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CIFR vs. IWR
Performance
Return for Risk
Drawdowns
Volatility
Dividends

CIFR vs. IWR

Last updated Jun 9, 2026

CIFR (Cipher Mining Inc.) is a stock, while IWR (iShares Russell Midcap ETF) is Mid Cap Growth Equities fund tracking the Russell Midcap Index. Over the past 3 years, CIFR returned 119.40%/yr vs 16.25%/yr for IWR. At a 0.42 correlation, their price movements are largely independent.

Performance

CIFR vs. IWR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cipher Mining Inc. (CIFR) and iShares Russell Midcap ETF (IWR). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, CIFR achieves a 64.57% return, which is significantly higher than IWR's 10.71% return.

CIFR

1D
8.20%
1M
18.20%
YTD
64.57%
6M
24.69%
1Y
522.82%
3Y*
119.40%
5Y*
—
10Y*
—

IWR

1D
0.08%
1M
1.05%
YTD
10.71%
6M
10.50%
1Y
19.23%
3Y*
16.25%
5Y*
7.68%
10Y*
11.41%
*Multi-year figures are annualized to reflect compound growth (CAGR)

CIFR vs. IWR - Yearly Performance Comparison

2026 (YTD)20252024202320222021
CIFR
Cipher Mining Inc.		64.57%218.10%12.35%637.50%-87.90%-54.65%
IWR
iShares Russell Midcap ETF		10.71%10.37%15.21%17.05%-17.48%1.77%

Correlation

The correlation between CIFR and IWR is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.42

Correlation (3Y)
Calculated over the trailing 3-year period

0.46

Correlation (All Time)
Calculated using the full available price history since Aug 30, 2021

0.42

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Cipher Mining Inc.

iShares Russell Midcap ETF

Often compared with CIFR:
CIFR vs. WULFCIFR vs. CLSKCIFR vs. BTC-USDCIFR vs. RIOTCIFR vs. HIVECIFR vs. MARACIFR vs. HUT
Often compared with IWR:
IWR vs. VOIWR vs. IWDIWR vs. SPMDIWR vs. IWNIWR vs. SCHMIWR vs. VXFIWR vs. REGL

Return for Risk

CIFR vs. IWR — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
CIFR
CIFR Risk / Return Rank: 9696
Overall Rank
CIFR Sharpe Ratio Rank: 9999
Sharpe Ratio Rank
CIFR Sortino Ratio Rank: 9595
Sortino Ratio Rank
CIFR Omega Ratio Rank: 9292
Omega Ratio Rank
CIFR Calmar Ratio Rank: 9898
Calmar Ratio Rank
CIFR Martin Ratio Rank: 9696
Martin Ratio Rank
IWR
IWR Risk / Return Rank: 4949
Overall Rank
IWR Sharpe Ratio Rank: 4545
Sharpe Ratio Rank
IWR Sortino Ratio Rank: 4646
Sortino Ratio Rank
IWR Omega Ratio Rank: 4343
Omega Ratio Rank
IWR Calmar Ratio Rank: 5353
Calmar Ratio Rank
IWR Martin Ratio Rank: 5757
Martin Ratio Rank
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.

CIFR vs. IWR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cipher Mining Inc. (CIFR) and iShares Russell Midcap ETF (IWR). 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.

CIFRIWRDifference
Sharpe ratioReturn per unit of total volatility
4.86
1.43

+3.43

Sortino ratioReturn per unit of downside risk
3.84
2.07

+1.77

Omega ratioGain probability vs. loss probability

1.45

1.25

+0.20

Calmar ratioReturn relative to maximum drawdown

10.27

2.37

+7.90

Martin ratioReturn relative to average drawdown

20.60

9.09

+11.51

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CIFR vs. IWR - Sharpe Ratio Comparison

The current CIFR Sharpe Ratio is 4.86, which is higher than the IWR Sharpe Ratio of 1.43. The chart below compares the historical Sharpe Ratios of CIFR and IWR, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

CIFRIWRDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

4.86

1.43

+3.43

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

—

0.42

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.59

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.16

0.49

-0.33

Drawdowns

CIFR vs. IWR - Drawdown Comparison

The maximum CIFR drawdown since its inception was -97.16%, which is greater than IWR's maximum drawdown of -58.78%. Use the drawdown chart below to compare losses from any high point for CIFR and IWR.

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Drawdown Indicators

CIFRIWRDifference

Max Drawdown

Largest peak-to-trough decline

-97.16%

-58.78%

-38.38%

Max Drawdown (1Y)

Largest decline over 1 year

-51.38%

-8.17%

-43.21%

Max Drawdown (3Y)

Largest decline over 3 years

-71.74%

-21.09%

-50.65%

Max Drawdown (5Y)

Largest decline over 5 years

—

-26.18%

—

Max Drawdown (10Y)

Largest decline over 10 years

—

-40.59%

—

Current Drawdown

Current decline from peak

-7.61%

-2.04%

-5.57%

Average Drawdown

Average peak-to-trough decline

-66.47%

-7.80%

-58.67%

Ulcer Index

Depth and duration of drawdowns from previous peaks

25.55%

2.12%

+23.43%

Volatility

CIFR vs. IWR - Volatility Comparison

Cipher Mining Inc. (CIFR) has a higher volatility of 27.70% compared to iShares Russell Midcap ETF (IWR) at 3.59%. This indicates that CIFR's price experiences larger fluctuations and is considered to be riskier than IWR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

CIFRIWRDifference

Volatility (1M)

Calculated over the trailing 1-month period

27.70%

3.59%

+24.11%

Volatility (6M)

Calculated over the trailing 6-month period

70.95%

10.06%

+60.89%

Volatility (1Y)

Calculated over the trailing 1-year period

108.62%

13.54%

+95.08%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

122.03%

18.25%

+103.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

122.03%

19.38%

+102.65%

Dividends

CIFR vs. IWR - Dividend Comparison

CIFR has not paid dividends to shareholders, while IWR's dividend yield for the trailing twelve months is around 1.17%.

PositionTTM20252024202320222021202020192018201720162015
CIFR
Cipher Mining Inc.		0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%0.00%
IWR
iShares Russell Midcap ETF		1.17%1.29%1.27%1.43%1.59%1.04%1.28%1.43%1.98%1.52%1.72%1.59%

Frequently Asked Questions

CIFR and IWR have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

CIFR has higher volatility (27.70%) compared to IWR (3.59%). In terms of maximum drawdown, CIFR dropped -97.16% vs IWR's -58.78%.

CIFR currently has the higher Sharpe Ratio (4.86 vs 1.43), 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.

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