MANA vs. MNRS
MANA (Grayscale Decentraland Trust) and MNRS (Grayscale Bitcoin Miners ETF) are both exchange-traded funds - MANA is a Cryptocurrency fund actively managed by Grayscale, while MNRS is a Blockchain fund tracking the Indxx Bitcoin Miners Index. MANA is actively managed, while MNRS is passively managed. Over the past year, MANA returned -76.92% vs 23.88% for MNRS. At a 0.14 correlation, their price movements are largely independent.
Performance
MANA vs. MNRS - 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 MNRS's 19.11% 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%
MNRS
- 1D
- 9.42%
- 1M
- -26.41%
- 6M
- -8.31%
- YTD
- 19.11%
- 1Y
- 23.88%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 23.21%
MANA vs. MNRS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MANA Grayscale Decentraland Trust | -42.20% | -89.51% |
MNRS Grayscale Bitcoin Miners ETF | 19.11% | 14.05% |
Correlation
The correlation between MANA and MNRS is 0.11, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.14 |
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Return for Risk
MANA vs. MNRS — Risk / Return Rank
MANA
MNRS
MANA vs. MNRS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Decentraland Trust (MANA) 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.
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 | MNRS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.98 | ||
| Sortino ratioReturn per unit of downside risk | -1.88 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.11 | -0.21 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | 0.42 | -1.32 |
| Martin ratioReturn relative to average drawdown | -1.29 | 0.79 | -2.08 |
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Drawdowns
MANA vs. MNRS - Drawdown Comparison
The maximum MANA drawdown since its inception was -99.28%, which is greater than MNRS's maximum drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for MANA and MNRS.
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Drawdown Indicators
| MANA | MNRS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.28% | -56.70% | -42.58% |
Max Drawdown (1Y)Largest decline over 1 year | -85.85% | -56.70% | -29.15% |
Max Drawdown (3Y)Largest decline over 3 years | -99.28% | — | — |
Current DrawdownCurrent decline from peak | -99.02% | -34.34% | -64.68% |
Average DrawdownAverage peak-to-trough decline | -72.06% | -23.64% | -48.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 59.64% | 30.20% | +29.44% |
Volatility
MANA vs. MNRS - Volatility Comparison
Grayscale Decentraland Trust (MANA) has a higher volatility of 42.29% compared to Grayscale Bitcoin Miners ETF (MNRS) at 20.50%. This indicates that MANA's price experiences larger fluctuations and is considered to be riskier than MNRS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MANA | MNRS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 42.29% | 20.50% | +21.79% |
Volatility (6M)Calculated over the trailing 6-month period | 92.49% | 54.07% | +38.42% |
Volatility (1Y)Calculated over the trailing 1-year period | 119.30% | 72.65% | +46.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 174.05% | 71.04% | +103.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 174.05% | 71.04% | +103.01% |
Dividends
MANA vs. MNRS - Dividend Comparison
MANA has not paid dividends to shareholders, while MNRS's dividend yield for the trailing twelve months is around 0.46%.
| Position | TTM | 2025 |
|---|---|---|
MANA Grayscale Decentraland Trust | 0.00% | 0.00% |
MNRS Grayscale Bitcoin Miners ETF | 0.46% | 0.54% |
Frequently Asked Questions
MANA and MNRS have a correlation of 0.11, 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 MNRS (20.50%). In terms of maximum drawdown, MANA dropped -99.28% vs MNRS's -56.70%.
On 1-year performance, MNRS leads with 23.88% vs -76.92% for MANA. On volatility, MNRS has been the lower-risk option at 20.50%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MNRS has performed better with a 23.88% return vs -76.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MNRS has the higher dividend yield at 0.46%, compared with 0.00% for MANA.
MANA is categorized as Cryptocurrency, while MNRS is Blockchain.
MNRS currently has the higher Sharpe Ratio (0.33 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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