MNRS vs. WGMI

Last updated Jul 14, 2026

MNRS (Grayscale Bitcoin Miners ETF) and WGMI (CoinShares Bitcoin Miners ETF) are both exchange-traded funds - MNRS is a Blockchain fund tracking the Indxx Bitcoin Miners Index, while WGMI is a Cryptocurrency fund actively managed by CoinShares. MNRS is passively managed, while WGMI is actively managed. Over the past year, MNRS returned 32.34% vs 110.94% for WGMI. With a 0.98 correlation, they move nearly in lockstep. MNRS charges 0.59%/yr vs 0.75%/yr for WGMI.

Performance

MNRS vs. WGMI - Performance Comparison

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

Returns By Period

In the year-to-date period, MNRS achieves a 19.40% return, which is significantly lower than WGMI's 36.58% return.

MNRS

• 1D: -4.89%
• 1M: -20.90%
• 6M: -3.22%
• YTD: 19.40%
• 1Y: 32.34%
• 3Y*: —
• 5Y*: —
• 10Y*: —

WGMI

• 1D: -5.82%
• 1M: -20.77%
• 6M: 9.97%
• YTD: 36.58%
• 1Y: 110.94%
• 3Y*: 43.46%
• 5Y*: —
• 10Y*: —

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

MNRS vs. WGMI - Yearly Performance Comparison

	2026 (YTD)	2025
MNRS Grayscale Bitcoin Miners ETF	19.40%	14.05%
WGMI CoinShares Bitcoin Miners ETF	36.58%	80.86%

Correlation

The correlation between MNRS and WGMI is 0.98 - 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	0.98
Correlation (All Time) Calculated using the full available price history since Jan 30, 2025	0.98

The correlation between MNRS and WGMI has been stable across timeframes, ranging from 0.98 to 0.98 - a consistent structural relationship.

Return for Risk

MNRS vs. WGMI — Risk / Return Rank

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

MNRS

MNRS Risk / Return Rank: 19
MNRS Sharpe Ratio Rank: 18
MNRS Sortino Ratio Rank: 24
MNRS Omega Ratio Rank: 22
MNRS Calmar Ratio Rank: 18
MNRS Martin Ratio Rank: 16

WGMI

WGMI Risk / Return Rank: 48
WGMI Sharpe Ratio Rank: 53
WGMI Sortino Ratio Rank: 52
WGMI Omega Ratio Rank: 46
WGMI Calmar Ratio Rank: 55
WGMI Martin Ratio Rank: 36

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. WGMI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Grayscale Bitcoin Miners ETF (MNRS) and CoinShares Bitcoin Miners ETF (WGMI). 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	WGMI	Difference
Sharpe ratio: Return per unit of total volatility	0.45	1.44	-0.99
Sortino ratio: Return per unit of downside risk	1.11	2.04	-0.94
Omega ratio: Gain probability vs. loss probability	1.13	1.24	-0.11
Calmar ratio: Return relative to maximum drawdown	0.57	2.19	-1.62
Martin ratio: Return relative to average drawdown	1.09	4.37	-3.28

MNRS vs. WGMI - Sharpe Ratio Comparison

The current MNRS Sharpe Ratio is 0.45, which is lower than the WGMI Sharpe Ratio of 1.44. The chart below compares the historical Sharpe Ratios of MNRS and WGMI, 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. WGMI - Drawdown Comparison

The maximum MNRS drawdown since its inception was -56.70%, smaller than the maximum WGMI drawdown of -85.76%. Use the drawdown chart below to compare losses from any high point for MNRS and WGMI.

Drawdown Indicators

	MNRS	WGMI	Difference
Max Drawdown Largest peak-to-trough decline	-56.70%	-85.76%	+29.06%
Max Drawdown (1Y) Largest decline over 1 year	-56.70%	-50.94%	-5.76%
Max Drawdown (3Y) Largest decline over 3 years	—	-62.79%	—
Current Drawdown Current decline from peak	-34.19%	-27.50%	-6.69%
Average Drawdown Average peak-to-trough decline	-23.47%	-42.15%	+18.68%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.77%	25.51%	+4.26%

Volatility

MNRS vs. WGMI - Volatility Comparison

The current volatility for Grayscale Bitcoin Miners ETF (MNRS) is 19.32%, while CoinShares Bitcoin Miners ETF (WGMI) has a volatility of 22.33%. This indicates that MNRS experiences smaller price fluctuations and is considered to be less risky than WGMI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MNRS	WGMI	Difference
Volatility (1M) Calculated over the trailing 1-month period	19.32%	22.33%	-3.01%
Volatility (6M) Calculated over the trailing 6-month period	52.95%	56.04%	-3.09%
Volatility (1Y) Calculated over the trailing 1-year period	71.81%	77.66%	-5.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	70.76%	81.54%	-10.78%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.76%	81.54%	-10.78%

MNRS vs. WGMI - Expense Ratio Comparison

MNRS has a 0.59% expense ratio, which is lower than WGMI's 0.75% expense ratio.

Dividends

MNRS vs. WGMI - Dividend Comparison

MNRS's dividend yield for the trailing twelve months is around 0.45%, while WGMI has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
MNRS Grayscale Bitcoin Miners ETF	0.45%	0.54%	0.00%	0.00%
WGMI CoinShares Bitcoin Miners ETF	0.00%	0.00%	0.22%	0.31%

Frequently Asked Questions

Can I hold both MNRS and WGMI in my portfolio?

With a correlation of 0.98, MNRS and WGMI 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 WGMI?

WGMI has higher volatility (22.33%) compared to MNRS (19.32%). In terms of maximum drawdown, MNRS dropped -56.70% vs WGMI's -85.76%.

Which ETF is better, MNRS or WGMI?

On 1-year performance, WGMI leads with 110.94% vs 32.34% for MNRS. On fees, MNRS is cheaper at 0.59% per year. On volatility, MNRS has been the lower-risk option at 19.32%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, MNRS or WGMI?

Over the 1-year period, WGMI has performed better with a 110.94% return vs 32.34%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, MNRS or WGMI?

MNRS is cheaper with a 0.59% expense ratio, compared with 0.75% for WGMI.

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

MNRS has the higher dividend yield at 0.45%, compared with 0.00% for WGMI.

What is the main difference between MNRS and WGMI?

MNRS is categorized as Blockchain, while WGMI is Cryptocurrency. They also come from different issuers: Grayscale and CoinShares. Their fees differ too: 0.59% for MNRS and 0.75% for WGMI.

Which has better risk-adjusted returns?

WGMI currently has the higher Sharpe Ratio (1.44 vs 0.45), 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.