.70%	+31.10%
Current Drawdown Current decline from peak	0.00%	-11.14%	+11.14%
Average Drawdown Average peak-to-trough decline	-11.44%	-23.38%	+11.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.18%	29.11%	-19.93%

Volatility

DECO vs. MNRS - Volatility Comparison

The current volatility for State Street Galaxy Digital Asset Ecosystem ETF (DECO) is 12.48%, while Grayscale Bitcoin Miners ETF (MNRS) has a volatility of 21.22%. This indicates that DECO 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

	DECO	MNRS	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.48%	21.22%	-8.74%
Volatility (6M) Calculated over the trailing 6-month period	33.97%	52.69%	-18.72%
Volatility (1Y) Calculated over the trailing 1-year period	44.90%	71.38%	-26.48%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	51.35%	70.79%	-19.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.35%	70.79%	-19.44%

DECO vs. MNRS - Expense Ratio Comparison

DECO has a 0.65% expense ratio, which is higher than MNRS's 0.59% expense ratio.

Dividends

DECO vs. MNRS - Dividend Comparison

DECO's dividend yield for the trailing twelve months is around 0.63%, more than MNRS's 0.34% yield.

Position	TTM	2025	2024
DECO State Street Galaxy Digital Asset Ecosystem ETF	0.63%	1.16%	1.73%
MNRS Grayscale Bitcoin Miners ETF	0.34%	0.54%	0.00%

Frequently Asked Questions

Can I hold both DECO and MNRS in my portfolio?

With a correlation of 0.92, DECO 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, DECO or MNRS?

MNRS has higher volatility (21.22%) compared to DECO (12.48%). In terms of maximum drawdown, DECO dropped -47.71% vs MNRS's -56.70%.

Which ETF is better, DECO or MNRS?

On 1-year performance, DECO leads with 168.39% vs 123.27% for MNRS. On fees, MNRS is cheaper at 0.59% per year. On volatility, DECO has been the lower-risk option at 12.48%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, DECO or MNRS?

Over the 1-year period, DECO has performed better with a 168.39% return vs 123.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DECO or MNRS?

MNRS is cheaper with a 0.59% expense ratio, compared with 0.65% for DECO.

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

DECO has the higher dividend yield at 0.63%, compared with 0.34% for MNRS.

What is the main difference between DECO and MNRS?

They also come from different issuers: State Street and Grayscale. Their fees differ too: 0.65% for DECO and 0.59% for MNRS.

Which has better risk-adjusted returns?

DECO currently has the higher Sharpe Ratio (3.78 vs 1.74), 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.