MNRS vs. BTCC

Last updated Jun 4, 2026

MNRS (Grayscale Bitcoin Miners ETF) and BTCC (Grayscale Bitcoin Covered Call ETF) are both exchange-traded funds - MNRS is a Blockchain fund tracking the Indxx Bitcoin Miners Index, while BTCC is a Cryptocurrency fund actively managed by Grayscale. MNRS is passively managed, while BTCC is actively managed. Over the past year, MNRS returned 129.17% vs -33.54% for BTCC. A 0.59 correlation means they provide meaningful diversification when combined. MNRS charges 0.59%/yr vs 0.66%/yr for BTCC.

Performance

MNRS vs. BTCC - Performance Comparison

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

Returns By Period

In the year-to-date period, MNRS achieves a 66.15% return, which is significantly higher than BTCC's -20.81% return.

MNRS

• 1D: -2.00%
• 1M: 35.90%
• YTD: 66.15%
• 6M: 40.56%
• 1Y: 129.17%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BTCC

• 1D: -2.53%
• 1M: -15.87%
• YTD: -20.81%
• 6M: -22.94%
• 1Y: -33.54%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MNRS vs. BTCC - Yearly Performance Comparison

	2026 (YTD)	2025
MNRS Grayscale Bitcoin Miners ETF	66.15%	68.02%
BTCC Grayscale Bitcoin Covered Call ETF	-20.81%	-6.34%

Correlation

The correlation between MNRS and BTCC is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (All Time) Calculated using the full available price history since Apr 3, 2025	0.59

The correlation between MNRS and BTCC has been stable across timeframes, ranging from 0.59 to 0.59 - a consistent structural relationship.

Return for Risk

MNRS vs. BTCC — Risk / Return Rank

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

MNRS

MNRS Risk / Return Rank: 45
MNRS Sharpe Ratio Rank: 55
MNRS Sortino Ratio Rank: 49
MNRS Omega Ratio Rank: 44
MNRS Calmar Ratio Rank: 47
MNRS Martin Ratio Rank: 31

BTCC

BTCC Risk / Return Rank: 2
BTCC Sharpe Ratio Rank: 1
BTCC Sortino Ratio Rank: 2
BTCC Omega Ratio Rank: 1
BTCC Calmar Ratio Rank: 3
BTCC Martin Ratio Rank: 1

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. BTCC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Miners ETF (MNRS) and Grayscale Bitcoin Covered Call ETF (BTCC). 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.

	MNRS	BTCC	Difference
Sharpe ratio: Return per unit of total volatility	1.85	-1.02	+2.88
Sortino ratio: Return per unit of downside risk	2.37	-1.34	+3.70
Omega ratio: Gain probability vs. loss probability	1.28	0.82	+0.46
Calmar ratio: Return relative to maximum drawdown	2.29	-0.76	+3.05
Martin ratio: Return relative to average drawdown	4.48	-1.47	+5.95
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MNRS vs. BTCC - Sharpe Ratio Comparison

The current MNRS Sharpe Ratio is 1.85, which is higher than the BTCC Sharpe Ratio of -1.02. The chart below compares the historical Sharpe Ratios of MNRS and BTCC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MNRS	BTCC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	-1.02	+2.88
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	-0.72	+1.57

Drawdowns

MNRS vs. BTCC - Drawdown Comparison

The maximum MNRS drawdown since its inception was -56.70%, which is greater than BTCC's maximum drawdown of -44.40%. Use the drawdown chart below to compare losses from any high point for MNRS and BTCC.

Drawdown Indicators

	MNRS	BTCC	Difference
Max Drawdown Largest peak-to-trough decline	-56.70%	-44.40%	-12.30%
Max Drawdown (1Y) Largest decline over 1 year	-56.70%	-44.40%	-12.30%
Current Drawdown Current decline from peak	-8.42%	-39.44%	+31.02%
Average Drawdown Average peak-to-trough decline	-23.73%	-15.57%	-8.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.93%	22.87%	+6.06%

Volatility

MNRS vs. BTCC - Volatility Comparison

Grayscale Bitcoin Miners ETF (MNRS) has a higher volatility of 20.30% compared to Grayscale Bitcoin Covered Call ETF (BTCC) at 8.70%. This indicates that MNRS's price experiences larger fluctuations and is considered to be riskier than BTCC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNRS	BTCC	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.30%	8.70%	+11.60%
Volatility (6M) Calculated over the trailing 6-month period	52.57%	27.70%	+24.87%
Volatility (1Y) Calculated over the trailing 1-year period	70.28%	32.92%	+37.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.50%	31.68%	+38.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.50%	31.68%	+38.82%

MNRS vs. BTCC - Expense Ratio Comparison

MNRS has a 0.59% expense ratio, which is lower than BTCC's 0.66% expense ratio.

Dividends

MNRS vs. BTCC - Dividend Comparison

MNRS's dividend yield for the trailing twelve months is around 0.33%, less than BTCC's 105.03% yield.

Position	TTM	2025
BTCC Grayscale Bitcoin Covered Call ETF	105.03%	63.86%
MNRS Grayscale Bitcoin Miners ETF	0.33%	0.54%

Frequently Asked Questions

Can I hold both MNRS and BTCC in my portfolio?

MNRS and BTCC have a correlation of 0.59, 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 BTCC?

MNRS has higher volatility (20.30%) compared to BTCC (8.70%). In terms of maximum drawdown, MNRS dropped -56.70% vs BTCC's -44.40%.

Which ETF is better, MNRS or BTCC?

On 1-year performance, MNRS leads with 129.17% vs -33.54% for BTCC. On fees, MNRS is cheaper at 0.59% per year. On volatility, BTCC has been the lower-risk option at 8.70%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MNRS or BTCC?

Over the 1-year period, MNRS has performed better with a 129.17% return vs -33.54%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MNRS or BTCC?

MNRS is cheaper with a 0.59% expense ratio, compared with 0.66% for BTCC.

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

BTCC has the higher dividend yield at 105.03%, compared with 0.33% for MNRS.

What is the main difference between MNRS and BTCC?

MNRS is categorized as Blockchain, while BTCC is Cryptocurrency. Their fees differ too: 0.59% for MNRS and 0.66% for BTCC.

Which has better risk-adjusted returns?

MNRS currently has the higher Sharpe Ratio (1.85 vs -1.02), 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.