CIFR vs. SLNH

Last updated Jul 21, 2026

CIFR (Cipher Digital Inc.) and SLNH (Soluna Holdings, Inc.) are both stocks. Both are in the Technology sector — CIFR in Information Technology Services, SLNH in Scientific & Technical Instruments. Over the past 3 years, CIFR returned 67.89%/yr vs -38.34%/yr for SLNH. At a 0.40 correlation, their price movements are largely independent.

Performance

CIFR vs. SLNH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Cipher Digital Inc. (CIFR) 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, CIFR achieves a 39.16% return, which is significantly higher than SLNH's 16.24% return.

CIFR

• 1D: 16.97%
• 1M: -29.61%
• 6M: 9.26%
• YTD: 39.16%
• 1Y: 222.96%
• 3Y*: 67.89%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 15.38%

SLNH

• 1D: 20.35%
• 1M: -20.93%
• 6M: -18.56%
• YTD: 16.24%
• 1Y: 115.87%
• 3Y*: -38.34%
• 5Y*: -62.23%
• 10Y*: -19.03%
• ALL TIME*: -9.95%

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

CIFR vs. SLNH - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CIFR Cipher Digital Inc.	39.16%	218.10%	12.35%	637.50%	-87.90%	-54.65%
SLNH Soluna Holdings, Inc.	16.24%	-44.29%	-47.50%	-38.67%	-97.58%	8.14%

Correlation

The correlation between CIFR and SLNH is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (All Time) Calculated using the full available price history since Aug 30, 2021	0.40

The correlation between CIFR and SLNH shifts across timeframes, from 0.40 (all time) to 0.54 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap CIFR : $8.40B SLNH : $214.54M
EPS CIFR : -$2.32 SLNH : -$1.36
PS Ratio CIFR : 45.51 SLNH : 1.91
PB Ratio CIFR : 11.65 SLNH : 2.42
Total Revenue (TTM) CIFR : $174.98M SLNH : $33.18M
Gross Profit (TTM) CIFR : -$172.84M SLNH : $28.87M
EBITDA (TTM) CIFR : -$169.22M SLNH : -$25.84M

Return for Risk

CIFR vs. SLNH — Risk / Return Rank

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

CIFR

CIFR Risk / Return Rank: 89
CIFR Sharpe Ratio Rank: 92
CIFR Sortino Ratio Rank: 89
CIFR Omega Ratio Rank: 85
CIFR Calmar Ratio Rank: 93
CIFR Martin Ratio Rank: 88

SLNH

SLNH Risk / Return Rank: 74
SLNH Sharpe Ratio Rank: 66
SLNH Sortino Ratio Rank: 88
SLNH Omega Ratio Rank: 81
SLNH Calmar Ratio Rank: 72
SLNH Martin Ratio Rank: 65

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. SLNH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Cipher Digital Inc. (CIFR) 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.

	CIFR	SLNH	Difference
Sharpe ratio: Return per unit of total volatility	2.03	0.60	+1.43
Sortino ratio: Return per unit of downside risk	2.68	2.58	+0.10
Omega ratio: Gain probability vs. loss probability	1.30	1.27	+0.03
Calmar ratio: Return relative to maximum drawdown	4.37	1.35	+3.02
Martin ratio: Return relative to average drawdown	8.45	1.95	+6.50

CIFR vs. SLNH - Sharpe Ratio Comparison

The current CIFR Sharpe Ratio is 2.03, which is higher than the SLNH Sharpe Ratio of 0.60. The chart below compares the historical Sharpe Ratios of CIFR 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

CIFR vs. SLNH - Drawdown Comparison

The maximum CIFR drawdown since its inception was -97.16%, roughly equal to the maximum SLNH drawdown of -99.90%. Use the drawdown chart below to compare losses from any high point for CIFR and SLNH.

Drawdown Indicators

	CIFR	SLNH	Difference
Max Drawdown Largest peak-to-trough decline	-97.16%	-99.90%	+2.74%
Max Drawdown (1Y) Largest decline over 1 year	-51.38%	-86.26%	+34.88%
Max Drawdown (3Y) Largest decline over 3 years	-71.74%	-95.57%	+23.83%
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	-29.61%	-99.67%	+70.06%
Average Drawdown Average peak-to-trough decline	-65.31%	-57.33%	-7.98%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.50%	59.54%	-33.04%

Volatility

CIFR vs. SLNH - Volatility Comparison

Cipher Digital Inc. (CIFR) and Soluna Holdings, Inc. (SLNH) have volatilities of 33.12% and 34.39%, 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

	CIFR	SLNH	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.12%	34.39%	-1.27%
Volatility (6M) Calculated over the trailing 6-month period	74.07%	101.67%	-27.60%
Volatility (1Y) Calculated over the trailing 1-year period	110.94%	195.09%	-84.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	121.73%	144.59%	-22.86%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	121.73%	129.04%	-7.31%

Dividends

CIFR vs. SLNH - Dividend Comparison

Neither CIFR nor SLNH has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CIFR Cipher Digital Inc.	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 CIFR and SLNH in my portfolio?

CIFR and SLNH have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CIFR or SLNH?

SLNH has higher volatility (34.39%) compared to CIFR (33.12%). In terms of maximum drawdown, CIFR dropped -97.16% vs SLNH's -99.90%.

Which has better risk-adjusted returns?

CIFR currently has the higher Sharpe Ratio (2.03 vs 0.60), 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.