NODE vs. MNRS

Last updated Jun 24, 2026

NODE (VanEck Onchain Economy ETF) and MNRS (Grayscale Bitcoin Miners ETF) are both Blockchain funds. NODE is actively managed, while MNRS is passively managed. Over the past year, NODE returned 65.00% vs 126.14% for MNRS. Their correlation of 0.94 suggests significant overlap in exposure. NODE charges 0.69%/yr vs 0.59%/yr for MNRS.

Performance

NODE vs. MNRS - Performance Comparison

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

Returns By Period

In the year-to-date period, NODE achieves a 32.11% return, which is significantly lower than MNRS's 58.97% return.

NODE

• 1D: -2.45%
• 1M: 2.38%
• YTD: 32.11%
• 6M: 27.03%
• 1Y: 65.00%
• 3Y*: —
• 5Y*: —
• 10Y*: —

MNRS

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

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

NODE vs. MNRS - Yearly Performance Comparison

	2026 (YTD)	2025
NODE VanEck Onchain Economy ETF	32.11%	32.27%
MNRS Grayscale Bitcoin Miners ETF	58.97%	39.83%

Correlation

The correlation between NODE and MNRS is 0.95, 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	0.95
Correlation (All Time) Calculated using the full available price history since May 14, 2025	0.94

The correlation between NODE and MNRS has been stable across timeframes, ranging from 0.94 to 0.95 - a consistent structural relationship.

Return for Risk

NODE vs. MNRS — Risk / Return Rank

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

NODE

NODE Risk / Return Rank: 39
NODE Sharpe Ratio Rank: 43
NODE Sortino Ratio Rank: 41
NODE Omega Ratio Rank: 39
NODE Calmar Ratio Rank: 40
NODE Martin Ratio Rank: 31

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

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.

NODE vs. MNRS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for VanEck Onchain Economy ETF (NODE) and Grayscale Bitcoin Miners ETF (MNRS). 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.

	NODE	MNRS	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.78	-0.39
Sortino ratio: Return per unit of downside risk	1.93	2.30	-0.37
Omega ratio: Gain probability vs. loss probability	1.24	1.27	-0.04
Calmar ratio: Return relative to maximum drawdown	1.85	2.24	-0.39
Martin ratio: Return relative to average drawdown	4.06	4.35	-0.29

NODE vs. MNRS - Sharpe Ratio Comparison

The current NODE Sharpe Ratio is 1.39, which is comparable to the MNRS Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of NODE and MNRS, 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

NODE vs. MNRS - Drawdown Comparison

The maximum NODE drawdown since its inception was -35.35%, smaller than the maximum MNRS drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for NODE and MNRS.

Drawdown Indicators

	NODE	MNRS	Difference
Max Drawdown Largest peak-to-trough decline	-35.35%	-56.70%	+21.35%
Max Drawdown (1Y) Largest decline over 1 year	-35.35%	-56.70%	+21.35%
Current Drawdown Current decline from peak	-3.28%	-12.37%	+9.09%
Average Drawdown Average peak-to-trough decline	-11.01%	-23.35%	+12.34%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.08%	29.12%	-13.04%

Volatility

NODE vs. MNRS - Volatility Comparison

The current volatility for VanEck Onchain Economy ETF (NODE) is 14.45%, while Grayscale Bitcoin Miners ETF (MNRS) has a volatility of 19.99%. This indicates that NODE experiences smaller price fluctuations and is considered to be less risky than MNRS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NODE	MNRS	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.45%	19.99%	-5.54%
Volatility (6M) Calculated over the trailing 6-month period	35.66%	52.71%	-17.05%
Volatility (1Y) Calculated over the trailing 1-year period	46.89%	71.27%	-24.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	45.29%	70.71%	-25.42%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	45.29%	70.71%	-25.42%

NODE vs. MNRS - Expense Ratio Comparison

NODE has a 0.69% expense ratio, which is higher than MNRS's 0.59% expense ratio.

Dividends

NODE vs. MNRS - Dividend Comparison

NODE's dividend yield for the trailing twelve months is around 0.85%, more than MNRS's 0.34% yield.

Position	TTM	2025
MNRS Grayscale Bitcoin Miners ETF	0.34%	0.54%
NODE VanEck Onchain Economy ETF	0.85%	1.12%

Frequently Asked Questions

Can I hold both NODE and MNRS in my portfolio?

With a correlation of 0.95, NODE and MNRS 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, NODE or MNRS?

MNRS has higher volatility (19.99%) compared to NODE (14.45%). In terms of maximum drawdown, NODE dropped -35.35% vs MNRS's -56.70%.

Which ETF is better, NODE or MNRS?

On 1-year performance, MNRS leads with 126.14% vs 65.00% for NODE. On fees, MNRS is cheaper at 0.59% per year. On volatility, NODE has been the lower-risk option at 14.45%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, NODE or MNRS?

Over the 1-year period, MNRS has performed better with a 126.14% return vs 65.00%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, NODE or MNRS?

MNRS is cheaper with a 0.59% expense ratio, compared with 0.69% for NODE.

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

NODE has the higher dividend yield at 0.85%, compared with 0.34% for MNRS.

What is the main difference between NODE and MNRS?

They also come from different issuers: VanEck and Grayscale. Their fees differ too: 0.69% for NODE and 0.59% for MNRS.

Which has better risk-adjusted returns?

MNRS currently has the higher Sharpe Ratio (1.78 vs 1.39), 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.