MNRS vs. DBE

Last updated Jul 14, 2026

MNRS (Grayscale Bitcoin Miners ETF) and DBE (Invesco DB Energy Fund) are both exchange-traded funds - MNRS is a Blockchain fund tracking the Indxx Bitcoin Miners Index, while DBE is a Oil & Gas fund tracking the DBIQ Optimum Yield Energy Index. Both are passively managed. Over the past year, MNRS returned 32.34% vs 53.22% for DBE. At a 0.00 correlation, their price movements are largely independent. MNRS charges 0.59%/yr vs 0.78%/yr for DBE.

Performance

MNRS vs. DBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Miners ETF (MNRS) and Invesco DB Energy Fund (DBE). 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 DBE's 66.08% return.

MNRS

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

DBE

• 1D: 6.87%
• 1M: -1.18%
• 6M: 62.18%
• YTD: 66.08%
• 1Y: 53.22%
• 3Y*: 17.13%
• 5Y*: 16.54%
• 10Y*: 11.15%

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

MNRS vs. DBE - Yearly Performance Comparison

	2026 (YTD)	2025
MNRS Grayscale Bitcoin Miners ETF	19.40%	14.05%
DBE Invesco DB Energy Fund	66.08%	-4.88%

Correlation

The correlation between MNRS and DBE is -0.11, 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	-0.11
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025	0.00

The correlation between MNRS and DBE shifts across timeframes, from -0.11 (1 year) to 0.00 (all time), reflecting how their relationship changes across market environments.

Return for Risk

MNRS vs. DBE — 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

DBE

DBE Risk / Return Rank: 53
DBE Sharpe Ratio Rank: 55
DBE Sortino Ratio Rank: 53
DBE Omega Ratio Rank: 52
DBE Calmar Ratio Rank: 54
DBE Martin Ratio Rank: 49

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. DBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Miners ETF (MNRS) and Invesco DB Energy Fund (DBE). 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	DBE	Difference
Sharpe ratio: Return per unit of total volatility	0.45	1.49	-1.03
Sortino ratio: Return per unit of downside risk	1.11	2.09	-0.98
Omega ratio: Gain probability vs. loss probability	1.13	1.26	-0.14
Calmar ratio: Return relative to maximum drawdown	0.57	2.16	-1.59
Martin ratio: Return relative to average drawdown	1.09	6.57	-5.48

MNRS vs. DBE - Sharpe Ratio Comparison

The current MNRS Sharpe Ratio is 0.45, which is lower than the DBE Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of MNRS and DBE, 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. DBE - Drawdown Comparison

The maximum MNRS drawdown since its inception was -56.70%, smaller than the maximum DBE drawdown of -86.69%. Use the drawdown chart below to compare losses from any high point for MNRS and DBE.

Drawdown Indicators

	MNRS	DBE	Difference
Max Drawdown Largest peak-to-trough decline	-56.70%	-86.69%	+29.99%
Max Drawdown (1Y) Largest decline over 1 year	-56.70%	-24.72%	-31.98%
Max Drawdown (3Y) Largest decline over 3 years	—	-24.72%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.74%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-60.84%	—
Current Drawdown Current decline from peak	-34.19%	-36.95%	+2.76%
Average Drawdown Average peak-to-trough decline	-23.47%	-57.20%	+33.73%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.77%	8.13%	+21.64%

Volatility

MNRS vs. DBE - Volatility Comparison

Grayscale Bitcoin Miners ETF (MNRS) has a higher volatility of 19.32% compared to Invesco DB Energy Fund (DBE) at 12.49%. This indicates that MNRS's price experiences larger fluctuations and is considered to be riskier than DBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNRS	DBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.32%	12.49%	+6.83%
Volatility (6M) Calculated over the trailing 6-month period	52.95%	32.73%	+20.22%
Volatility (1Y) Calculated over the trailing 1-year period	71.81%	36.03%	+35.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.76%	29.89%	+40.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.76%	28.40%	+42.36%

MNRS vs. DBE - Expense Ratio Comparison

MNRS has a 0.59% expense ratio, which is lower than DBE's 0.78% expense ratio.

Dividends

MNRS vs. DBE - Dividend Comparison

MNRS's dividend yield for the trailing twelve months is around 0.45%, less than DBE's 2.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
DBE Invesco DB Energy Fund	2.33%	3.86%	6.32%	3.87%	0.75%	0.00%	0.00%	1.79%	1.67%
MNRS Grayscale Bitcoin Miners ETF	0.45%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MNRS and DBE in my portfolio?

MNRS and DBE have a correlation of -0.11, 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 DBE?

MNRS has higher volatility (19.32%) compared to DBE (12.49%). In terms of maximum drawdown, MNRS dropped -56.70% vs DBE's -86.69%.

Which ETF is better, MNRS or DBE?

On 1-year performance, DBE leads with 53.22% vs 32.34% for MNRS. On fees, MNRS is cheaper at 0.59% per year. On volatility, DBE has been the lower-risk option at 12.49%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MNRS or DBE?

Over the 1-year period, DBE has performed better with a 53.22% 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 DBE?

MNRS is cheaper with a 0.59% expense ratio, compared with 0.78% for DBE.

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

DBE has the higher dividend yield at 2.33%, compared with 0.45% for MNRS.

What is the main difference between MNRS and DBE?

MNRS is categorized as Blockchain, while DBE is Oil & Gas. MNRS tracks Indxx Bitcoin Miners Index, while DBE tracks DBIQ Optimum Yield Energy Index. They also come from different issuers: Grayscale and Invesco. Their fees differ too: 0.59% for MNRS and 0.78% for DBE.

Which has better risk-adjusted returns?

DBE currently has the higher Sharpe Ratio (1.49 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.