MNRS vs. BWET

Last updated Jun 4, 2026

MNRS (Grayscale Bitcoin Miners ETF) and BWET (Breakwave Tanker Shipping ETF) are both exchange-traded funds - MNRS is a Blockchain fund tracking the Indxx Bitcoin Miners Index, while BWET is a Commodities fund tracking the Breakwave Wet Freight Futures Index. Both are passively managed. Over the past year, MNRS returned 129.17% vs 1800.91% for BWET. At a correlation of -0.09, they often move in opposite directions. MNRS charges 0.59%/yr vs 3.50%/yr for BWET.

Performance

MNRS vs. BWET - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Miners ETF (MNRS) and Breakwave Tanker Shipping ETF (BWET). 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 lower than BWET's 875.88% return.

MNRS

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

BWET

• 1D: 4.26%
• 1M: 9.15%
• YTD: 875.88%
• 6M: 735.56%
• 1Y: 1,800.91%
• 3Y*: 129.64%
• 5Y*: —
• 10Y*: —

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

MNRS vs. BWET - Yearly Performance Comparison

	2026 (YTD)	2025
MNRS Grayscale Bitcoin Miners ETF	66.15%	12.66%
BWET Breakwave Tanker Shipping ETF	875.88%	63.61%

Correlation

The correlation between MNRS and BWET is -0.13, 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	-0.13
Correlation (All Time) Calculated using the full available price history since Jan 31, 2025	-0.09

Return for Risk

MNRS vs. BWET — 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

BWET

BWET Risk / Return Rank: 99
BWET Sharpe Ratio Rank: 100
BWET Sortino Ratio Rank: 97
BWET Omega Ratio Rank: 97
BWET Calmar Ratio Rank: 100
BWET Martin Ratio Rank: 99

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. BWET - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Miners ETF (MNRS) and Breakwave Tanker Shipping ETF (BWET). 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	BWET	Difference
Sharpe ratio: Return per unit of total volatility	1.85	18.57	-16.72
Sortino ratio: Return per unit of downside risk	2.37	6.55	-4.19
Omega ratio: Gain probability vs. loss probability	1.28	1.96	-0.68
Calmar ratio: Return relative to maximum drawdown	2.29	59.51	-57.22
Martin ratio: Return relative to average drawdown	4.48	158.07	-153.59
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. BWET - Sharpe Ratio Comparison

The current MNRS Sharpe Ratio is 1.85, which is lower than the BWET Sharpe Ratio of 18.57. The chart below compares the historical Sharpe Ratios of MNRS and BWET, 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	BWET	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	18.57	-16.72
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	1.90	-1.04

Drawdowns

MNRS vs. BWET - Drawdown Comparison

The maximum MNRS drawdown since its inception was -56.70%, roughly equal to the maximum BWET drawdown of -56.90%. Use the drawdown chart below to compare losses from any high point for MNRS and BWET.

Drawdown Indicators

	MNRS	BWET	Difference
Max Drawdown Largest peak-to-trough decline	-56.70%	-56.90%	+0.20%
Max Drawdown (1Y) Largest decline over 1 year	-56.70%	-30.64%	-26.06%
Max Drawdown (3Y) Largest decline over 3 years	—	-56.90%	—
Current Drawdown Current decline from peak	-8.42%	-11.29%	+2.87%
Average Drawdown Average peak-to-trough decline	-23.73%	-24.09%	+0.36%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.93%	11.51%	+17.42%

Volatility

MNRS vs. BWET - Volatility Comparison

The current volatility for Grayscale Bitcoin Miners ETF (MNRS) is 20.30%, while Breakwave Tanker Shipping ETF (BWET) has a volatility of 33.96%. This indicates that MNRS experiences smaller price fluctuations and is considered to be less risky than BWET based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNRS	BWET	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.30%	33.96%	-13.66%
Volatility (6M) Calculated over the trailing 6-month period	52.57%	88.49%	-35.92%
Volatility (1Y) Calculated over the trailing 1-year period	70.28%	98.35%	-28.07%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.50%	70.45%	+0.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.50%	70.45%	+0.05%

MNRS vs. BWET - Expense Ratio Comparison

MNRS has a 0.59% expense ratio, which is lower than BWET's 3.50% expense ratio.

Dividends

MNRS vs. BWET - Dividend Comparison

MNRS's dividend yield for the trailing twelve months is around 0.33%, while BWET has not paid dividends to shareholders.

Position	TTM	2025
BWET Breakwave Tanker Shipping ETF	0.00%	0.00%
MNRS Grayscale Bitcoin Miners ETF	0.33%	0.54%

Frequently Asked Questions

Can I hold both MNRS and BWET in my portfolio?

MNRS and BWET have a correlation of -0.13, 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 BWET?

BWET has higher volatility (33.96%) compared to MNRS (20.30%). In terms of maximum drawdown, MNRS dropped -56.70% vs BWET's -56.90%.

Which ETF is better, MNRS or BWET?

On 1-year performance, BWET leads with 1800.91% vs 129.17% for MNRS. On fees, MNRS is cheaper at 0.59% per year. On volatility, MNRS has been the lower-risk option at 20.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MNRS or BWET?

Over the 1-year period, BWET has performed better with a 1800.91% return vs 129.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MNRS or BWET?

MNRS is cheaper with a 0.59% expense ratio, compared with 3.50% for BWET.

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

MNRS has the higher dividend yield at 0.33%, compared with 0.00% for BWET.

What is the main difference between MNRS and BWET?

MNRS is categorized as Blockchain, while BWET is Commodities. MNRS tracks Indxx Bitcoin Miners Index, while BWET tracks Breakwave Wet Freight Futures Index. They also come from different issuers: Grayscale and Amplify. Their fees differ too: 0.59% for MNRS and 3.50% for BWET.

Which has better risk-adjusted returns?

BWET currently has the higher Sharpe Ratio (18.57 vs 1.85), 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.