MNRS vs. ETCO

Last updated Jun 4, 2026

MNRS (Grayscale Bitcoin Miners ETF) and ETCO (Grayscale Ethereum Covered Call ETF) are both exchange-traded funds - MNRS is a Blockchain fund tracking the Indxx Bitcoin Miners Index, while ETCO is a Cryptocurrency fund actively managed by Grayscale. MNRS is passively managed, while ETCO is actively managed. A 0.61 correlation means they provide meaningful diversification when combined. MNRS charges 0.59%/yr vs 0.66%/yr for ETCO.

Performance

MNRS vs. ETCO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Miners ETF (MNRS) and Grayscale Ethereum Covered Call ETF (ETCO). 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 ETCO's -33.38% return.

MNRS

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

ETCO

• 1D: -5.43%
• 1M: -20.32%
• YTD: -33.38%
• 6M: -34.60%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MNRS vs. ETCO - Yearly Performance Comparison

	2026 (YTD)	2025
MNRS Grayscale Bitcoin Miners ETF	66.15%	5.21%
ETCO Grayscale Ethereum Covered Call ETF	-33.38%	-24.78%

Correlation

The correlation between MNRS and ETCO is 0.61, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (All Time) Calculated using the full available price history since Sep 5, 2025	0.61

Return for Risk

MNRS vs. ETCO — 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

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. ETCO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Miners ETF (MNRS) and Grayscale Ethereum Covered Call ETF (ETCO). 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	ETCO	Difference
Sharpe ratio: Return per unit of total volatility	1.85	—	—
Sortino ratio: Return per unit of downside risk	2.37	—	—
Omega ratio: Gain probability vs. loss probability	1.28	—	—
Calmar ratio: Return relative to maximum drawdown	2.29	—	—
Martin ratio: Return relative to average drawdown	4.48	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	MNRS	ETCO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	-1.16	+2.01

Drawdowns

MNRS vs. ETCO - Drawdown Comparison

The maximum MNRS drawdown since its inception was -56.70%, roughly equal to the maximum ETCO drawdown of -56.81%. Use the drawdown chart below to compare losses from any high point for MNRS and ETCO.

Drawdown Indicators

	MNRS	ETCO	Difference
Max Drawdown Largest peak-to-trough decline	-56.70%	-56.81%	+0.11%
Max Drawdown (1Y) Largest decline over 1 year	-56.70%	—	—
Current Drawdown Current decline from peak	-8.42%	-54.32%	+45.90%
Average Drawdown Average peak-to-trough decline	-23.73%	-34.43%	+10.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.93%	—	—

Volatility

Volatility by Period

	MNRS	ETCO	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.30%	—	—
Volatility (6M) Calculated over the trailing 6-month period	52.57%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	70.28%	52.49%	+17.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.50%	52.49%	+18.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.50%	52.49%	+18.01%

MNRS vs. ETCO - Expense Ratio Comparison

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

Dividends

MNRS vs. ETCO - Dividend Comparison

MNRS's dividend yield for the trailing twelve months is around 0.33%, less than ETCO's 127.41% yield.

Position	TTM	2025
ETCO Grayscale Ethereum Covered Call ETF	127.41%	42.29%
MNRS Grayscale Bitcoin Miners ETF	0.33%	0.54%

Frequently Asked Questions

Can I hold both MNRS and ETCO in my portfolio?

MNRS and ETCO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, MNRS or ETCO?

On fees, MNRS is cheaper at 0.59% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MNRS or ETCO?

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

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

ETCO has the higher dividend yield at 127.41%, compared with 0.33% for MNRS.

What is the main difference between MNRS and ETCO?

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