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 -75.75% vs 78.52% for MNRS. At a 0.17 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 -53.27% return, which is significantly lower than MNRS's 42.42% return.
MANA
- 1D
- -2.98%
- 1M
- -38.60%
- YTD
- -53.27%
- 6M
- -54.66%
- 1Y
- -75.75%
- 3Y*
- -56.52%
- 5Y*
- —
- 10Y*
- —
MNRS
- 1D
- -2.93%
- 1M
- -13.85%
- YTD
- 42.42%
- 6M
- 38.53%
- 1Y
- 78.52%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
MANA vs. MNRS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MANA Grayscale Decentraland Trust | -53.27% | -89.51% |
MNRS Grayscale Bitcoin Miners ETF | 42.42% | 14.05% |
Correlation
The correlation between MANA and MNRS is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.15 |
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025 | 0.17 |
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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 | -1.76 | ||
| Sortino ratioReturn per unit of downside risk | -2.65 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.21 | -0.31 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 1.39 | -2.28 |
| Martin ratioReturn relative to average drawdown | -1.34 | 2.70 | -4.04 |
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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 | -99.20% | -21.50% | -77.70% |
Average DrawdownAverage peak-to-trough decline | -71.69% | -23.31% | -48.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.43% | 29.22% | +27.21% |
Volatility
MANA vs. MNRS - Volatility Comparison
Grayscale Decentraland Trust (MANA) has a higher volatility of 37.05% compared to Grayscale Bitcoin Miners ETF (MNRS) at 19.95%. 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 | 37.05% | 19.95% | +17.10% |
Volatility (6M)Calculated over the trailing 6-month period | 89.80% | 52.48% | +37.32% |
Volatility (1Y)Calculated over the trailing 1-year period | 117.59% | 71.17% | +46.42% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 174.61% | 70.59% | +104.02% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 174.61% | 70.59% | +104.02% |
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 0.38%.
| Position | TTM | 2025 |
|---|---|---|
MANA Grayscale Decentraland Trust | 0.00% | 0.00% |
MNRS Grayscale Bitcoin Miners ETF | 0.38% | 0.54% |
Frequently Asked Questions
MANA and MNRS have a correlation of 0.15, 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 MNRS (19.95%). In terms of maximum drawdown, MANA dropped -99.28% vs MNRS's -56.70%.
On 1-year performance, MNRS leads with 78.52% vs -75.75% for MANA. On volatility, MNRS has been the lower-risk option at 19.95%. 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 78.52% return vs -75.75%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MNRS has the higher dividend yield at 0.38%, compared with 0.00% for MANA.
MANA is categorized as Cryptocurrency, while MNRS is Blockchain.
MNRS currently has the higher Sharpe Ratio (1.11 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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