MNRS vs. BITI

Last updated Jul 14, 2026

MNRS (Grayscale Bitcoin Miners ETF) and BITI (ProShares Short Bitcoin ETF) are both exchange-traded funds - MNRS is a Blockchain fund tracking the Indxx Bitcoin Miners Index, while BITI is a Cryptocurrency fund tracking the Bloomberg Bitcoin Index. Both are passively managed. Over the past year, MNRS returned 32.34% vs 68.34% for BITI. At a correlation of -0.62, they often move in opposite directions. MNRS charges 0.59%/yr vs 1.03%/yr for BITI.

Performance

MNRS vs. BITI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Miners ETF (MNRS) and ProShares Short Bitcoin ETF (BITI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MNRS achieves a 19.40% return, which is significantly lower than BITI's 28.75% return.

MNRS

• 1D: -4.89%
• 1M: -20.90%
• 6M: -3.22%
• YTD: 19.40%
• 1Y: 32.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BITI

• 1D: 2.65%
• 1M: 1.46%
• 6M: 34.68%
• YTD: 28.75%
• 1Y: 68.34%
• 3Y*: -30.65%
• 5Y*: —
• 10Y*: —

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

MNRS vs. BITI - Yearly Performance Comparison

	2026 (YTD)	2025
MNRS Grayscale Bitcoin Miners ETF	19.40%	14.05%
BITI ProShares Short Bitcoin ETF	28.75%	10.38%

Correlation

The correlation between MNRS and BITI is -0.60, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.60
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025	-0.62

The correlation between MNRS and BITI has been stable across timeframes, ranging from -0.62 to -0.60 - a consistent structural relationship.

Return for Risk

MNRS vs. BITI — Risk / Return Rank

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

MNRS

MNRS Risk / Return Rank: 19
MNRS Sharpe Ratio Rank: 18
MNRS Sortino Ratio Rank: 24
MNRS Omega Ratio Rank: 22
MNRS Calmar Ratio Rank: 18
MNRS Martin Ratio Rank: 16

BITI

BITI Risk / Return Rank: 57
BITI Sharpe Ratio Rank: 58
BITI Sortino Ratio Rank: 55
BITI Omega Ratio Rank: 50
BITI Calmar Ratio Rank: 68
BITI Martin Ratio Rank: 51

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.

MNRS vs. BITI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Miners ETF (MNRS) and ProShares Short Bitcoin ETF (BITI). 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.

	MNRS	BITI	Difference
Sharpe ratio: Return per unit of total volatility	0.45	1.56	-1.11
Sortino ratio: Return per unit of downside risk	1.11	2.13	-1.02
Omega ratio: Gain probability vs. loss probability	1.13	1.26	-0.13
Calmar ratio: Return relative to maximum drawdown	0.57	2.72	-2.14
Martin ratio: Return relative to average drawdown	1.09	6.78	-5.69

MNRS vs. BITI - Sharpe Ratio Comparison

The current MNRS Sharpe Ratio is 0.45, which is lower than the BITI Sharpe Ratio of 1.56. The chart below compares the historical Sharpe Ratios of MNRS and BITI, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

MNRS vs. BITI - Drawdown Comparison

The maximum MNRS drawdown since its inception was -56.70%, smaller than the maximum BITI drawdown of -92.16%. Use the drawdown chart below to compare losses from any high point for MNRS and BITI.

Drawdown Indicators

	MNRS	BITI	Difference
Max Drawdown Largest peak-to-trough decline	-56.70%	-92.16%	+35.46%
Max Drawdown (1Y) Largest decline over 1 year	-56.70%	-25.28%	-31.42%
Max Drawdown (3Y) Largest decline over 3 years	—	-84.63%	—
Current Drawdown Current decline from peak	-34.19%	-85.94%	+51.75%
Average Drawdown Average peak-to-trough decline	-23.47%	-68.34%	+44.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.77%	10.11%	+19.66%

Volatility

MNRS vs. BITI - Volatility Comparison

Grayscale Bitcoin Miners ETF (MNRS) has a higher volatility of 19.32% compared to ProShares Short Bitcoin ETF (BITI) at 11.38%. This indicates that MNRS's price experiences larger fluctuations and is considered to be riskier than BITI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNRS	BITI	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.32%	11.38%	+7.94%
Volatility (6M) Calculated over the trailing 6-month period	52.95%	34.25%	+18.70%
Volatility (1Y) Calculated over the trailing 1-year period	71.81%	44.14%	+27.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.76%	52.28%	+18.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.76%	52.28%	+18.48%

MNRS vs. BITI - Expense Ratio Comparison

MNRS has a 0.59% expense ratio, which is lower than BITI's 1.03% expense ratio.

Dividends

MNRS vs. BITI - Dividend Comparison

MNRS's dividend yield for the trailing twelve months is around 0.45%, less than BITI's 15.10% yield.

Position	TTM	2025	2024	2023	2022
BITI ProShares Short Bitcoin ETF	15.10%	1.60%	3.91%	3.33%	0.06%
MNRS Grayscale Bitcoin Miners ETF	0.45%	0.54%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MNRS and BITI in my portfolio?

MNRS and BITI have a correlation of -0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MNRS or BITI?

MNRS has higher volatility (19.32%) compared to BITI (11.38%). In terms of maximum drawdown, MNRS dropped -56.70% vs BITI's -92.16%.

Which ETF is better, MNRS or BITI?

On 1-year performance, BITI leads with 68.34% vs 32.34% for MNRS. On fees, MNRS is cheaper at 0.59% per year. On volatility, BITI has been the lower-risk option at 11.38%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MNRS or BITI?

Over the 1-year period, BITI has performed better with a 68.34% return vs 32.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MNRS or BITI?

MNRS is cheaper with a 0.59% expense ratio, compared with 1.03% for BITI.

Which ETF pays a higher dividend yield, MNRS or BITI?

BITI has the higher dividend yield at 15.10%, compared with 0.45% for MNRS.

What is the main difference between MNRS and BITI?

MNRS is categorized as Blockchain, while BITI is Cryptocurrency. MNRS tracks Indxx Bitcoin Miners Index, while BITI tracks Bloomberg Bitcoin Index. They also come from different issuers: Grayscale and ProShares. Their fees differ too: 0.59% for MNRS and 1.03% for BITI.

Which has better risk-adjusted returns?

BITI currently has the higher Sharpe Ratio (1.56 vs 0.45), 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.