MNRS vs. STCE

Last updated Jun 24, 2026

MNRS (Grayscale Bitcoin Miners ETF) and STCE (Schwab Crypto Thematic ETF) are both Blockchain funds - MNRS tracks the Indxx Bitcoin Miners Index while STCE tracks the Schwab Crypto Thematic Index. Both are passively managed. Over the past year, MNRS returned 126.14% vs 80.72% for STCE. With a 0.97 correlation, they move nearly in lockstep. MNRS charges 0.59%/yr vs 0.30%/yr for STCE.

Performance

MNRS vs. STCE - Performance Comparison

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

Returns By Period

In the year-to-date period, MNRS achieves a 58.97% return, which is significantly higher than STCE's 28.85% return.

MNRS

• 1D: -1.39%
• 1M: 4.95%
• YTD: 58.97%
• 6M: 47.48%
• 1Y: 126.14%
• 3Y*: —
• 5Y*: —
• 10Y*: —

STCE

• 1D: -2.15%
• 1M: 3.34%
• YTD: 28.85%
• 6M: 18.77%
• 1Y: 80.72%
• 3Y*: 54.83%
• 5Y*: —
• 10Y*: —

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

MNRS vs. STCE - Yearly Performance Comparison

	2026 (YTD)	2025
MNRS Grayscale Bitcoin Miners ETF	58.97%	14.05%
STCE Schwab Crypto Thematic ETF	28.85%	31.12%

Correlation

The correlation between MNRS and STCE is 0.97 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.97
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025	0.97

The correlation between MNRS and STCE has been stable across timeframes, ranging from 0.97 to 0.97 - a consistent structural relationship.

Return for Risk

MNRS vs. STCE — Risk / Return Rank

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

MNRS

MNRS Risk / Return Rank: 47
MNRS Sharpe Ratio Rank: 58
MNRS Sortino Ratio Rank: 50
MNRS Omega Ratio Rank: 46
MNRS Calmar Ratio Rank: 49
MNRS Martin Ratio Rank: 31

STCE

STCE Risk / Return Rank: 33
STCE Sharpe Ratio Rank: 39
STCE Sortino Ratio Rank: 38
STCE Omega Ratio Rank: 35
STCE Calmar Ratio Rank: 31
STCE Martin Ratio Rank: 22

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. STCE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Miners ETF (MNRS) and Schwab Crypto Thematic ETF (STCE). 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	STCE	Difference
Sharpe ratio: Return per unit of total volatility	1.78	1.31	+0.47
Sortino ratio: Return per unit of downside risk	2.30	1.90	+0.39
Omega ratio: Gain probability vs. loss probability	1.27	1.23	+0.05
Calmar ratio: Return relative to maximum drawdown	2.24	1.50	+0.74
Martin ratio: Return relative to average drawdown	4.35	2.65	+1.70

MNRS vs. STCE - Sharpe Ratio Comparison

The current MNRS Sharpe Ratio is 1.78, which is higher than the STCE Sharpe Ratio of 1.31. The chart below compares the historical Sharpe Ratios of MNRS and STCE, 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. STCE - Drawdown Comparison

The maximum MNRS drawdown since its inception was -56.70%, roughly equal to the maximum STCE drawdown of -54.11%. Use the drawdown chart below to compare losses from any high point for MNRS and STCE.

Drawdown Indicators

	MNRS	STCE	Difference
Max Drawdown Largest peak-to-trough decline	-56.70%	-54.11%	-2.59%
Max Drawdown (1Y) Largest decline over 1 year	-56.70%	-54.11%	-2.59%
Max Drawdown (3Y) Largest decline over 3 years	—	-54.11%	—
Current Drawdown Current decline from peak	-12.37%	-27.40%	+15.03%
Average Drawdown Average peak-to-trough decline	-23.35%	-22.05%	-1.30%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.12%	30.56%	-1.44%

Volatility

MNRS vs. STCE - Volatility Comparison

Grayscale Bitcoin Miners ETF (MNRS) has a higher volatility of 19.99% compared to Schwab Crypto Thematic ETF (STCE) at 16.59%. This indicates that MNRS's price experiences larger fluctuations and is considered to be riskier than STCE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNRS	STCE	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.99%	16.59%	+3.40%
Volatility (6M) Calculated over the trailing 6-month period	52.71%	42.95%	+9.76%
Volatility (1Y) Calculated over the trailing 1-year period	71.27%	62.01%	+9.26%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.71%	56.01%	+14.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.71%	56.01%	+14.70%

MNRS vs. STCE - Expense Ratio Comparison

MNRS has a 0.59% expense ratio, which is higher than STCE's 0.30% expense ratio.

Dividends

MNRS vs. STCE - Dividend Comparison

MNRS's dividend yield for the trailing twelve months is around 0.34%, less than STCE's 1.52% yield.

Position	TTM	2025	2024	2023	2022
MNRS Grayscale Bitcoin Miners ETF	0.34%	0.54%	0.00%	0.00%	0.00%
STCE Schwab Crypto Thematic ETF	1.52%	1.96%	0.64%	0.31%	1.46%

Frequently Asked Questions

Can I hold both MNRS and STCE in my portfolio?

With a correlation of 0.97, MNRS and STCE 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 STCE?

MNRS has higher volatility (19.99%) compared to STCE (16.59%). In terms of maximum drawdown, MNRS dropped -56.70% vs STCE's -54.11%.

Which ETF is better, MNRS or STCE?

On 1-year performance, MNRS leads with 126.14% vs 80.72% for STCE. On fees, STCE is cheaper at 0.30% per year. On volatility, STCE has been the lower-risk option at 16.59%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MNRS or STCE?

Over the 1-year period, MNRS has performed better with a 126.14% return vs 80.72%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MNRS or STCE?

STCE is cheaper with a 0.30% expense ratio, compared with 0.59% for MNRS.

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

STCE has the higher dividend yield at 1.52%, compared with 0.34% for MNRS.

What is the main difference between MNRS and STCE?

MNRS tracks Indxx Bitcoin Miners Index, while STCE tracks Schwab Crypto Thematic Index. They also come from different issuers: Grayscale and Charles Schwab. Their fees differ too: 0.59% for MNRS and 0.30% for STCE.

Which has better risk-adjusted returns?

MNRS currently has the higher Sharpe Ratio (1.78 vs 1.31), 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.