MANA vs. BTC
MANA (Grayscale Decentraland Trust) and BTC (Grayscale Bitcoin Mini Trust ETF) are both Cryptocurrency funds from Grayscale. Both are actively managed. Over the past year, MANA returned -75.75% vs -43.60% for BTC. At a 0.35 correlation, their price movements are largely independent.
Performance
MANA vs. BTC - Performance Comparison
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Returns By Period
In the year-to-date period, MANA achieves a -53.27% return, which is significantly lower than BTC's -31.09% return.
MANA
- 1D
- -2.98%
- 1M
- -38.60%
- YTD
- -53.27%
- 6M
- -54.66%
- 1Y
- -75.75%
- 3Y*
- -56.52%
- 5Y*
- —
- 10Y*
- —
BTC
- 1D
- 1.14%
- 1M
- -17.83%
- YTD
- -31.09%
- 6M
- -30.77%
- 1Y
- -43.60%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MANA vs. BTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MANA Grayscale Decentraland Trust | -53.27% | -91.36% | -0.00% |
BTC Grayscale Bitcoin Mini Trust ETF | -31.09% | -7.50% | 41.93% |
Correlation
The correlation between MANA and BTC is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.37 |
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024 | 0.35 |
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Return for Risk
MANA vs. BTC — Risk / Return Rank
MANA
BTC
MANA vs. BTC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Decentraland Trust (MANA) and Grayscale Bitcoin Mini Trust ETF (BTC). 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.
| MANA | BTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.34 | ||
| Sortino ratioReturn per unit of downside risk | +0.56 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.84 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | -0.83 | -0.06 |
| Martin ratioReturn relative to average drawdown | -1.34 | -1.40 | +0.06 |
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Drawdowns
MANA vs. BTC - Drawdown Comparison
The maximum MANA drawdown since its inception was -99.28%, which is greater than BTC's maximum drawdown of -52.89%. Use the drawdown chart below to compare losses from any high point for MANA and BTC.
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Drawdown Indicators
| MANA | BTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.28% | -52.89% | -46.39% |
Max Drawdown (1Y)Largest decline over 1 year | -85.85% | -52.89% | -32.96% |
Max Drawdown (3Y)Largest decline over 3 years | -99.28% | — | — |
Current DrawdownCurrent decline from peak | -99.20% | -51.97% | -47.23% |
Average DrawdownAverage peak-to-trough decline | -71.69% | -17.95% | -53.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.43% | 31.23% | +25.20% |
Volatility
MANA vs. BTC - Volatility Comparison
Grayscale Decentraland Trust (MANA) has a higher volatility of 37.05% compared to Grayscale Bitcoin Mini Trust ETF (BTC) at 13.42%. This indicates that MANA's price experiences larger fluctuations and is considered to be riskier than BTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MANA | BTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 37.05% | 13.42% | +23.63% |
Volatility (6M)Calculated over the trailing 6-month period | 89.80% | 34.57% | +55.23% |
Volatility (1Y)Calculated over the trailing 1-year period | 117.59% | 44.38% | +73.21% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 174.61% | 48.16% | +126.45% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 174.61% | 48.16% | +126.45% |
Dividends
MANA vs. BTC - Dividend Comparison
Neither MANA nor BTC has paid dividends to shareholders.
Frequently Asked Questions
MANA and BTC have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MANA has higher volatility (37.05%) compared to BTC (13.42%). In terms of maximum drawdown, MANA dropped -99.28% vs BTC's -52.89%.
On 1-year performance, BTC leads with -43.60% vs -75.75% for MANA. On volatility, BTC has been the lower-risk option at 13.42%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BTC has performed better with a -43.60% return vs -75.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MANA and BTC have nearly identical dividend yields, around 0.00%.
MANA currently has the higher Sharpe Ratio (-0.65 vs -0.99), 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.
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