TCAN vs. MNRS

Last updated Jun 30, 2026

TCAN (21Shares Canton Network ETF) and MNRS (Grayscale Bitcoin Miners ETF) are both Blockchain funds. TCAN is actively managed, while MNRS is passively managed. At a 0.40 correlation, their price movements are largely independent. TCAN charges 0.50%/yr vs 0.59%/yr for MNRS.

Performance

TCAN vs. MNRS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in 21Shares Canton Network ETF (TCAN) and Grayscale Bitcoin Miners ETF (MNRS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

TCAN

• 1D: -4.17%
• 1M: -5.76%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

MNRS

• 1D: -2.93%
• 1M: -13.85%
• YTD: 42.42%
• 6M: 38.53%
• 1Y: 78.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

TCAN vs. MNRS - Yearly Performance Comparison

	2026 (YTD)
TCAN 21Shares Canton Network ETF	-0.44%
MNRS Grayscale Bitcoin Miners ETF	-3.41%

Correlation

The correlation between TCAN and MNRS is 0.40, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 7, 2026	0.40

Return for Risk

TCAN vs. MNRS — Risk / Return Rank

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

TCAN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

MNRS

MNRS Risk / Return Rank: 31
MNRS Sharpe Ratio Rank: 33
MNRS Sortino Ratio Rank: 37
MNRS Omega Ratio Rank: 33
MNRS Calmar Ratio Rank: 30
MNRS Martin Ratio Rank: 23

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.

TCAN vs. MNRS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for 21Shares Canton Network ETF (TCAN) 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.

	TCAN	MNRS	Difference
Sharpe ratio: Return per unit of total volatility	—	1.11	—
Sortino ratio: Return per unit of downside risk	—	1.76	—
Omega ratio: Gain probability vs. loss probability	—	1.21	—
Calmar ratio: Return relative to maximum drawdown	—	1.39	—
Martin ratio: Return relative to average drawdown	—	2.70	—

Drawdowns

TCAN vs. MNRS - Drawdown Comparison

The maximum TCAN drawdown since its inception was -13.88%, smaller than the maximum MNRS drawdown of -56.70%. Use the drawdown chart below to compare losses from any high point for TCAN and MNRS.

Drawdown Indicators

	TCAN	MNRS	Difference
Max Drawdown Largest peak-to-trough decline	-13.88%	-56.70%	+42.82%
Max Drawdown (1Y) Largest decline over 1 year	—	-56.70%	—
Current Drawdown Current decline from peak	-12.90%	-21.50%	+8.60%
Average Drawdown Average peak-to-trough decline	-5.90%	-23.31%	+17.41%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	29.22%	—

Volatility

Volatility by Period

	TCAN	MNRS	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	19.95%	—
Volatility (6M) Calculated over the trailing 6-month period	—	52.48%	—
Volatility (1Y) Calculated over the trailing 1-year period	64.51%	71.17%	-6.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	64.51%	70.59%	-6.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	64.51%	70.59%	-6.08%

TCAN vs. MNRS - Expense Ratio Comparison

TCAN has a 0.50% expense ratio, which is lower than MNRS's 0.59% expense ratio.

Dividends

TCAN vs. MNRS - Dividend Comparison

TCAN has not paid dividends to shareholders, while MNRS's dividend yield for the trailing twelve months is around 0.38%.

Position	TTM	2025
MNRS Grayscale Bitcoin Miners ETF	0.38%	0.54%
TCAN 21Shares Canton Network ETF	0.00%	0.00%

Frequently Asked Questions

Can I hold both TCAN and MNRS in my portfolio?

TCAN and MNRS have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TCAN or MNRS?

On fees, TCAN is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TCAN or MNRS?

TCAN is cheaper with a 0.50% expense ratio, compared with 0.59% for MNRS.

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

MNRS has the higher dividend yield at 0.38%, compared with 0.00% for TCAN.

What is the main difference between TCAN and MNRS?

They also come from different issuers: 21Shares and Grayscale. Their fees differ too: 0.50% for TCAN and 0.59% for MNRS.