MNRS vs. GBTC
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 112.67% vs -40.35% for GBTC. A 0.64 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
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Returns By Period
In the year-to-date period, MNRS achieves a 62.19% return, which is significantly higher than GBTC's -27.82% return.
MNRS
- 1D
- -2.38%
- 1M
- 23.67%
- YTD
- 62.19%
- 6M
- 32.49%
- 1Y
- 112.67%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
GBTC
- 1D
- -2.74%
- 1M
- -22.25%
- YTD
- -27.82%
- 6M
- -31.83%
- 1Y
- -40.35%
- 3Y*
- 53.36%
- 5Y*
- 9.81%
- 10Y*
- 49.21%
MNRS vs. GBTC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | |
|---|---|---|
MNRS Grayscale Bitcoin Miners ETF | 62.19% | 12.66% |
GBTC Grayscale Bitcoin Trust ETF | -27.82% | -17.82% |
Correlation
The correlation between MNRS and GBTC is 0.63, 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 | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jan 31, 2025 | 0.64 |
The correlation between MNRS and GBTC has been stable across timeframes, ranging from 0.63 to 0.64 - a consistent structural relationship.
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Return for Risk
MNRS vs. GBTC — Risk / Return Rank
MNRS
GBTC
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.
| MNRS | GBTC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.55 | ||
| Sortino ratioReturn per unit of downside risk | +3.50 | ||
| Omega ratioGain probability vs. loss probability | 1.26 | 0.85 | +0.41 |
| Calmar ratioReturn relative to maximum drawdown | 2.00 | -0.81 | +2.81 |
| Martin ratioReturn relative to average drawdown | 3.91 | -1.40 | +5.31 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| MNRS | GBTC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.62 | -0.93 | +2.55 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | 0.16 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | 0.60 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.81 | 0.65 | +0.16 |
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.
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Drawdown Indicators
| MNRS | GBTC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -56.70% | -89.91% | +33.21% |
Max Drawdown (1Y)Largest decline over 1 year | -56.70% | -49.87% | -6.83% |
Max Drawdown (3Y)Largest decline over 3 years | — | -49.87% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -85.42% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -89.91% | — |
Current DrawdownCurrent decline from peak | -10.60% | -49.87% | +39.27% |
Average DrawdownAverage peak-to-trough decline | -23.69% | -43.43% | +19.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 28.94% | 28.81% | +0.13% |
Volatility
MNRS vs. GBTC - Volatility Comparison
Grayscale Bitcoin Miners ETF (MNRS) has a higher volatility of 19.78% compared to Grayscale Bitcoin Trust ETF (GBTC) at 9.07%. 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.
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Volatility by Period
| MNRS | GBTC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 19.78% | 9.07% | +10.71% |
Volatility (6M)Calculated over the trailing 6-month period | 52.30% | 33.86% | +18.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 70.18% | 43.69% | +26.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 70.43% | 62.44% | +7.99% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 70.43% | 82.20% | -11.77% |
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 0.33%, 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 | 0.33% | 0.54% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
MNRS and GBTC have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MNRS has higher volatility (19.78%) compared to GBTC (9.07%). In terms of maximum drawdown, MNRS dropped -56.70% vs GBTC's -89.91%.
On 1-year performance, MNRS leads with 112.67% vs -40.35% for GBTC. On fees, MNRS is cheaper at 0.59% per year. On volatility, GBTC has been the lower-risk option at 9.07%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MNRS has performed better with a 112.67% return vs -40.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MNRS is cheaper with a 0.59% expense ratio, compared with 1.50% for GBTC.
MNRS has the higher dividend yield at 0.33%, compared with 0.00% for 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.
MNRS currently has the higher Sharpe Ratio (1.62 vs -0.93), 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.
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