GDOG vs. MNRS

Last updated Jun 4, 2026

GDOG (Grayscale Dogecoin Trust ETF) and MNRS (Grayscale Bitcoin Miners ETF) are both exchange-traded funds - GDOG is a Cryptocurrency fund tracking the CoinDesk Dogecoin Blended Reference Rate Index, while MNRS is a Blockchain fund tracking the Indxx Bitcoin Miners Index. Both are passively managed. A 0.50 correlation means they provide meaningful diversification when combined. GDOG charges 0.35%/yr vs 0.59%/yr for MNRS.

Performance

GDOG vs. MNRS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Dogecoin Trust ETF (GDOG) 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, GDOG achieves a -21.87% return, which is significantly lower than MNRS's 66.15% return.

GDOG

• 1D: -2.62%
• 1M: -17.02%
• YTD: -21.87%
• 6M: -39.30%
• 1Y: —
• 3Y*: —
• 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)

GDOG vs. MNRS - Yearly Performance Comparison

	2026 (YTD)	2025
GDOG Grayscale Dogecoin Trust ETF	-21.87%	-23.70%
MNRS Grayscale Bitcoin Miners ETF	66.15%	-12.43%

Correlation

The correlation between GDOG and MNRS is 0.50, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 25, 2025	0.50

Return for Risk

GDOG vs. MNRS — Risk / Return Rank

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

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.

GDOG vs. MNRS - Risk-Adjusted Trends Comparison

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

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

Sharpe Ratios by Period

	GDOG	MNRS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.85	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.86	0.85	-1.71

Drawdowns

GDOG vs. MNRS - Drawdown Comparison

The maximum GDOG drawdown since its inception was -42.91%, smaller than the maximum MNRS drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for GDOG and MNRS.

Drawdown Indicators

	GDOG	MNRS	Difference
Max Drawdown Largest peak-to-trough decline	-42.91%	-56.70%	+13.79%
Max Drawdown (1Y) Largest decline over 1 year	—	-56.70%	—
Current Drawdown Current decline from peak	-41.16%	-8.42%	-32.74%
Average Drawdown Average peak-to-trough decline	-28.48%	-23.73%	-4.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	28.93%	—

Volatility

Volatility by Period

	GDOG	MNRS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	20.30%	—
Volatility (6M) Calculated over the trailing 6-month period	—	52.57%	—
Volatility (1Y) Calculated over the trailing 1-year period	73.98%	70.28%	+3.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.98%	70.50%	+3.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.98%	70.50%	+3.48%

GDOG vs. MNRS - Expense Ratio Comparison

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

Dividends

GDOG vs. MNRS - Dividend Comparison

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

Position	TTM	2025
GDOG Grayscale Dogecoin Trust ETF	0.00%	0.00%
MNRS Grayscale Bitcoin Miners ETF	0.33%	0.54%

Frequently Asked Questions

Can I hold both GDOG and MNRS in my portfolio?

GDOG and MNRS have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GDOG or MNRS?

On fees, GDOG 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, GDOG or MNRS?

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

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

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

What is the main difference between GDOG and MNRS?

GDOG is categorized as Cryptocurrency, while MNRS is Blockchain. GDOG tracks CoinDesk Dogecoin Blended Reference Rate Index, while MNRS tracks Indxx Bitcoin Miners Index. Their fees differ too: 0.35% for GDOG and 0.59% for MNRS.