MNRS vs. GDOG

Last updated Aug 2, 2026

MNRS (Grayscale Bitcoin Miners ETF) and GDOG (Grayscale Dogecoin Trust ETF) are both exchange-traded funds - MNRS is a Blockchain fund tracking the Indxx Bitcoin Miners Index, while GDOG is a Cryptocurrency fund tracking the CoinDesk Dogecoin Blended Reference Rate Index. Both are passively managed. Their 0.49 correlation means their historical movements had little consistent relationship. MNRS charges 0.59%/yr vs 0.35%/yr for GDOG.

Performance

MNRS vs. GDOG - Performance Comparison

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

Returns By Period

In the year-to-date period, MNRS achieves a 15.24% return, which is significantly higher than GDOG's -40.48% return.

MNRS

• 1D: -2.54%
• 1M: -6.16%
• 6M: 0.46%
• YTD: 15.24%
• 1Y: 39.29%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 20.02%

GDOG

• 1D: -1.28%
• 1M: -5.94%
• 6M: -39.80%
• YTD: -40.48%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
GDOG Grayscale Dogecoin Trust ETF	$151.06K	$186.23K	$348.71K
MNRS Grayscale Bitcoin Miners ETF	$301.29K	$286.50K	$542.86K

MNRS vs. GDOG - Yearly Performance Comparison

	2026 (YTD)	2025
MNRS Grayscale Bitcoin Miners ETF	15.24%	-1.38%
GDOG Grayscale Dogecoin Trust ETF	-40.48%	-19.74%

Correlation

The correlation between MNRS and GDOG is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 24, 2025	0.49

Return for Risk

MNRS vs. GDOG — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

MNRS

MNRS Risk / Return Rank: 22
MNRS Sharpe Ratio Rank: 20
MNRS Sortino Ratio Rank: 28
MNRS Omega Ratio Rank: 26
MNRS Calmar Ratio Rank: 20
MNRS Martin Ratio Rank: 17

GDOG

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

MNRS vs. GDOG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Miners ETF (MNRS) and Grayscale Dogecoin Trust ETF (GDOG). 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	GDOG	Difference
Sharpe ratio: Return per unit of total volatility	0.39	—	—
Sortino ratio: Return per unit of downside risk	1.08	—	—
Omega ratio: Gain probability vs. loss probability	1.12	—	—
Calmar ratio: Return relative to maximum drawdown	0.52	—	—
Martin ratio: Return relative to average drawdown	0.96	—	—

Drawdowns

MNRS vs. GDOG - Drawdown Comparison

The maximum MNRS drawdown since its inception was -56.70%, roughly equal to the maximum GDOG drawdown of -55.65%. Use the drawdown chart below to compare losses from any high point for MNRS and GDOG.

Drawdown Indicators

	MNRS	GDOG	Difference
Max Drawdown Largest peak-to-trough decline	-56.70%	-55.65%	-1.05%
Max Drawdown (1Y) Largest decline over 1 year	-56.70%	—	—
Current Drawdown Current decline from peak	-36.48%	-55.17%	+18.69%
Average Drawdown Average peak-to-trough decline	-23.92%	-33.53%	+9.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.84%	—	—

Volatility

Volatility by Period

	MNRS	GDOG	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%	68.93%	+6.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	72.74%	68.93%	+3.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	72.74%	68.93%	+3.81%

MNRS vs. GDOG - Expense Ratio Comparison

MNRS has a 0.59% expense ratio, which is higher than GDOG's 0.35% expense ratio.

Dividends

MNRS vs. GDOG - Dividend Comparison

MNRS's dividend yield for the trailing twelve months is around 0.47%, while GDOG has not paid dividends to shareholders.

Position	TTM	2025
GDOG Grayscale Dogecoin Trust ETF	0.00%	0.00%
MNRS Grayscale Bitcoin Miners ETF	0.47%	0.54%

Frequently Asked Questions

Can I hold both MNRS and GDOG in my portfolio?

MNRS and GDOG have a correlation of 0.49, 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 GDOG?

On fees, GDOG is cheaper at 0.35% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, MNRS or GDOG?

GDOG is cheaper with a 0.35% expense ratio, compared with 0.59% for MNRS.

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

MNRS has the higher dividend yield at 0.47%, compared with 0.00% for GDOG.

What is the main difference between MNRS and GDOG?

MNRS is categorized as Blockchain, while GDOG is Cryptocurrency. MNRS tracks Indxx Bitcoin Miners Index, while GDOG tracks CoinDesk Dogecoin Blended Reference Rate Index. Their fees differ too: 0.59% for MNRS and 0.35% for GDOG.