MNRS vs. OWNB

Last updated Jun 4, 2026

MNRS (Grayscale Bitcoin Miners ETF) and OWNB (Bitwise Bitcoin Standard Corporations ETF) are both Blockchain funds - MNRS tracks the Indxx Bitcoin Miners Index while OWNB tracks the Bitwise Bitcoin Standard Corporations Inde. Both are passively managed. Over the past year, MNRS returned 129.17% vs -28.07% for OWNB. Their correlation of 0.85 suggests significant overlap in exposure. MNRS charges 0.59%/yr vs 0.85%/yr for OWNB.

Performance

MNRS vs. OWNB - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Miners ETF (MNRS) and Bitwise Bitcoin Standard Corporations ETF (OWNB). 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 higher than OWNB's -1.56% return.

MNRS

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

OWNB

• 1D: -1.95%
• 1M: -2.79%
• YTD: -1.56%
• 6M: -18.67%
• 1Y: -28.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MNRS vs. OWNB - Yearly Performance Comparison

	2026 (YTD)	2025
MNRS Grayscale Bitcoin Miners ETF	66.15%	61.72%
OWNB Bitwise Bitcoin Standard Corporations ETF	-1.56%	-3.56%

Correlation

The correlation between MNRS and OWNB is 0.85, 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	0.85
Correlation (All Time) Calculated using the full available price history since Mar 12, 2025	0.85

The correlation between MNRS and OWNB has been stable across timeframes, ranging from 0.85 to 0.85 - a consistent structural relationship.

Return for Risk

MNRS vs. OWNB — 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

OWNB

OWNB Risk / Return Rank: 5
OWNB Sharpe Ratio Rank: 5
OWNB Sortino Ratio Rank: 5
OWNB Omega Ratio Rank: 5
OWNB Calmar Ratio Rank: 5
OWNB Martin Ratio Rank: 5

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. OWNB - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Miners ETF (MNRS) and Bitwise Bitcoin Standard Corporations ETF (OWNB). 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	OWNB	Difference
Sharpe ratio: Return per unit of total volatility	1.85	-0.49	+2.34
Sortino ratio: Return per unit of downside risk	2.37	-0.41	+2.78
Omega ratio: Gain probability vs. loss probability	1.28	0.96	+0.33
Calmar ratio: Return relative to maximum drawdown	2.29	-0.47	+2.77
Martin ratio: Return relative to average drawdown	4.48	-0.83	+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.

MNRS vs. OWNB - Sharpe Ratio Comparison

The current MNRS Sharpe Ratio is 1.85, which is higher than the OWNB Sharpe Ratio of -0.49. The chart below compares the historical Sharpe Ratios of MNRS and OWNB, 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	OWNB	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.85	-0.49	+2.34
Sharpe Ratio (All Time) Calculated using the full available price history	0.85	-0.07	+0.92

Drawdowns

MNRS vs. OWNB - Drawdown Comparison

The maximum MNRS drawdown since its inception was -56.70%, roughly equal to the maximum OWNB drawdown of -59.47%. Use the drawdown chart below to compare losses from any high point for MNRS and OWNB.

Drawdown Indicators

	MNRS	OWNB	Difference
Max Drawdown Largest peak-to-trough decline	-56.70%	-59.47%	+2.77%
Max Drawdown (1Y) Largest decline over 1 year	-56.70%	-59.47%	+2.77%
Current Drawdown Current decline from peak	-8.42%	-44.54%	+36.12%
Average Drawdown Average peak-to-trough decline	-23.73%	-24.89%	+1.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.93%	33.96%	-5.03%

Volatility

MNRS vs. OWNB - Volatility Comparison

Grayscale Bitcoin Miners ETF (MNRS) has a higher volatility of 20.30% compared to Bitwise Bitcoin Standard Corporations ETF (OWNB) at 13.15%. This indicates that MNRS's price experiences larger fluctuations and is considered to be riskier than OWNB based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNRS	OWNB	Difference
Volatility (1M) Calculated over the trailing 1-month period	20.30%	13.15%	+7.15%
Volatility (6M) Calculated over the trailing 6-month period	52.57%	42.52%	+10.05%
Volatility (1Y) Calculated over the trailing 1-year period	70.28%	57.85%	+12.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.50%	62.36%	+8.14%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.50%	62.36%	+8.14%

MNRS vs. OWNB - Expense Ratio Comparison

MNRS has a 0.59% expense ratio, which is lower than OWNB's 0.85% expense ratio.

Dividends

MNRS vs. OWNB - Dividend Comparison

MNRS's dividend yield for the trailing twelve months is around 0.33%, less than OWNB's 0.88% yield.

Position	TTM	2025
MNRS Grayscale Bitcoin Miners ETF	0.33%	0.54%
OWNB Bitwise Bitcoin Standard Corporations ETF	0.88%	0.87%

Frequently Asked Questions

Can I hold both MNRS and OWNB in my portfolio?

MNRS and OWNB have a correlation of 0.85, 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 OWNB?

MNRS has higher volatility (20.30%) compared to OWNB (13.15%). In terms of maximum drawdown, MNRS dropped -56.70% vs OWNB's -59.47%.

Which ETF is better, MNRS or OWNB?

On 1-year performance, MNRS leads with 129.17% vs -28.07% for OWNB. On fees, MNRS is cheaper at 0.59% per year. On volatility, OWNB has been the lower-risk option at 13.15%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MNRS or OWNB?

Over the 1-year period, MNRS has performed better with a 129.17% return vs -28.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MNRS or OWNB?

MNRS is cheaper with a 0.59% expense ratio, compared with 0.85% for OWNB.

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

OWNB has the higher dividend yield at 0.88%, compared with 0.33% for MNRS.

What is the main difference between MNRS and OWNB?

MNRS tracks Indxx Bitcoin Miners Index, while OWNB tracks Bitwise Bitcoin Standard Corporations Inde. They also come from different issuers: Grayscale and Bitwise. Their fees differ too: 0.59% for MNRS and 0.85% for OWNB.

Which has better risk-adjusted returns?

MNRS currently has the higher Sharpe Ratio (1.85 vs -0.49), 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.