GLNK vs. MNRS

Last updated Jun 4, 2026

GLNK (Grayscale Chainlink Trust ETF) and MNRS (Grayscale Bitcoin Miners ETF) are both exchange-traded funds - GLNK is a Cryptocurrency fund tracking the Chainlink (LINK), while MNRS is a Blockchain fund tracking the Indxx Bitcoin Miners Index. Both are passively managed. Over the past year, GLNK returned -59.50% vs 129.17% for MNRS. At a 0.38 correlation, their price movements are largely independent. GLNK charges 2.50%/yr vs 0.59%/yr for MNRS.

Performance

GLNK vs. MNRS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Chainlink Trust ETF (GLNK) 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, GLNK achieves a -33.27% return, which is significantly lower than MNRS's 66.15% return.

GLNK

• 1D: -3.84%
• 1M: -12.83%
• YTD: -33.27%
• 6M: -43.25%
• 1Y: -59.50%
• 3Y*: -10.96%
• 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)

GLNK vs. MNRS - Yearly Performance Comparison

	2026 (YTD)	2025
GLNK Grayscale Chainlink Trust ETF	-33.27%	-82.92%
MNRS Grayscale Bitcoin Miners ETF	66.15%	12.66%

Correlation

The correlation between GLNK and MNRS is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.40
Correlation (All Time) Calculated using the full available price history since Jan 31, 2025	0.38

Return for Risk

GLNK vs. MNRS — Risk / Return Rank

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

GLNK

GLNK Risk / Return Rank: 4
GLNK Sharpe Ratio Rank: 4
GLNK Sortino Ratio Rank: 5
GLNK Omega Ratio Rank: 5
GLNK Calmar Ratio Rank: 3
GLNK Martin Ratio Rank: 5

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.

GLNK vs. MNRS - Risk-Adjusted Trends Comparison

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

	GLNK	MNRS	Difference
Sharpe ratio Return per unit of total volatility	-0.55	1.85	-2.40
Sortino ratio Return per unit of downside risk	-0.42	2.37	-2.79
Omega ratio Gain probability vs. loss probability	0.95	1.28	-0.33
Calmar ratio Return relative to maximum drawdown	-0.68	2.29	-2.97
Martin ratio Return relative to average drawdown	-0.89	4.48	-5.37
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GLNK vs. MNRS - Sharpe Ratio Comparison

The current GLNK Sharpe Ratio is -0.55, which is lower than the MNRS Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of GLNK 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

	GLNK	MNRS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.55	1.85	-2.40
Sharpe Ratio (All Time) Calculated using the full available price history	-0.01	0.85	-0.87

Drawdowns

GLNK vs. MNRS - Drawdown Comparison

The maximum GLNK drawdown since its inception was -95.82%, which is greater than MNRS's maximum drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for GLNK and MNRS.

Drawdown Indicators

	GLNK	MNRS	Difference
Max Drawdown Largest peak-to-trough decline	-95.82%	-56.70%	-39.12%
Max Drawdown (1Y) Largest decline over 1 year	-88.29%	-56.70%	-31.59%
Max Drawdown (3Y) Largest decline over 3 years	-95.82%	—	—
Current Drawdown Current decline from peak	-95.71%	-8.42%	-87.29%
Average Drawdown Average peak-to-trough decline	-55.70%	-23.73%	-31.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	66.68%	28.93%	+37.75%

Volatility

GLNK vs. MNRS - Volatility Comparison

The current volatility for Grayscale Chainlink Trust ETF (GLNK) is 15.43%, while Grayscale Bitcoin Miners ETF (MNRS) has a volatility of 20.30%. This indicates that GLNK 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

	GLNK	MNRS	Difference
Volatility (1M) Calculated over the trailing 1-month period	15.43%	20.30%	-4.87%
Volatility (6M) Calculated over the trailing 6-month period	46.79%	52.57%	-5.78%
Volatility (1Y) Calculated over the trailing 1-year period	109.57%	70.28%	+39.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	164.87%	70.50%	+94.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	164.87%	70.50%	+94.37%

GLNK vs. MNRS - Expense Ratio Comparison

GLNK has a 2.50% expense ratio, which is higher than MNRS's 0.59% expense ratio.

Dividends

GLNK vs. MNRS - Dividend Comparison

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

Position	TTM	2025
GLNK Grayscale Chainlink Trust ETF	0.00%	0.00%
MNRS Grayscale Bitcoin Miners ETF	0.33%	0.54%

Frequently Asked Questions

Can I hold both GLNK and MNRS in my portfolio?

GLNK and MNRS have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GLNK or MNRS?

MNRS has higher volatility (20.30%) compared to GLNK (15.43%). In terms of maximum drawdown, GLNK dropped -95.82% vs MNRS's -56.70%.

Which ETF is better, GLNK or MNRS?

On 1-year performance, MNRS leads with 129.17% vs -59.50% for GLNK. On fees, MNRS is cheaper at 0.59% per year. On volatility, GLNK has been the lower-risk option at 15.43%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GLNK or MNRS?

Over the 1-year period, MNRS has performed better with a 129.17% return vs -59.50%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GLNK or MNRS?

MNRS is cheaper with a 0.59% expense ratio, compared with 2.50% for GLNK.

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

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

What is the main difference between GLNK and MNRS?

GLNK is categorized as Cryptocurrency, while MNRS is Blockchain. GLNK tracks Chainlink (LINK), while MNRS tracks Indxx Bitcoin Miners Index. Their fees differ too: 2.50% for GLNK and 0.59% for MNRS.

Which has better risk-adjusted returns?

MNRS currently has the higher Sharpe Ratio (1.85 vs -0.55), 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.