APLD vs. IREN

Last updated Jun 9, 2026

APLD (Applied Digital Corporation) and IREN (IREN Limited) are both stocks. APLD operates in Information Technology Services (Technology), while IREN operates in Capital Markets (Financial Services). Over the past 3 years, APLD returned 72.37%/yr vs 153.35%/yr for IREN. At a 0.42 correlation, their price movements are largely independent.

Performance

APLD vs. IREN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Applied Digital Corporation (APLD) and IREN Limited (IREN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, APLD achieves a 66.99% return, which is significantly higher than IREN's 56.71% return.

APLD

• 1D: 3.34%
• 1M: -0.74%
• YTD: 66.99%
• 6M: 27.51%
• 1Y: 195.42%
• 3Y*: 72.37%
• 5Y*: 111.39%
• 10Y*: 120.60%

IREN

• 1D: 8.91%
• 1M: -3.28%
• YTD: 56.71%
• 6M: 27.73%
• 1Y: 507.08%
• 3Y*: 153.35%
• 5Y*: —
• 10Y*: —

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

APLD vs. IREN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
APLD Applied Digital Corporation	66.99%	220.94%	13.35%	266.30%	-56.09%	-3.01%
IREN IREN Limited	56.71%	284.62%	37.34%	472.00%	-92.27%	-33.87%

Correlation

The correlation between APLD and IREN is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.58
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (All Time) Calculated using the full available price history since Nov 18, 2021	0.42

The correlation between APLD and IREN shifts across timeframes, from 0.42 (all time) to 0.58 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

EPS APLD : -$0.72 IREN : $0.45
PS Ratio APLD : 27.75 IREN : 13.26
Total Revenue (TTM) APLD : $390.57M IREN : $757.07M
Gross Profit (TTM) APLD : $124.93M IREN : $433.88M
EBITDA (TTM) APLD : -$154.66M IREN : -$173.05M

Return for Risk

APLD vs. IREN — Risk / Return Rank

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

APLD

APLD Risk / Return Rank: 86
APLD Sharpe Ratio Rank: 87
APLD Sortino Ratio Rank: 86
APLD Omega Ratio Rank: 81
APLD Calmar Ratio Rank: 88
APLD Martin Ratio Rank: 86

IREN

IREN Risk / Return Rank: 95
IREN Sharpe Ratio Rank: 99
IREN Sortino Ratio Rank: 94
IREN Omega Ratio Rank: 91
IREN Calmar Ratio Rank: 97
IREN Martin Ratio Rank: 94

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.

APLD vs. IREN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Applied Digital Corporation (APLD) and IREN Limited (IREN). 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.

	APLD	IREN	Difference
Sharpe ratio: Return per unit of total volatility	1.84	5.00	-3.16
Sortino ratio: Return per unit of downside risk	2.68	3.74	-1.06
Omega ratio: Gain probability vs. loss probability	1.30	1.43	-0.13
Calmar ratio: Return relative to maximum drawdown	3.91	8.73	-4.82
Martin ratio: Return relative to average drawdown	9.14	16.71	-7.57
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

APLD vs. IREN - Sharpe Ratio Comparison

The current APLD Sharpe Ratio is 1.84, which is lower than the IREN Sharpe Ratio of 5.00. The chart below compares the historical Sharpe Ratios of APLD and IREN, 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

	APLD	IREN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.84	5.00	-3.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.68	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.54	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.08	0.18	-0.10

Drawdowns

APLD vs. IREN - Drawdown Comparison

The maximum APLD drawdown since its inception was -99.70%, roughly equal to the maximum IREN drawdown of -95.73%. Use the drawdown chart below to compare losses from any high point for APLD and IREN.

Drawdown Indicators

	APLD	IREN	Difference
Max Drawdown Largest peak-to-trough decline	-99.70%	-95.73%	-3.97%
Max Drawdown (1Y) Largest decline over 1 year	-50.31%	-58.62%	+8.31%
Max Drawdown (3Y) Largest decline over 3 years	-76.66%	-65.56%	-11.10%
Max Drawdown (5Y) Largest decline over 5 years	-82.61%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-89.80%	—	—
Current Drawdown Current decline from peak	-17.53%	-22.54%	+5.01%
Average Drawdown Average peak-to-trough decline	-74.49%	-62.69%	-11.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.15%	30.55%	-8.40%

Volatility

APLD vs. IREN - Volatility Comparison

Applied Digital Corporation (APLD) and IREN Limited (IREN) have volatilities of 32.64% and 33.35%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	APLD	IREN	Difference
Volatility (1M) Calculated over the trailing 1-month period	32.64%	33.35%	-0.71%
Volatility (6M) Calculated over the trailing 6-month period	80.09%	74.76%	+5.33%
Volatility (1Y) Calculated over the trailing 1-year period	107.26%	102.51%	+4.75%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	165.20%	118.50%	+46.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	301.59%	118.50%	+183.09%

Dividends

APLD vs. IREN - Dividend Comparison

Neither APLD nor IREN has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both APLD and IREN in my portfolio?

APLD and IREN have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, APLD or IREN?

IREN has higher volatility (33.35%) compared to APLD (32.64%). In terms of maximum drawdown, APLD dropped -99.70% vs IREN's -95.73%.

Which has better risk-adjusted returns?

IREN currently has the higher Sharpe Ratio (5.00 vs 1.84), 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.