MANA vs. GFOF

Last updated Jun 30, 2026

MANA (Grayscale Decentraland Trust) and GFOF (Grayscale Future of Finance ETF) are both exchange-traded funds - MANA is a Cryptocurrency fund actively managed by Grayscale, while GFOF is a Blockchain fund tracking the Bloomberg Grayscale Future of Finance Index. MANA is actively managed, while GFOF is passively managed. At a 0.08 correlation, their price movements are largely independent.

Performance

MANA vs. GFOF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Decentraland Trust (MANA) and Grayscale Future of Finance ETF (GFOF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

MANA

• 1D: -2.98%
• 1M: -38.60%
• YTD: -53.27%
• 6M: -54.66%
• 1Y: -75.75%
• 3Y*: -56.52%
• 5Y*: —
• 10Y*: —

GFOF

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

MANA vs. GFOF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
MANA Grayscale Decentraland Trust	-53.27%	-91.36%	-28.08%	756.41%	-83.75%
GFOF Grayscale Future of Finance ETF	0.00%	0.00%	60.08%	145.49%	-45.71%

Correlation

The correlation between MANA and GFOF is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.12
Correlation (All Time) Calculated using the full available price history since May 17, 2022	0.08

Return for Risk

MANA vs. GFOF — Risk / Return Rank

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

MANA

MANA Risk / Return Rank: 3
MANA Sharpe Ratio Rank: 4
MANA Sortino Ratio Rank: 4
MANA Omega Ratio Rank: 4
MANA Calmar Ratio Rank: 2
MANA Martin Ratio Rank: 3

GFOF

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

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.

MANA vs. GFOF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Decentraland Trust (MANA) and Grayscale Future of Finance ETF (GFOF). 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	GFOF	Difference
Sharpe ratio: Return per unit of total volatility	-0.65	—	—
Sortino ratio: Return per unit of downside risk	-0.89	—	—
Omega ratio: Gain probability vs. loss probability	0.90	—	—
Calmar ratio: Return relative to maximum drawdown	-0.88	—	—
Martin ratio: Return relative to average drawdown	-1.34	—	—

Drawdowns

Drawdown Indicators

	MANA	GFOF	Difference
Max Drawdown Largest peak-to-trough decline	-99.28%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-85.85%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-99.28%	—	—
Current Drawdown Current decline from peak	-99.20%	—	—
Average Drawdown Average peak-to-trough decline	-71.69%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	56.43%	—	—

Volatility

Volatility by Period

	MANA	GFOF	Difference
Volatility (1M) Calculated over the trailing 1-month period	37.05%	—	—
Volatility (6M) Calculated over the trailing 6-month period	89.80%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	117.59%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	174.61%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	174.61%	—	—

Dividends

MANA vs. GFOF - Dividend Comparison

Neither MANA nor GFOF has paid dividends to shareholders.

Position	TTM	2025	2024	2023
GFOF Grayscale Future of Finance ETF	0.00%	0.00%	2.55%	4.08%
MANA Grayscale Decentraland Trust	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MANA and GFOF in my portfolio?

MANA and GFOF have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF pays a higher dividend yield, MANA or GFOF?

MANA and GFOF have nearly identical dividend yields, around 0.00%.

What is the main difference between MANA and GFOF?

MANA is categorized as Cryptocurrency, while GFOF is Blockchain.