MANA vs. ETH
MANA (Grayscale Decentraland Trust) and ETH (Grayscale Ethereum Staking Mini ETF) are both Cryptocurrency funds from Grayscale. Both are actively managed. Over the past year, MANA returned -76.92% vs -46.03% for ETH. At a 0.36 correlation, their price movements are largely independent.
Performance
MANA vs. ETH - Performance Comparison
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Returns By Period
In the year-to-date period, MANA achieves a -42.20% return, which is significantly lower than ETH's -35.53% return.
MANA
- 1D
- -11.76%
- 1M
- -11.76%
- 6M
- -50.41%
- YTD
- -42.20%
- 1Y
- -76.92%
- 3Y*
- -58.04%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -51.20%
ETH
- 1D
- 3.08%
- 1M
- 11.60%
- 6M
- -41.87%
- YTD
- -35.53%
- 1Y
- -46.03%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- -26.07%
MANA vs. ETH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
MANA Grayscale Decentraland Trust | -42.20% | -91.36% | -39.95% |
ETH Grayscale Ethereum Staking Mini ETF | -35.53% | -10.89% | -4.58% |
Correlation
The correlation between MANA and ETH is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.32 |
Correlation (All Time) Calculated using the full available price history since Jul 23, 2024 | 0.36 |
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Return for Risk
MANA vs. ETH — Risk / Return Rank
MANA
ETH
MANA vs. ETH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Decentraland Trust (MANA) and Grayscale Ethereum Staking Mini ETF (ETH). 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 | ETH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 0.91 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | -0.68 | -0.21 |
| Martin ratioReturn relative to average drawdown | -1.29 | -1.06 | -0.23 |
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Drawdowns
MANA vs. ETH - Drawdown Comparison
The maximum MANA drawdown since its inception was -99.28%, which is greater than ETH's maximum drawdown of -67.52%. Use the drawdown chart below to compare losses from any high point for MANA and ETH.
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Drawdown Indicators
| MANA | ETH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.28% | -67.52% | -31.76% |
Max Drawdown (1Y)Largest decline over 1 year | -85.85% | -67.52% | -18.33% |
Max Drawdown (3Y)Largest decline over 3 years | -99.28% | — | — |
Current DrawdownCurrent decline from peak | -99.02% | -60.29% | -38.73% |
Average DrawdownAverage peak-to-trough decline | -72.06% | -34.59% | -37.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.64% | 43.62% | +16.02% |
Volatility
MANA vs. ETH - Volatility Comparison
Grayscale Decentraland Trust (MANA) has a higher volatility of 42.29% compared to Grayscale Ethereum Staking Mini ETF (ETH) at 14.37%. This indicates that MANA's price experiences larger fluctuations and is considered to be riskier than ETH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MANA | ETH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 42.29% | 14.37% | +27.92% |
Volatility (6M)Calculated over the trailing 6-month period | 92.49% | 47.06% | +45.43% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.30% | 67.57% | +51.73% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 174.05% | 71.70% | +102.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 174.05% | 71.70% | +102.35% |
Dividends
MANA vs. ETH - Dividend Comparison
Neither MANA nor ETH has paid dividends to shareholders.
Frequently Asked Questions
MANA and ETH have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MANA has higher volatility (42.29%) compared to ETH (14.37%). In terms of maximum drawdown, MANA dropped -99.28% vs ETH's -67.52%.
On 1-year performance, ETH leads with -46.03% vs -76.92% for MANA. On volatility, ETH has been the lower-risk option at 14.37%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, ETH has performed better with a -46.03% return vs -76.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MANA and ETH have nearly identical dividend yields, around 0.00%.
MANA currently has the higher Sharpe Ratio (-0.65 vs -0.68), 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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