STCE vs. MNRS

Last updated Jun 4, 2026

STCE (Schwab Crypto Thematic ETF) and MNRS (Grayscale Bitcoin Miners ETF) are both Blockchain funds - STCE tracks the Schwab Crypto Thematic Index while MNRS tracks the Indxx Bitcoin Miners Index. Both are passively managed. Over the past year, STCE returned 84.98% vs 129.17% for MNRS. With a 0.97 correlation, they move nearly in lockstep. STCE charges 0.30%/yr vs 0.59%/yr for MNRS.

Performance

STCE vs. MNRS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Schwab Crypto Thematic ETF (STCE) 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, STCE achieves a 32.00% return, which is significantly lower than MNRS's 66.15% return.

STCE

• 1D: -1.96%
• 1M: 16.12%
• YTD: 32.00%
• 6M: 10.29%
• 1Y: 84.98%
• 3Y*: 58.04%
• 5Y*: —
• 10Y*: —

MNRS

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

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

STCE vs. MNRS - Yearly Performance Comparison

	2026 (YTD)	2025
STCE Schwab Crypto Thematic ETF	32.00%	26.20%
MNRS Grayscale Bitcoin Miners ETF	66.15%	12.66%

Correlation

The correlation between STCE and MNRS 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 31, 2025	0.97

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

Return for Risk

STCE vs. MNRS — Risk / Return Rank

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

STCE

STCE Risk / Return Rank: 33
STCE Sharpe Ratio Rank: 38
STCE Sortino Ratio Rank: 38
STCE Omega Ratio Rank: 34
STCE Calmar Ratio Rank: 32
STCE Martin Ratio Rank: 22

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

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.

STCE vs. MNRS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Schwab Crypto Thematic ETF (STCE) 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.

	STCE	MNRS	Difference
Sharpe ratio: Return per unit of total volatility	1.40	1.85	-0.45
Sortino ratio: Return per unit of downside risk	1.99	2.37	-0.38
Omega ratio: Gain probability vs. loss probability	1.24	1.28	-0.05
Calmar ratio: Return relative to maximum drawdown	1.58	2.29	-0.71
Martin ratio: Return relative to average drawdown	2.85	4.48	-1.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

STCE vs. MNRS - Sharpe Ratio Comparison

The current STCE Sharpe Ratio is 1.40, which is comparable to the MNRS Sharpe Ratio of 1.85. The chart below compares the historical Sharpe Ratios of STCE 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.

Sharpe Ratios by Period

	STCE	MNRS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.40	1.85	-0.45
Sharpe Ratio (All Time) Calculated using the full available price history	0.65	0.85	-0.20

Drawdowns

STCE vs. MNRS - Drawdown Comparison

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

Drawdown Indicators

	STCE	MNRS	Difference
Max Drawdown Largest peak-to-trough decline	-54.11%	-56.70%	+2.59%
Max Drawdown (1Y) Largest decline over 1 year	-54.11%	-56.70%	+2.59%
Max Drawdown (3Y) Largest decline over 3 years	-54.11%	—	—
Current Drawdown Current decline from peak	-25.63%	-8.42%	-17.21%
Average Drawdown Average peak-to-trough decline	-21.98%	-23.73%	+1.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.87%	28.93%	+0.94%

Volatility

STCE vs. MNRS - Volatility Comparison

The current volatility for Schwab Crypto Thematic ETF (STCE) is 14.89%, while Grayscale Bitcoin Miners ETF (MNRS) has a volatility of 20.30%. This indicates that STCE 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

	STCE	MNRS	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.89%	20.30%	-5.41%
Volatility (6M) Calculated over the trailing 6-month period	42.80%	52.57%	-9.77%
Volatility (1Y) Calculated over the trailing 1-year period	61.14%	70.28%	-9.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.86%	70.50%	-14.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	55.86%	70.50%	-14.64%

STCE vs. MNRS - Expense Ratio Comparison

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

Dividends

STCE vs. MNRS - Dividend Comparison

STCE's dividend yield for the trailing twelve months is around 1.49%, more than MNRS's 0.33% yield.

Position	TTM	2025	2024	2023	2022
MNRS Grayscale Bitcoin Miners ETF	0.33%	0.54%	0.00%	0.00%	0.00%
STCE Schwab Crypto Thematic ETF	1.49%	1.96%	0.64%	0.31%	1.46%

Frequently Asked Questions

Can I hold both STCE and MNRS in my portfolio?

With a correlation of 0.97, STCE 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, STCE or MNRS?

MNRS has higher volatility (20.30%) compared to STCE (14.89%). In terms of maximum drawdown, STCE dropped -54.11% vs MNRS's -56.70%.

Which ETF is better, STCE or MNRS?

On 1-year performance, MNRS leads with 129.17% vs 84.98% for STCE. On fees, STCE is cheaper at 0.30% per year. On volatility, STCE has been the lower-risk option at 14.89%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, STCE or MNRS?

Over the 1-year period, MNRS has performed better with a 129.17% return vs 84.98%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, STCE or MNRS?

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

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

STCE has the higher dividend yield at 1.49%, compared with 0.33% for MNRS.

What is the main difference between STCE and MNRS?

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

Which has better risk-adjusted returns?

MNRS currently has the higher Sharpe Ratio (1.85 vs 1.40), 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.