MNRS vs. ETCO
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. Their 0.58 correlation means they have sometimes moved together and sometimes differently. MNRS charges 0.59%/yr vs 0.66%/yr for ETCO.
Performance
MNRS vs. ETCO - Performance Comparison
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Returns By Period
In the year-to-date period, MNRS achieves a 15.24% return, which is significantly higher than ETCO's -34.69% return.
MNRS
- 1D
- -2.54%
- 1M
- -6.16%
- 6M
- 0.46%
- YTD
- 15.24%
- 1Y
- 39.29%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 20.02%
ETCO
- 1D
- -2.50%
- 1M
- 5.77%
- 6M
- -27.08%
- YTD
- -34.69%
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $41.84K | $37.58K | $56.92K | |
| $301.29K | $286.50K | $542.86K |
MNRS vs. ETCO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MNRS Grayscale Bitcoin Miners ETF | 15.24% | 1.28% |
ETCO Grayscale Ethereum Covered Call ETF | -34.69% | -26.08% |
Correlation
The correlation between MNRS and ETCO is 0.58, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Sep 4, 2025 | 0.58 |
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Return for Risk
MNRS vs. ETCO — Risk / Return Rank
MNRS
ETCO
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
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.
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 | ETCO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.12 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 0.52 | — | — |
| Martin ratioReturn relative to average drawdown | 0.96 | — | — |
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Drawdowns
MNRS vs. ETCO - Drawdown Comparison
The maximum MNRS drawdown since its inception was -56.70%, roughly equal to the maximum ETCO drawdown of -59.43%. Use the drawdown chart below to compare losses from any high point for MNRS and ETCO.
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Drawdown Indicators
| MNRS | ETCO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.70% | -59.43% | +2.73% |
Max Drawdown (1Y)Largest decline over 1 year | -56.70% | — | — |
Current DrawdownCurrent decline from peak | -36.48% | -55.22% | +18.74% |
Average DrawdownAverage peak-to-trough decline | -23.92% | -38.17% | +14.25% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.84% | — | — |
Volatility
MNRS vs. ETCO - Volatility Comparison
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Volatility by Period
| MNRS | ETCO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 29.70% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 56.91% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 75.89% | 50.60% | +25.29% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.74% | 50.60% | +22.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.74% | 50.60% | +22.14% |
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 0.47%, less than ETCO's 153.50% yield.
| Position | TTM | 2025 |
|---|---|---|
ETCO Grayscale Ethereum Covered Call ETF | 153.50% | 42.29% |
MNRS Grayscale Bitcoin Miners ETF | 0.47% | 0.54% |
Frequently Asked Questions
MNRS and ETCO have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
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.
MNRS is cheaper with a 0.59% expense ratio, compared with 0.66% for ETCO.
ETCO has the higher dividend yield at 153.50%, compared with 0.47% for MNRS.
MNRS is categorized as Blockchain, while ETCO is Cryptocurrency. Their fees differ too: 0.59% for MNRS and 0.66% for ETCO.
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