GBTC vs. MNRS

Last updated Jul 16, 2026

GBTC (Grayscale Bitcoin Trust ETF) and MNRS (Grayscale Bitcoin Miners ETF) are both exchange-traded funds - GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index, while MNRS is a Blockchain fund tracking the Indxx Bitcoin Miners Index. Both are passively managed. Over the past year, GBTC returned -45.06% vs 33.60% for MNRS. A 0.62 correlation means they provide meaningful diversification when combined. GBTC charges 1.50%/yr vs 0.59%/yr for MNRS.

Performance

GBTC vs. MNRS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Trust ETF (GBTC) 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, GBTC achieves a -26.36% return, which is significantly lower than MNRS's 20.58% return.

GBTC

• 1D: 0.62%
• 1M: -2.54%
• 6M: -34.03%
• YTD: -26.36%
• 1Y: -45.06%
• 3Y*: 36.60%
• 5Y*: 13.95%
• 10Y*: 45.83%

MNRS

• 1D: 1.02%
• 1M: -24.01%
• 6M: -4.46%
• YTD: 20.58%
• 1Y: 33.60%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GBTC vs. MNRS - Yearly Performance Comparison

	2026 (YTD)	2025
GBTC Grayscale Bitcoin Trust ETF	-26.36%	-17.22%
MNRS Grayscale Bitcoin Miners ETF	20.58%	14.05%

Correlation

The correlation between GBTC and MNRS is 0.60, 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	0.60
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025	0.62

The correlation between GBTC and MNRS has been stable across timeframes, ranging from 0.60 to 0.62 - a consistent structural relationship.

Return for Risk

GBTC vs. MNRS — Risk / Return Rank

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

GBTC

GBTC Risk / Return Rank: 2
GBTC Sharpe Ratio Rank: 1
GBTC Sortino Ratio Rank: 2
GBTC Omega Ratio Rank: 2
GBTC Calmar Ratio Rank: 2
GBTC Martin Ratio Rank: 2

MNRS

MNRS Risk / Return Rank: 19
MNRS Sharpe Ratio Rank: 18
MNRS Sortino Ratio Rank: 24
MNRS Omega Ratio Rank: 22
MNRS Calmar Ratio Rank: 17
MNRS Martin Ratio Rank: 15

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.

GBTC vs. MNRS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Trust ETF (GBTC) 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.

	GBTC	MNRS	Difference
Sharpe ratio: Return per unit of total volatility	-1.02	0.47	-1.49
Sortino ratio: Return per unit of downside risk	-1.52	1.13	-2.65
Omega ratio: Gain probability vs. loss probability	0.83	1.13	-0.30
Calmar ratio: Return relative to maximum drawdown	-0.84	0.60	-1.44
Martin ratio: Return relative to average drawdown	-1.36	1.13	-2.48

GBTC vs. MNRS - Sharpe Ratio Comparison

The current GBTC Sharpe Ratio is -1.02, which is lower than the MNRS Sharpe Ratio of 0.47. The chart below compares the historical Sharpe Ratios of GBTC 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

GBTC vs. MNRS - Drawdown Comparison

The maximum GBTC drawdown since its inception was -89.91%, which is greater than MNRS's maximum drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for GBTC and MNRS.

Drawdown Indicators

	GBTC	MNRS	Difference
Max Drawdown Largest peak-to-trough decline	-89.91%	-56.70%	-33.21%
Max Drawdown (1Y) Largest decline over 1 year	-53.75%	-56.70%	+2.95%
Max Drawdown (3Y) Largest decline over 3 years	-53.75%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-85.42%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-89.91%	—	—
Current Drawdown Current decline from peak	-48.86%	-33.54%	-15.32%
Average Drawdown Average peak-to-trough decline	-43.49%	-23.53%	-19.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	33.24%	29.92%	+3.32%

Volatility

GBTC vs. MNRS - Volatility Comparison

The current volatility for Grayscale Bitcoin Trust ETF (GBTC) is 11.69%, while Grayscale Bitcoin Miners ETF (MNRS) has a volatility of 17.33%. This indicates that GBTC 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

	GBTC	MNRS	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.69%	17.33%	-5.64%
Volatility (6M) Calculated over the trailing 6-month period	34.91%	52.73%	-17.82%
Volatility (1Y) Calculated over the trailing 1-year period	44.36%	71.63%	-27.27%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	61.84%	70.57%	-8.73%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	81.44%	70.57%	+10.87%

GBTC vs. MNRS - Expense Ratio Comparison

GBTC has a 1.50% expense ratio, which is higher than MNRS's 0.59% expense ratio.

Dividends

GBTC vs. MNRS - Dividend Comparison

GBTC has not paid dividends to shareholders, while MNRS's dividend yield for the trailing twelve months is around 0.45%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBTC Grayscale Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%
MNRS Grayscale Bitcoin Miners ETF	0.45%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GBTC and MNRS in my portfolio?

GBTC and MNRS have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GBTC or MNRS?

MNRS has higher volatility (17.33%) compared to GBTC (11.69%). In terms of maximum drawdown, GBTC dropped -89.91% vs MNRS's -56.70%.

Which ETF is better, GBTC or MNRS?

On 1-year performance, MNRS leads with 33.60% vs -45.06% for GBTC. On fees, MNRS is cheaper at 0.59% per year. On volatility, GBTC has been the lower-risk option at 11.69%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GBTC or MNRS?

Over the 1-year period, MNRS has performed better with a 33.60% return vs -45.06%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GBTC or MNRS?

MNRS is cheaper with a 0.59% expense ratio, compared with 1.50% for GBTC.

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

MNRS has the higher dividend yield at 0.45%, compared with 0.00% for GBTC.

What is the main difference between GBTC and MNRS?

GBTC is categorized as Cryptocurrency, while MNRS is Blockchain. GBTC tracks CoinDesk Bitcoin Benchmark Rate Index, while MNRS tracks Indxx Bitcoin Miners Index. Their fees differ too: 1.50% for GBTC and 0.59% for MNRS.

Which has better risk-adjusted returns?

MNRS currently has the higher Sharpe Ratio (0.47 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.