MNRS vs. SOLT

Last updated Jun 23, 2026

MNRS (Grayscale Bitcoin Miners ETF) and SOLT (2x Solana ETF) are both Blockchain funds. MNRS is passively managed, while SOLT is actively managed. Over the past year, MNRS returned 123.27% vs -87.76% for SOLT. A 0.57 correlation means they provide meaningful diversification when combined. MNRS charges 0.59%/yr vs 1.85%/yr for SOLT.

Performance

MNRS vs. SOLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Grayscale Bitcoin Miners ETF (MNRS) and 2x Solana ETF (SOLT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, MNRS achieves a 61.21% return, which is significantly higher than SOLT's -74.77% return.

MNRS

• 1D: -0.40%
• 1M: 6.43%
• YTD: 61.21%
• 6M: 45.86%
• 1Y: 123.27%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SOLT

• 1D: 9.53%
• 1M: -29.58%
• YTD: -74.77%
• 6M: -75.00%
• 1Y: -87.76%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

MNRS vs. SOLT - Yearly Performance Comparison

	2026 (YTD)	2025
MNRS Grayscale Bitcoin Miners ETF	61.21%	60.23%
SOLT 2x Solana ETF	-74.77%	-55.52%

Correlation

The correlation between MNRS and SOLT is 0.55, 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	0.55
Correlation (All Time) Calculated using the full available price history since Mar 20, 2025	0.57

The correlation between MNRS and SOLT has been stable across timeframes, ranging from 0.55 to 0.57 - a consistent structural relationship.

Return for Risk

MNRS vs. SOLT — Risk / Return Rank

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

MNRS

MNRS Risk / Return Rank: 44
MNRS Sharpe Ratio Rank: 53
MNRS Sortino Ratio Rank: 47
MNRS Omega Ratio Rank: 43
MNRS Calmar Ratio Rank: 45
MNRS Martin Ratio Rank: 30

SOLT

SOLT Risk / Return Rank: 3
SOLT Sharpe Ratio Rank: 4
SOLT Sortino Ratio Rank: 3
SOLT Omega Ratio Rank: 3
SOLT Calmar Ratio Rank: 1
SOLT Martin Ratio Rank: 3

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. SOLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Miners ETF (MNRS) and 2x Solana ETF (SOLT). 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	SOLT	Difference
Sharpe ratio: Return per unit of total volatility	1.74	-0.59	+2.33
Sortino ratio: Return per unit of downside risk	2.27	-0.95	+3.21
Omega ratio: Gain probability vs. loss probability	1.27	0.90	+0.37
Calmar ratio: Return relative to maximum drawdown	2.19	-0.91	+3.10
Martin ratio: Return relative to average drawdown	4.25	-1.24	+5.49

MNRS vs. SOLT - Sharpe Ratio Comparison

The current MNRS Sharpe Ratio is 1.74, which is higher than the SOLT Sharpe Ratio of -0.59. The chart below compares the historical Sharpe Ratios of MNRS and SOLT, 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. SOLT - Drawdown Comparison

The maximum MNRS drawdown since its inception was -56.70%, smaller than the maximum SOLT drawdown of -96.28%. Use the drawdown chart below to compare losses from any high point for MNRS and SOLT.

Drawdown Indicators

	MNRS	SOLT	Difference
Max Drawdown Largest peak-to-trough decline	-56.70%	-96.28%	+39.58%
Max Drawdown (1Y) Largest decline over 1 year	-56.70%	-96.28%	+39.58%
Current Drawdown Current decline from peak	-11.14%	-95.23%	+84.09%
Average Drawdown Average peak-to-trough decline	-23.38%	-54.79%	+31.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.11%	70.52%	-41.41%

Volatility

MNRS vs. SOLT - Volatility Comparison

The current volatility for Grayscale Bitcoin Miners ETF (MNRS) is 21.22%, while 2x Solana ETF (SOLT) has a volatility of 43.14%. This indicates that MNRS experiences smaller price fluctuations and is considered to be less risky than SOLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNRS	SOLT	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.22%	43.14%	-21.92%
Volatility (6M) Calculated over the trailing 6-month period	52.69%	104.63%	-51.94%
Volatility (1Y) Calculated over the trailing 1-year period	71.38%	148.17%	-76.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.79%	151.84%	-81.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.79%	151.84%	-81.05%

MNRS vs. SOLT - Expense Ratio Comparison

MNRS has a 0.59% expense ratio, which is lower than SOLT's 1.85% expense ratio.

Dividends

MNRS vs. SOLT - Dividend Comparison

MNRS's dividend yield for the trailing twelve months is around 0.34%, less than SOLT's 6.17% yield.

Position	TTM	2025
MNRS Grayscale Bitcoin Miners ETF	0.34%	0.54%
SOLT 2x Solana ETF	6.17%	1.22%

Frequently Asked Questions

Can I hold both MNRS and SOLT in my portfolio?

MNRS and SOLT have a correlation of 0.55, 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 SOLT?

SOLT has higher volatility (43.14%) compared to MNRS (21.22%). In terms of maximum drawdown, MNRS dropped -56.70% vs SOLT's -96.28%.

Which ETF is better, MNRS or SOLT?

On 1-year performance, MNRS leads with 123.27% vs -87.76% for SOLT. On fees, MNRS is cheaper at 0.59% per year. On volatility, MNRS has been the lower-risk option at 21.22%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MNRS or SOLT?

Over the 1-year period, MNRS has performed better with a 123.27% return vs -87.76%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MNRS or SOLT?

MNRS is cheaper with a 0.59% expense ratio, compared with 1.85% for SOLT.

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

SOLT has the higher dividend yield at 6.17%, compared with 0.34% for MNRS.

What is the main difference between MNRS and SOLT?

They also come from different issuers: Grayscale and Volatility Shares. Their fees differ too: 0.59% for MNRS and 1.85% for SOLT.

Which has better risk-adjusted returns?

MNRS currently has the higher Sharpe Ratio (1.74 vs -0.59), 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.