BTDR vs. SLNH

Last updated Jun 13, 2026

BTDR (Bitdeer Technologies Group Class A Ordinary Shares) and SLNH (Soluna Holdings, Inc.) are both stocks. Both are in the Technology sector — BTDR in Software - Application, SLNH in Scientific & Technical Instruments. Over the past 3 years, BTDR returned 34.06%/yr vs -32.05%/yr for SLNH. At a 0.30 correlation, their price movements are largely independent.

Performance

BTDR vs. SLNH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Bitdeer Technologies Group Class A Ordinary Shares (BTDR) and Soluna Holdings, Inc. (SLNH). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BTDR achieves a 59.05% return, which is significantly higher than SLNH's 26.50% return.

BTDR

• 1D: 1.02%
• 1M: 34.87%
• YTD: 59.05%
• 6M: 67.42%
• 1Y: 34.16%
• 3Y*: 34.06%
• 5Y*: —
• 10Y*: —

SLNH

• 1D: 4.23%
• 1M: -31.48%
• YTD: 26.50%
• 6M: -22.51%
• 1Y: 129.53%
• 3Y*: -32.05%
• 5Y*: -62.46%
• 10Y*: -17.81%

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

BTDR vs. SLNH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BTDR Bitdeer Technologies Group Class A Ordinary Shares	59.05%	-48.27%	119.78%	20.10%
SLNH Soluna Holdings, Inc.	26.50%	-44.29%	-47.50%	-36.13%

Correlation

The correlation between BTDR and SLNH is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (All Time) Calculated using the full available price history since Apr 13, 2023	0.30

Fundamentals

Market Cap BTDR : $4.16B SLNH : $124.47M
EPS BTDR : -$2.23 SLNH : -$1.63
PS Ratio BTDR : 5.45 SLNH : 1.73
PB Ratio BTDR : 5.70 SLNH : 2.63
Total Revenue (TTM) BTDR : $739.06M SLNH : $33.18M
Gross Profit (TTM) BTDR : $25.18M SLNH : $28.87M
EBITDA (TTM) BTDR : $59.65M SLNH : -$25.84M

Return for Risk

BTDR vs. SLNH — Risk / Return Rank

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

BTDR

BTDR Risk / Return Rank: 56
BTDR Sharpe Ratio Rank: 55
BTDR Sortino Ratio Rank: 61
BTDR Omega Ratio Rank: 58
BTDR Calmar Ratio Rank: 54
BTDR Martin Ratio Rank: 52

SLNH

SLNH Risk / Return Rank: 73
SLNH Sharpe Ratio Rank: 64
SLNH Sortino Ratio Rank: 86
SLNH Omega Ratio Rank: 80
SLNH Calmar Ratio Rank: 71
SLNH Martin Ratio Rank: 63

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.

BTDR vs. SLNH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Bitdeer Technologies Group Class A Ordinary Shares (BTDR) and Soluna Holdings, Inc. (SLNH). 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.

	BTDR	SLNH	Difference
Sharpe ratio: Return per unit of total volatility	0.34	0.64	-0.30
Sortino ratio: Return per unit of downside risk	1.21	2.63	-1.42
Omega ratio: Gain probability vs. loss probability	1.14	1.29	-0.14
Calmar ratio: Return relative to maximum drawdown	0.48	1.51	-1.03
Martin ratio: Return relative to average drawdown	0.80	2.12	-1.32

BTDR vs. SLNH - Sharpe Ratio Comparison

The current BTDR Sharpe Ratio is 0.34, which is lower than the SLNH Sharpe Ratio of 0.64. The chart below compares the historical Sharpe Ratios of BTDR and SLNH, 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

BTDR vs. SLNH - Drawdown Comparison

The maximum BTDR drawdown since its inception was -79.52%, smaller than the maximum SLNH drawdown of -99.90%. Use the drawdown chart below to compare losses from any high point for BTDR and SLNH.

Drawdown Indicators

	BTDR	SLNH	Difference
Max Drawdown Largest peak-to-trough decline	-79.52%	-99.90%	+20.38%
Max Drawdown (1Y) Largest decline over 1 year	-71.89%	-86.26%	+14.37%
Max Drawdown (3Y) Largest decline over 3 years	-79.52%	-95.57%	+16.05%
Max Drawdown (5Y) Largest decline over 5 years	—	-99.90%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.90%	—
Current Drawdown Current decline from peak	-31.69%	-99.64%	+67.95%
Average Drawdown Average peak-to-trough decline	-43.61%	-57.09%	+13.48%
Ulcer Index Depth and duration of drawdowns from previous peaks	42.86%	61.47%	-18.61%

Volatility

BTDR vs. SLNH - Volatility Comparison

Bitdeer Technologies Group Class A Ordinary Shares (BTDR) has a higher volatility of 33.51% compared to Soluna Holdings, Inc. (SLNH) at 27.99%. This indicates that BTDR's price experiences larger fluctuations and is considered to be riskier than SLNH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BTDR	SLNH	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.51%	27.99%	+5.52%
Volatility (6M) Calculated over the trailing 6-month period	69.35%	106.43%	-37.08%
Volatility (1Y) Calculated over the trailing 1-year period	100.95%	204.75%	-103.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	123.31%	143.74%	-20.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	123.31%	128.56%	-5.25%

Dividends

BTDR vs. SLNH - Dividend Comparison

Neither BTDR nor SLNH has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
BTDR Bitdeer Technologies Group Class A Ordinary Shares	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SLNH Soluna Holdings, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	110.45%

Financials

Frequently Asked Questions

Can I hold both BTDR and SLNH in my portfolio?

BTDR and SLNH have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BTDR or SLNH?

BTDR has higher volatility (33.51%) compared to SLNH (27.99%). In terms of maximum drawdown, BTDR dropped -79.52% vs SLNH's -99.90%.

Which has better risk-adjusted returns?

SLNH currently has the higher Sharpe Ratio (0.64 vs 0.34), 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.