GAVA vs. MNRS

Last updated Aug 2, 2026

GAVA (Grayscale Avalanche Staking ETF) and MNRS (Grayscale Bitcoin Miners ETF) are both exchange-traded funds - GAVA is a Cryptocurrency fund actively managed by Grayscale, while MNRS is a Blockchain fund tracking the Indxx Bitcoin Miners Index. GAVA is actively managed, while MNRS is passively managed. Their 0.45 correlation means their historical movements had little consistent relationship. GAVA charges 0.35%/yr vs 0.59%/yr for MNRS.

Performance

GAVA vs. MNRS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Avalanche Staking ETF (GAVA) and Grayscale Bitcoin Miners ETF (MNRS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

GAVA

• 1D: -1.11%
• 1M: -5.05%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

MNRS

• 1D: -2.54%
• 1M: -6.16%
• 6M: 0.46%
• YTD: 15.24%
• 1Y: 39.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.02%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GAVA Grayscale Avalanche Staking ETF	$25.36K	$35.54K	$52.60K
MNRS Grayscale Bitcoin Miners ETF	$301.29K	$286.50K	$542.86K

GAVA vs. MNRS - Yearly Performance Comparison

	2026 (YTD)
GAVA Grayscale Avalanche Staking ETF	-32.74%
MNRS Grayscale Bitcoin Miners ETF	18.33%

Correlation

The correlation between GAVA and MNRS is 0.45, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 12, 2026	0.45

Return for Risk

GAVA vs. MNRS — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GAVA

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MNRS

MNRS Risk / Return Rank: 22
MNRS Sharpe Ratio Rank: 20
MNRS Sortino Ratio Rank: 28
MNRS Omega Ratio Rank: 26
MNRS Calmar Ratio Rank: 20
MNRS Martin Ratio Rank: 17

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GAVA vs. MNRS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Avalanche Staking ETF (GAVA) 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.

	GAVA	MNRS	Difference
Sharpe ratio: Return per unit of total volatility	—	0.39	—
Sortino ratio: Return per unit of downside risk	—	1.08	—
Omega ratio: Gain probability vs. loss probability	—	1.12	—
Calmar ratio: Return relative to maximum drawdown	—	0.52	—
Martin ratio: Return relative to average drawdown	—	0.96	—

Drawdowns

GAVA vs. MNRS - Drawdown Comparison

The maximum GAVA drawdown since its inception was -40.42%, smaller than the maximum MNRS drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for GAVA and MNRS.

Drawdown Indicators

	GAVA	MNRS	Difference
Max Drawdown Largest peak-to-trough decline	-40.42%	-56.70%	+16.28%
Max Drawdown (1Y) Largest decline over 1 year	—	-56.70%	—
Current Drawdown Current decline from peak	-37.27%	-36.48%	-0.79%
Average Drawdown Average peak-to-trough decline	-19.71%	-23.92%	+4.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	30.84%	—

Volatility

Volatility by Period

	GAVA	MNRS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	29.70%	—
Volatility (6M) Calculated over the trailing 6-month period	—	56.91%	—
Volatility (1Y) Calculated over the trailing 1-year period	52.40%	75.89%	-23.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	52.40%	72.74%	-20.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.40%	72.74%	-20.34%

GAVA vs. MNRS - Expense Ratio Comparison

GAVA has a 0.35% expense ratio, which is lower than MNRS's 0.59% expense ratio.

Dividends

GAVA vs. MNRS - Dividend Comparison

GAVA has not paid dividends to shareholders, while MNRS's dividend yield for the trailing twelve months is around 0.47%.

Position	TTM	2025
GAVA Grayscale Avalanche Staking ETF	0.00%	0.00%
MNRS Grayscale Bitcoin Miners ETF	0.47%	0.54%

Frequently Asked Questions

Can I hold both GAVA and MNRS in my portfolio?

GAVA and MNRS have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GAVA or MNRS?

On fees, GAVA is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GAVA or MNRS?

GAVA is cheaper with a 0.35% expense ratio, compared with 0.59% for MNRS.

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

MNRS has the higher dividend yield at 0.47%, compared with 0.00% for GAVA.

What is the main difference between GAVA and MNRS?

GAVA is categorized as Cryptocurrency, while MNRS is Blockchain. Their fees differ too: 0.35% for GAVA and 0.59% for MNRS.