GDLC vs. MNRS

Last updated Jun 4, 2026

GDLC (Grayscale CoinDesk Crypto 5 ETF) and MNRS (Grayscale Bitcoin Miners ETF) are both exchange-traded funds - GDLC is a Cryptocurrency fund tracking the CoinDesk 5 Index, while MNRS is a Blockchain fund tracking the Indxx Bitcoin Miners Index. Both are passively managed. Over the past year, GDLC returned -33.81% vs 129.17% for MNRS. A 0.61 correlation means they provide meaningful diversification when combined. Both charge a 0.59% expense ratio.

Performance

GDLC vs. MNRS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale CoinDesk Crypto 5 ETF (GDLC) 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, GDLC achieves a -28.93% return, which is significantly lower than MNRS's 66.15% return.

GDLC

• 1D: -3.29%
• 1M: -18.37%
• YTD: -28.93%
• 6M: -33.67%
• 1Y: -33.81%
• 3Y*: 64.48%
• 5Y*: 2.21%
• 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)

GDLC vs. MNRS - Yearly Performance Comparison

	2026 (YTD)	2025
GDLC Grayscale CoinDesk Crypto 5 ETF	-28.93%	-12.58%
MNRS Grayscale Bitcoin Miners ETF	66.15%	12.66%

Correlation

The correlation between GDLC and MNRS is 0.62, 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	0.62
Correlation (All Time) Calculated using the full available price history since Jan 31, 2025	0.61

The correlation between GDLC and MNRS has been stable across timeframes, ranging from 0.61 to 0.62 - a consistent structural relationship.

Return for Risk

GDLC vs. MNRS — Risk / Return Rank

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

GDLC

GDLC Risk / Return Rank: 3
GDLC Sharpe Ratio Rank: 3
GDLC Sortino Ratio Rank: 3
GDLC Omega Ratio Rank: 3
GDLC Calmar Ratio Rank: 3
GDLC Martin Ratio Rank: 4

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.

GDLC vs. MNRS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale CoinDesk Crypto 5 ETF (GDLC) 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.

	GDLC	MNRS	Difference
Sharpe ratio: Return per unit of total volatility	-0.70	1.85	-2.55
Sortino ratio: Return per unit of downside risk	-0.84	2.37	-3.20
Omega ratio: Gain probability vs. loss probability	0.90	1.28	-0.38
Calmar ratio: Return relative to maximum drawdown	-0.64	2.29	-2.93
Martin ratio: Return relative to average drawdown	-1.09	4.48	-5.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDLC vs. MNRS - Sharpe Ratio Comparison

The current GDLC Sharpe Ratio is -0.70, which is lower than the MNRS Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of GDLC 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

	GDLC	MNRS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.70	1.85	-2.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.03	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.85	-0.56

Drawdowns

GDLC vs. MNRS - Drawdown Comparison

The maximum GDLC drawdown since its inception was -94.14%, which is greater than MNRS's maximum drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for GDLC and MNRS.

Drawdown Indicators

	GDLC	MNRS	Difference
Max Drawdown Largest peak-to-trough decline	-94.14%	-56.70%	-37.44%
Max Drawdown (1Y) Largest decline over 1 year	-52.91%	-56.70%	+3.79%
Max Drawdown (3Y) Largest decline over 3 years	-52.91%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-94.14%	—	—
Current Drawdown Current decline from peak	-54.28%	-8.42%	-45.86%
Average Drawdown Average peak-to-trough decline	-52.73%	-23.73%	-29.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	31.04%	28.93%	+2.11%

Volatility

GDLC vs. MNRS - Volatility Comparison

The current volatility for Grayscale CoinDesk Crypto 5 ETF (GDLC) is 9.78%, while Grayscale Bitcoin Miners ETF (MNRS) has a volatility of 20.30%. This indicates that GDLC 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

	GDLC	MNRS	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.78%	20.30%	-10.52%
Volatility (6M) Calculated over the trailing 6-month period	36.66%	52.57%	-15.91%
Volatility (1Y) Calculated over the trailing 1-year period	48.54%	70.28%	-21.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	74.43%	70.50%	+3.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	93.91%	70.50%	+23.41%

GDLC vs. MNRS - Expense Ratio Comparison

Both GDLC and MNRS have an expense ratio of 0.59%.

Dividends

GDLC vs. MNRS - Dividend Comparison

GDLC has not paid dividends to shareholders, while MNRS's dividend yield for the trailing twelve months is around 0.33%.

Position	TTM	2025
GDLC Grayscale CoinDesk Crypto 5 ETF	0.00%	0.00%
MNRS Grayscale Bitcoin Miners ETF	0.33%	0.54%

Frequently Asked Questions

Can I hold both GDLC and MNRS in my portfolio?

GDLC and MNRS have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GDLC or MNRS?

MNRS has higher volatility (20.30%) compared to GDLC (9.78%). In terms of maximum drawdown, GDLC dropped -94.14% vs MNRS's -56.70%.

Which ETF is better, GDLC or MNRS?

On 1-year performance, MNRS leads with 129.17% vs -33.81% for GDLC. Both ETFs have the same 0.59% expense ratio. On volatility, GDLC has been the lower-risk option at 9.78%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GDLC or MNRS?

Over the 1-year period, MNRS has performed better with a 129.17% return vs -33.81%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GDLC or MNRS?

GDLC and MNRS have the same expense ratio: 0.59% per year.

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

MNRS has the higher dividend yield at 0.33%, compared with 0.00% for GDLC.

What is the main difference between GDLC and MNRS?

GDLC is categorized as Cryptocurrency, while MNRS is Blockchain. GDLC tracks CoinDesk 5 Index, while MNRS tracks Indxx Bitcoin Miners Index.

Which has better risk-adjusted returns?

MNRS currently has the higher Sharpe Ratio (1.85 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.