MANA vs. WGMI
MANA (Grayscale Decentraland Trust) and WGMI (CoinShares Bitcoin Miners ETF) are both Cryptocurrency funds. Both are actively managed. Over the past 3 years, MANA returned -56.52%/yr vs 70.12%/yr for WGMI. At a 0.12 correlation, their price movements are largely independent.
Performance
MANA vs. WGMI - 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 WGMI's 66.45% return.
MANA
- 1D
- -2.98%
- 1M
- -38.60%
- YTD
- -53.27%
- 6M
- -54.66%
- 1Y
- -75.75%
- 3Y*
- -56.52%
- 5Y*
- —
- 10Y*
- —
WGMI
- 1D
- -3.09%
- 1M
- -6.45%
- YTD
- 66.45%
- 6M
- 61.80%
- 1Y
- 193.41%
- 3Y*
- 70.12%
- 5Y*
- —
- 10Y*
- —
MANA vs. WGMI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
MANA Grayscale Decentraland Trust | -53.27% | -91.36% | -28.08% | 756.41% | -83.75% |
WGMI CoinShares Bitcoin Miners ETF | 66.45% | 72.47% | 23.54% | 304.08% | -65.35% |
Correlation
The correlation between MANA and WGMI is 0.10, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.10 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since May 17, 2022 | 0.12 |
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Return for Risk
MANA vs. WGMI — Risk / Return Rank
MANA
WGMI
MANA vs. WGMI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Grayscale Decentraland Trust (MANA) and CoinShares Bitcoin Miners ETF (WGMI). 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 | WGMI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -3.20 | ||
| Sortino ratioReturn per unit of downside risk | -3.66 | ||
| Omega ratioGain probability vs. loss probability | 0.90 | 1.33 | -0.43 |
| Calmar ratioReturn relative to maximum drawdown | -0.88 | 3.82 | -4.71 |
| Martin ratioReturn relative to average drawdown | -1.34 | 7.73 | -9.07 |
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Drawdowns
MANA vs. WGMI - Drawdown Comparison
The maximum MANA drawdown since its inception was -99.28%, which is greater than WGMI's maximum drawdown of -85.76%. Use the drawdown chart below to compare losses from any high point for MANA and WGMI.
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Drawdown Indicators
| MANA | WGMI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -99.28% | -85.76% | -13.52% |
Max Drawdown (1Y)Largest decline over 1 year | -85.85% | -50.94% | -34.91% |
Max Drawdown (3Y)Largest decline over 3 years | -99.28% | -62.79% | -36.49% |
Current DrawdownCurrent decline from peak | -99.20% | -11.65% | -87.55% |
Average DrawdownAverage peak-to-trough decline | -71.69% | -42.31% | -29.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 56.43% | 25.15% | +31.28% |
Volatility
MANA vs. WGMI - Volatility Comparison
Grayscale Decentraland Trust (MANA) has a higher volatility of 37.05% compared to CoinShares Bitcoin Miners ETF (WGMI) at 21.13%. This indicates that MANA's price experiences larger fluctuations and is considered to be riskier than WGMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| MANA | WGMI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 37.05% | 21.13% | +15.92% |
Volatility (6M)Calculated over the trailing 6-month period | 89.80% | 55.14% | +34.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 117.59% | 76.44% | +41.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 174.61% | 81.44% | +93.17% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 174.61% | 81.44% | +93.17% |
Dividends
MANA vs. WGMI - Dividend Comparison
Neither MANA nor WGMI has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
MANA Grayscale Decentraland Trust | 0.00% | 0.00% | 0.00% | 0.00% |
WGMI CoinShares Bitcoin Miners ETF | 0.00% | 0.00% | 0.22% | 0.31% |
Frequently Asked Questions
MANA and WGMI have a correlation of 0.10, 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 WGMI (21.13%). In terms of maximum drawdown, MANA dropped -99.28% vs WGMI's -85.76%.
On 3-year performance, WGMI leads with 70.12% vs -56.52% for MANA. On volatility, WGMI has been the lower-risk option at 21.13%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, WGMI has performed better with a 70.12% return vs -56.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MANA and WGMI have nearly identical dividend yields, around 0.00%.
They also come from different issuers: Grayscale and CoinShares.
WGMI currently has the higher Sharpe Ratio (2.55 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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