MNRS vs. HECO

Last updated Jun 4, 2026

MNRS (Grayscale Bitcoin Miners ETF) and HECO (State Street Galaxy Hedged Digital Asset Ecosystem ETF) are both Blockchain funds. MNRS is passively managed, while HECO is actively managed. Over the past year, MNRS returned 129.17% vs 136.32% for HECO. Their correlation of 0.92 suggests significant overlap in exposure. MNRS charges 0.59%/yr vs 0.90%/yr for HECO.

Performance

MNRS vs. HECO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Miners ETF (MNRS) and State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO). 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 lower than HECO's 71.77% return.

MNRS

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

HECO

• 1D: -0.95%
• 1M: 33.22%
• YTD: 71.77%
• 6M: 57.04%
• 1Y: 136.32%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MNRS vs. HECO - Yearly Performance Comparison

	2026 (YTD)	2025
MNRS Grayscale Bitcoin Miners ETF	66.15%	12.66%
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	71.77%	14.06%

Correlation

The correlation between MNRS and HECO is 0.91, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.91
Correlation (All Time) Calculated using the full available price history since Jan 31, 2025	0.92

The correlation between MNRS and HECO has been stable across timeframes, ranging from 0.91 to 0.92 - a consistent structural relationship.

Return for Risk

MNRS vs. HECO — 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

HECO

HECO Risk / Return Rank: 89
HECO Sharpe Ratio Rank: 94
HECO Sortino Ratio Rank: 89
HECO Omega Ratio Rank: 84
HECO Calmar Ratio Rank: 93
HECO Martin Ratio Rank: 87

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. HECO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Miners ETF (MNRS) and State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO). 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	HECO	Difference
Sharpe ratio: Return per unit of total volatility	1.85	3.68	-1.83
Sortino ratio: Return per unit of downside risk	2.37	4.07	-1.70
Omega ratio: Gain probability vs. loss probability	1.28	1.51	-0.23
Calmar ratio: Return relative to maximum drawdown	2.29	6.52	-4.23
Martin ratio: Return relative to average drawdown	4.48	18.71	-14.23
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MNRS vs. HECO - Sharpe Ratio Comparison

The current MNRS Sharpe Ratio is 1.85, which is lower than the HECO Sharpe Ratio of 3.68. The chart below compares the historical Sharpe Ratios of MNRS and HECO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	MNRS	HECO	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	3.68	-1.83
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	1.80	-0.94

Drawdowns

MNRS vs. HECO - Drawdown Comparison

The maximum MNRS drawdown since its inception was -56.70%, which is greater than HECO's maximum drawdown of -44.59%. Use the drawdown chart below to compare losses from any high point for MNRS and HECO.

Drawdown Indicators

	MNRS	HECO	Difference
Max Drawdown Largest peak-to-trough decline	-56.70%	-44.59%	-12.11%
Max Drawdown (1Y) Largest decline over 1 year	-56.70%	-21.03%	-35.67%
Current Drawdown Current decline from peak	-8.42%	-1.18%	-7.24%
Average Drawdown Average peak-to-trough decline	-23.73%	-11.81%	-11.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.93%	7.31%	+21.62%

Volatility

MNRS vs. HECO - Volatility Comparison

Grayscale Bitcoin Miners ETF (MNRS) has a higher volatility of 20.30% compared to State Street Galaxy Hedged Digital Asset Ecosystem ETF (HECO) at 10.30%. This indicates that MNRS's price experiences larger fluctuations and is considered to be riskier than HECO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNRS	HECO	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.30%	10.30%	+10.00%
Volatility (6M) Calculated over the trailing 6-month period	52.57%	29.36%	+23.21%
Volatility (1Y) Calculated over the trailing 1-year period	70.28%	37.32%	+32.96%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.50%	44.93%	+25.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.50%	44.93%	+25.57%

MNRS vs. HECO - Expense Ratio Comparison

MNRS has a 0.59% expense ratio, which is lower than HECO's 0.90% expense ratio.

Dividends

MNRS vs. HECO - Dividend Comparison

MNRS's dividend yield for the trailing twelve months is around 0.33%, while HECO has not paid dividends to shareholders.

Position	TTM	2025	2024
HECO State Street Galaxy Hedged Digital Asset Ecosystem ETF	0.00%	0.00%	2.61%
MNRS Grayscale Bitcoin Miners ETF	0.33%	0.54%	0.00%

Frequently Asked Questions

Can I hold both MNRS and HECO in my portfolio?

With a correlation of 0.91, MNRS and HECO move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, MNRS or HECO?

MNRS has higher volatility (20.30%) compared to HECO (10.30%). In terms of maximum drawdown, MNRS dropped -56.70% vs HECO's -44.59%.

Which ETF is better, MNRS or HECO?

On 1-year performance, HECO leads with 136.32% vs 129.17% for MNRS. On fees, MNRS is cheaper at 0.59% per year. On volatility, HECO has been the lower-risk option at 10.30%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MNRS or HECO?

Over the 1-year period, HECO has performed better with a 136.32% return vs 129.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MNRS or HECO?

MNRS is cheaper with a 0.59% expense ratio, compared with 0.90% for HECO.

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

MNRS has the higher dividend yield at 0.33%, compared with 0.00% for HECO.

What is the main difference between MNRS and HECO?

They also come from different issuers: Grayscale and State Street. Their fees differ too: 0.59% for MNRS and 0.90% for HECO.

Which has better risk-adjusted returns?

HECO currently has the higher Sharpe Ratio (3.68 vs 1.85), 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.