FDIG vs. MNRS

Last updated Jun 4, 2026

FDIG (Fidelity Crypto Industry and Digital Payments ETF) and MNRS (Grayscale Bitcoin Miners ETF) are both Blockchain funds - FDIG tracks the Fidelity Crypto Industry and Digital Payments Index while MNRS tracks the Indxx Bitcoin Miners Index. Both are passively managed. Over the past year, FDIG returned 50.23% vs 129.17% for MNRS. With a 0.95 correlation, they move nearly in lockstep. FDIG charges 0.39%/yr vs 0.59%/yr for MNRS.

Performance

FDIG vs. MNRS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Crypto Industry and Digital Payments ETF (FDIG) 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, FDIG achieves a 19.73% return, which is significantly lower than MNRS's 66.15% return.

FDIG

• 1D: -2.69%
• 1M: 10.27%
• YTD: 19.73%
• 6M: 6.20%
• 1Y: 50.23%
• 3Y*: 40.44%
• 5Y*: —
• 10Y*: —

MNRS

• 1D: -2.00%
• 1M: 35.90%
• YTD: 66.15%
• 6M: 40.56%
• 1Y: 129.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FDIG vs. MNRS - Yearly Performance Comparison

	2026 (YTD)	2025
FDIG Fidelity Crypto Industry and Digital Payments ETF	19.73%	11.03%
MNRS Grayscale Bitcoin Miners ETF	66.15%	12.66%

Correlation

The correlation between FDIG and MNRS is 0.95, 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	0.95
Correlation (All Time) Calculated using the full available price history since Jan 31, 2025	0.95

The correlation between FDIG and MNRS has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.

Return for Risk

FDIG vs. MNRS — Risk / Return Rank

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

FDIG

FDIG Risk / Return Rank: 25
FDIG Sharpe Ratio Rank: 28
FDIG Sortino Ratio Rank: 29
FDIG Omega Ratio Rank: 27
FDIG Calmar Ratio Rank: 23
FDIG Martin Ratio Rank: 19

MNRS

MNRS Risk / Return Rank: 45
MNRS Sharpe Ratio Rank: 55
MNRS Sortino Ratio Rank: 49
MNRS Omega Ratio Rank: 44
MNRS Calmar Ratio Rank: 47
MNRS Martin Ratio Rank: 31

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.

FDIG vs. MNRS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Crypto Industry and Digital Payments ETF (FDIG) 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.

	FDIG	MNRS	Difference
Sharpe ratio: Return per unit of total volatility	1.02	1.85	-0.83
Sortino ratio: Return per unit of downside risk	1.59	2.37	-0.78
Omega ratio: Gain probability vs. loss probability	1.18	1.28	-0.10
Calmar ratio: Return relative to maximum drawdown	1.08	2.29	-1.21
Martin ratio: Return relative to average drawdown	2.09	4.48	-2.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FDIG vs. MNRS - Sharpe Ratio Comparison

The current FDIG Sharpe Ratio is 1.02, which is lower than the MNRS Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of FDIG 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

	FDIG	MNRS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.02	1.85	-0.83
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.85	-0.55

Drawdowns

FDIG vs. MNRS - Drawdown Comparison

The maximum FDIG drawdown since its inception was -58.32%, roughly equal to the maximum MNRS drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for FDIG and MNRS.

Drawdown Indicators

	FDIG	MNRS	Difference
Max Drawdown Largest peak-to-trough decline	-58.32%	-56.70%	-1.62%
Max Drawdown (1Y) Largest decline over 1 year	-46.69%	-56.70%	+10.01%
Max Drawdown (3Y) Largest decline over 3 years	-49.66%	—	—
Current Drawdown Current decline from peak	-20.70%	-8.42%	-12.28%
Average Drawdown Average peak-to-trough decline	-26.16%	-23.73%	-2.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.11%	28.93%	-4.82%

Volatility

FDIG vs. MNRS - Volatility Comparison

The current volatility for Fidelity Crypto Industry and Digital Payments ETF (FDIG) is 12.92%, while Grayscale Bitcoin Miners ETF (MNRS) has a volatility of 20.30%. This indicates that FDIG 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

	FDIG	MNRS	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.92%	20.30%	-7.38%
Volatility (6M) Calculated over the trailing 6-month period	35.95%	52.57%	-16.62%
Volatility (1Y) Calculated over the trailing 1-year period	49.60%	70.28%	-20.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	60.81%	70.50%	-9.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	60.81%	70.50%	-9.69%

FDIG vs. MNRS - Expense Ratio Comparison

FDIG has a 0.39% expense ratio, which is lower than MNRS's 0.59% expense ratio.

Dividends

FDIG vs. MNRS - Dividend Comparison

FDIG's dividend yield for the trailing twelve months is around 1.03%, more than MNRS's 0.33% yield.

Position	TTM	2025	2024	2023
FDIG Fidelity Crypto Industry and Digital Payments ETF	1.03%	1.14%	1.17%	0.18%
MNRS Grayscale Bitcoin Miners ETF	0.33%	0.54%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FDIG and MNRS in my portfolio?

With a correlation of 0.95, FDIG 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, FDIG or MNRS?

MNRS has higher volatility (20.30%) compared to FDIG (12.92%). In terms of maximum drawdown, FDIG dropped -58.32% vs MNRS's -56.70%.

Which ETF is better, FDIG or MNRS?

On 1-year performance, MNRS leads with 129.17% vs 50.23% for FDIG. On fees, FDIG is cheaper at 0.39% per year. On volatility, FDIG has been the lower-risk option at 12.92%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FDIG or MNRS?

Over the 1-year period, MNRS has performed better with a 129.17% return vs 50.23%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FDIG or MNRS?

FDIG is cheaper with a 0.39% expense ratio, compared with 0.59% for MNRS.

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

FDIG has the higher dividend yield at 1.03%, compared with 0.33% for MNRS.

What is the main difference between FDIG and MNRS?

FDIG tracks Fidelity Crypto Industry and Digital Payments Index, while MNRS tracks Indxx Bitcoin Miners Index. They also come from different issuers: Fidelity and Grayscale. Their fees differ too: 0.39% for FDIG and 0.59% for MNRS.

Which has better risk-adjusted returns?

MNRS currently has the higher Sharpe Ratio (1.85 vs 1.02), 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.