CAN vs. WULF

Last updated Apr 1, 2026

Compare and contrast key facts about Canaan Inc. (CAN) and TeraWulf Inc. (WULF).

Performance

CAN vs. WULF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Canaan Inc. (CAN) and TeraWulf Inc. (WULF). The values are adjusted to include any dividend payments, if applicable.

CAN vs. WULF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CAN Canaan Inc.	-37.42%	-66.34%	-11.26%	12.14%	-60.00%	-13.15%	-2.79%	-32.22%
WULF TeraWulf Inc.	25.59%	103.00%	135.83%	260.58%	-95.58%	77.08%	86.34%	-2.37%

Fundamentals

EPS CAN : -$0.41 WULF : -$2.52
Total Revenue (TTM) CAN : $529.93M WULF : -$29.66M
Gross Profit (TTM) CAN : $41.18M WULF : -$8.27M
EBITDA (TTM) CAN : -$160.52M WULF : -$935.92M

Returns By Period

In the year-to-date period, CAN achieves a -37.42% return, which is significantly lower than WULF's 25.59% return.

CAN

• 1D: 11.84%
• 1M: -12.57%
• YTD: -37.42%
• 6M: -51.02%
• 1Y: -50.81%
• 3Y*: -45.72%
• 5Y*: -54.44%
• 10Y*: —

WULF

• 1D: 5.33%
• 1M: -11.04%
• YTD: 25.59%
• 6M: 26.36%
• 1Y: 428.57%
• 3Y*: 148.72%
• 5Y*: 10.02%
• 10Y*: 3.67%

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

Return for Risk

CAN vs. WULF — Risk / Return Rank

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

CAN

CAN Risk / Return Rank: 25
CAN Sharpe Ratio Rank: 23
CAN Sortino Ratio Rank: 31
CAN Omega Ratio Rank: 30
CAN Calmar Ratio Rank: 20
CAN Martin Ratio Rank: 20

WULF

WULF Risk / Return Rank: 97
WULF Sharpe Ratio Rank: 98
WULF Sortino Ratio Rank: 96
WULF Omega Ratio Rank: 93
WULF Calmar Ratio Rank: 99
WULF Martin Ratio Rank: 99

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.

CAN vs. WULF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Canaan Inc. (CAN) and TeraWulf Inc. (WULF). 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.

	CAN	WULF	Difference
Sharpe ratio Return per unit of total volatility	-0.41	3.80	-4.22
Sortino ratio Return per unit of downside risk	0.01	3.80	-3.79
Omega ratio Gain probability vs. loss probability	1.00	1.45	-0.45
Calmar ratio Return relative to maximum drawdown	-0.65	13.56	-14.21
Martin ratio Return relative to average drawdown	-1.17	34.60	-35.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CAN vs. WULF - Sharpe Ratio Comparison

The current CAN Sharpe Ratio is -0.41, which is lower than the WULF Sharpe Ratio of 3.80. The chart below compares the historical Sharpe Ratios of CAN and WULF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CAN	WULF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.41	3.80	-4.22
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.48	0.08	-0.56
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.30	0.09	-0.38

Correlation

The correlation between CAN and WULF is 0.36, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CAN vs. WULF - Dividend Comparison

Neither CAN nor WULF has paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021
CAN Canaan Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
WULF TeraWulf Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	33.22%

Drawdowns

CAN vs. WULF - Drawdown Comparison

The maximum CAN drawdown since its inception was -98.94%, roughly equal to the maximum WULF drawdown of -98.50%. Use the drawdown chart below to compare losses from any high point for CAN and WULF.

Drawdown Indicators

	CAN	WULF	Difference
Max Drawdown Largest peak-to-trough decline	-98.94%	-98.50%	-0.44%
Max Drawdown (1Y) Largest decline over 1 year	-81.17%	-31.74%	-49.43%
Max Drawdown (5Y) Largest decline over 5 years	-98.24%	-98.50%	+0.26%
Max Drawdown (10Y) Largest decline over 10 years	—	-98.50%	—
Current Drawdown Current decline from peak	-98.81%	-59.99%	-38.82%
Average Drawdown Average peak-to-trough decline	-83.34%	-46.72%	-36.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	45.10%	12.44%	+32.66%

Volatility

CAN vs. WULF - Volatility Comparison

The current volatility for Canaan Inc. (CAN) is 23.91%, while TeraWulf Inc. (WULF) has a volatility of 26.80%. This indicates that CAN experiences smaller price fluctuations and is considered to be less risky than WULF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CAN	WULF	Difference
Volatility (1M) Calculated over the trailing 1-month period	23.91%	26.80%	-2.89%
Volatility (6M) Calculated over the trailing 6-month period	92.33%	69.15%	+23.18%
Volatility (1Y) Calculated over the trailing 1-year period	123.63%	113.57%	+10.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	113.76%	127.27%	-13.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	127.63%	100.87%	+26.76%

Financials

CAN vs. WULF - Profitability Comparison

The chart below illustrates the profitability comparison between Canaan Inc. and TeraWulf Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CAN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Canaan Inc. reported a gross profit of 14.58M and revenue of 196.27M. Therefore, the gross margin over that period was 7.4%.

WULF - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, TeraWulf Inc. reported a gross profit of -77.12M and revenue of -162.28M. Therefore, the gross margin over that period was 47.5%.

CAN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Canaan Inc. reported an operating income of -23.62M and revenue of 196.27M, resulting in an operating margin of -12.0%.

WULF - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, TeraWulf Inc. reported an operating income of 40.16M and revenue of -162.28M, resulting in an operating margin of -24.8%.

CAN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Canaan Inc. reported a net income of -85.04M and revenue of 196.27M, resulting in a net margin of -43.3%.

WULF - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, TeraWulf Inc. reported a net income of -126.58M and revenue of -162.28M, resulting in a net margin of 78.0%.