MNRS vs. GBTC

Last updated Jul 17, 2026

MNRS (Grayscale Bitcoin Miners ETF) and GBTC (Grayscale Bitcoin Trust ETF) are both exchange-traded funds - MNRS is a Blockchain fund tracking the Indxx Bitcoin Miners Index, while GBTC is a Cryptocurrency fund tracking the CoinDesk Bitcoin Benchmark Rate Index. Both are passively managed. Over the past year, MNRS returned 17.71% vs -46.93% for GBTC. A 0.62 correlation means they provide meaningful diversification when combined. MNRS charges 0.59%/yr vs 1.50%/yr for GBTC.

Performance

MNRS vs. GBTC - Performance Comparison

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

Returns By Period

In the year-to-date period, MNRS achieves a 11.06% return, which is significantly higher than GBTC's -27.28% return.

MNRS

• 1D: -7.89%
• 1M: -30.06%
• 6M: -9.69%
• YTD: 11.06%
• 1Y: 17.71%
• 3Y*: —
• 5Y*: —
• 10Y*: —

GBTC

• 1D: -0.14%
• 1M: -0.28%
• 6M: -33.35%
• YTD: -27.28%
• 1Y: -46.93%
• 3Y*: 36.12%
• 5Y*: 13.67%
• 10Y*: 47.81%

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

MNRS vs. GBTC - Yearly Performance Comparison

	2026 (YTD)	2025
MNRS Grayscale Bitcoin Miners ETF	11.06%	14.05%
GBTC Grayscale Bitcoin Trust ETF	-27.28%	-17.22%

Correlation

The correlation between MNRS and GBTC 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 Jan 30, 2025	0.62

The correlation between MNRS and GBTC has been stable across timeframes, ranging from 0.59 to 0.62 - a consistent structural relationship.

Return for Risk

MNRS vs. GBTC — Risk / Return Rank

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

MNRS

MNRS Risk / Return Rank: 15
MNRS Sharpe Ratio Rank: 13
MNRS Sortino Ratio Rank: 19
MNRS Omega Ratio Rank: 18
MNRS Calmar Ratio Rank: 14
MNRS Martin Ratio Rank: 13

GBTC

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

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. GBTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Miners ETF (MNRS) and Grayscale Bitcoin Trust ETF (GBTC). 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	GBTC	Difference
Sharpe ratio: Return per unit of total volatility	0.25	-1.06	+1.31
Sortino ratio: Return per unit of downside risk	0.86	-1.62	+2.48
Omega ratio: Gain probability vs. loss probability	1.10	0.82	+0.28
Calmar ratio: Return relative to maximum drawdown	0.31	-0.88	+1.19
Martin ratio: Return relative to average drawdown	0.59	-1.40	+1.99

MNRS vs. GBTC - Sharpe Ratio Comparison

The current MNRS Sharpe Ratio is 0.25, which is higher than the GBTC Sharpe Ratio of -1.06. The chart below compares the historical Sharpe Ratios of MNRS and GBTC, 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. GBTC - Drawdown Comparison

The maximum MNRS drawdown since its inception was -56.70%, smaller than the maximum GBTC drawdown of -89.91%. Use the drawdown chart below to compare losses from any high point for MNRS and GBTC.

Drawdown Indicators

	MNRS	GBTC	Difference
Max Drawdown Largest peak-to-trough decline	-56.70%	-89.91%	+33.21%
Max Drawdown (1Y) Largest decline over 1 year	-56.70%	-53.75%	-2.95%
Max Drawdown (3Y) Largest decline over 3 years	—	-53.75%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-85.42%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-89.91%	—
Current Drawdown Current decline from peak	-38.78%	-49.50%	+10.72%
Average Drawdown Average peak-to-trough decline	-23.57%	-43.49%	+19.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.02%	33.53%	-3.51%

Volatility

MNRS vs. GBTC - Volatility Comparison

Grayscale Bitcoin Miners ETF (MNRS) has a higher volatility of 17.51% compared to Grayscale Bitcoin Trust ETF (GBTC) at 10.67%. This indicates that MNRS's price experiences larger fluctuations and is considered to be riskier than GBTC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNRS	GBTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.51%	10.67%	+6.84%
Volatility (6M) Calculated over the trailing 6-month period	53.33%	34.54%	+18.79%
Volatility (1Y) Calculated over the trailing 1-year period	72.04%	44.21%	+27.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.79%	61.81%	+8.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.79%	81.43%	-10.64%

MNRS vs. GBTC - Expense Ratio Comparison

MNRS has a 0.59% expense ratio, which is lower than GBTC's 1.50% expense ratio.

Dividends

MNRS vs. GBTC - Dividend Comparison

MNRS's dividend yield for the trailing twelve months is around 0.49%, while GBTC has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBTC Grayscale Bitcoin Trust ETF	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	5.61%
MNRS Grayscale Bitcoin Miners ETF	0.49%	0.54%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both MNRS and GBTC in my portfolio?

MNRS and GBTC 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 GBTC?

MNRS has higher volatility (17.51%) compared to GBTC (10.67%). In terms of maximum drawdown, MNRS dropped -56.70% vs GBTC's -89.91%.

Which ETF is better, MNRS or GBTC?

On 1-year performance, MNRS leads with 17.71% vs -46.93% for GBTC. On fees, MNRS is cheaper at 0.59% per year. On volatility, GBTC has been the lower-risk option at 10.67%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MNRS or GBTC?

Over the 1-year period, MNRS has performed better with a 17.71% return vs -46.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MNRS or GBTC?

MNRS is cheaper with a 0.59% expense ratio, compared with 1.50% for GBTC.

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

MNRS has the higher dividend yield at 0.49%, compared with 0.00% for GBTC.

What is the main difference between MNRS and GBTC?

MNRS is categorized as Blockchain, while GBTC is Cryptocurrency. MNRS tracks Indxx Bitcoin Miners Index, while GBTC tracks CoinDesk Bitcoin Benchmark Rate Index. Their fees differ too: 0.59% for MNRS and 1.50% for GBTC.

Which has better risk-adjusted returns?

MNRS currently has the higher Sharpe Ratio (0.25 vs -1.06), 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.