MANA vs. BTCZ
MANA (Grayscale Decentraland Trust) and BTCZ (T-Rex 2X Inverse Bitcoin Daily Target ETF) are both Cryptocurrency funds. Both are actively managed. Over the past year, MANA returned -75.75% vs 80.80% for BTCZ. At a correlation of -0.35, they often move in opposite directions.
Performance
MANA vs. BTCZ - 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 BTCZ's 49.64% return.
MANA
- 1D
- -2.98%
- 1M
- -38.60%
- YTD
- -53.27%
- 6M
- -54.66%
- 1Y
- -75.75%
- 3Y*
- -56.52%
- 5Y*
- —
- 10Y*
- —
BTCZ
- 1D
- -2.78%
- 1M
- 40.00%
- YTD
- 49.64%
- 6M
- 48.24%
- 1Y
- 80.80%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MANA vs. BTCZ - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MANA Grayscale Decentraland Trust | -53.27% | -91.36% | -38.25% |
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF | 49.64% | -29.11% | -76.45% |
Correlation
The correlation between MANA and BTCZ is -0.37, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.37 |
Correlation (All Time) Calculated using the full available price history since Jul 10, 2024 | -0.35 |
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Return for Risk
MANA vs. BTCZ — Risk / Return Rank
MANA
BTCZ
MANA vs. BTCZ - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Decentraland Trust (MANA) and T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ). 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 | BTCZ | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.56 | ||
| Sortino ratioReturn per unit of downside risk | -2.54 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.20 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 1.66 | -2.54 |
| Martin ratioReturn relative to average drawdown | -1.34 | 3.40 | -4.74 |
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Drawdowns
MANA vs. BTCZ - Drawdown Comparison
The maximum MANA drawdown since its inception was -99.28%, which is greater than BTCZ's maximum drawdown of -91.06%. Use the drawdown chart below to compare losses from any high point for MANA and BTCZ.
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Drawdown Indicators
| MANA | BTCZ | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.28% | -91.06% | -8.22% |
Max Drawdown (1Y)Largest decline over 1 year | -85.85% | -49.02% | -36.83% |
Max Drawdown (3Y)Largest decline over 3 years | -99.28% | — | — |
Current DrawdownCurrent decline from peak | -99.20% | -75.87% | -23.33% |
Average DrawdownAverage peak-to-trough decline | -71.69% | -73.69% | +2.00% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.43% | 23.83% | +32.60% |
Volatility
MANA vs. BTCZ - Volatility Comparison
Grayscale Decentraland Trust (MANA) has a higher volatility of 37.05% compared to T-Rex 2X Inverse Bitcoin Daily Target ETF (BTCZ) at 27.43%. This indicates that MANA's price experiences larger fluctuations and is considered to be riskier than BTCZ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MANA | BTCZ | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 37.05% | 27.43% | +9.62% |
Volatility (6M)Calculated over the trailing 6-month period | 89.80% | 68.88% | +20.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 117.59% | 89.07% | +28.52% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 174.61% | 96.91% | +77.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 174.61% | 96.91% | +77.70% |
Dividends
MANA vs. BTCZ - Dividend Comparison
MANA has not paid dividends to shareholders, while BTCZ's dividend yield for the trailing twelve months is around 0.01%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
BTCZ T-Rex 2X Inverse Bitcoin Daily Target ETF | 0.01% | 0.02% | 0.08% |
MANA Grayscale Decentraland Trust | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MANA and BTCZ 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 BTCZ (27.43%). In terms of maximum drawdown, MANA dropped -99.28% vs BTCZ's -91.06%.
On 1-year performance, BTCZ leads with 80.80% vs -75.75% for MANA. On volatility, BTCZ has been the lower-risk option at 27.43%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, BTCZ has performed better with a 80.80% return vs -75.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BTCZ has the higher dividend yield at 0.01%, compared with 0.00% for MANA.
They also come from different issuers: Grayscale and T-Rex.
BTCZ currently has the higher Sharpe Ratio (0.91 vs -0.65), 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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