CWAN vs. CLSK

Last updated Jun 4, 2026

CWAN (Clearwater Analytics Holdings, Inc.) and CLSK (CleanSpark, Inc.) are both stocks. Both operate in the Software - Application industry within the Technology sector. Over the past 3 years, CWAN returned 15.40%/yr vs 61.90%/yr for CLSK. At a 0.31 correlation, their price movements are largely independent.

Performance

CWAN vs. CLSK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Clearwater Analytics Holdings, Inc. (CWAN) and CleanSpark, Inc. (CLSK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CWAN achieves a 1.12% return, which is significantly lower than CLSK's 74.01% return.

CWAN

• 1D: 0.04%
• 1M: 0.91%
• YTD: 1.12%
• 6M: 14.51%
• 1Y: 6.65%
• 3Y*: 15.40%
• 5Y*: —
• 10Y*: —

CLSK

• 1D: 0.17%
• 1M: 37.36%
• YTD: 74.01%
• 6M: 21.53%
• 1Y: 91.21%
• 3Y*: 61.90%
• 5Y*: 1.30%
• 10Y*: -5.50%

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

CWAN vs. CLSK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CWAN Clearwater Analytics Holdings, Inc.	1.12%	-12.35%	37.39%	6.83%	-18.41%	-9.42%
CLSK CleanSpark, Inc.	74.01%	9.88%	-16.50%	440.69%	-78.57%	-16.49%

Correlation

The correlation between CWAN and CLSK is 0.16, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.16
Correlation (3Y) Calculated over the trailing 3-year period	0.21
Correlation (All Time) Calculated using the full available price history since Sep 27, 2021	0.31

The correlation between CWAN and CLSK shifts across timeframes, from 0.16 (1 year) to 0.31 (all time), reflecting how their relationship changes across market environments.

Fundamentals

EPS CWAN : -$0.17 CLSK : -$2.24
PS Ratio CWAN : 8.43 CLSK : 5.32
Total Revenue (TTM) CWAN : $825.73M CLSK : $739.88M
Gross Profit (TTM) CWAN : $544.75M CLSK : $306.93M
EBITDA (TTM) CWAN : $95.23M CLSK : -$103.41M

Return for Risk

CWAN vs. CLSK — Risk / Return Rank

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

CWAN

CWAN Risk / Return Rank: 45
CWAN Sharpe Ratio Rank: 48
CWAN Sortino Ratio Rank: 43
CWAN Omega Ratio Rank: 45
CWAN Calmar Ratio Rank: 46
CWAN Martin Ratio Rank: 46

CLSK

CLSK Risk / Return Rank: 68
CLSK Sharpe Ratio Rank: 72
CLSK Sortino Ratio Rank: 72
CLSK Omega Ratio Rank: 67
CLSK Calmar Ratio Rank: 67
CLSK Martin Ratio Rank: 62

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.

CWAN vs. CLSK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Clearwater Analytics Holdings, Inc. (CWAN) and CleanSpark, Inc. (CLSK). 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.

	CWAN	CLSK	Difference
Sharpe ratio: Return per unit of total volatility	0.21	1.04	-0.83
Sortino ratio: Return per unit of downside risk	0.53	1.84	-1.31
Omega ratio: Gain probability vs. loss probability	1.08	1.21	-0.13
Calmar ratio: Return relative to maximum drawdown	0.19	1.42	-1.23
Martin ratio: Return relative to average drawdown	0.45	2.37	-1.91
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CWAN vs. CLSK - Sharpe Ratio Comparison

The current CWAN Sharpe Ratio is 0.21, which is lower than the CLSK Sharpe Ratio of 1.04. The chart below compares the historical Sharpe Ratios of CWAN and CLSK, 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

	CWAN	CLSK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.21	1.04	-0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.01	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	-0.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.02	-0.03	+0.01

Drawdowns

CWAN vs. CLSK - Drawdown Comparison

The maximum CWAN drawdown since its inception was -54.15%, smaller than the maximum CLSK drawdown of -98.56%. Use the drawdown chart below to compare losses from any high point for CWAN and CLSK.

Drawdown Indicators

	CWAN	CLSK	Difference
Max Drawdown Largest peak-to-trough decline	-54.15%	-98.56%	+44.41%
Max Drawdown (1Y) Largest decline over 1 year	-35.80%	-64.74%	+28.94%
Max Drawdown (3Y) Largest decline over 3 years	-51.54%	-71.28%	+19.74%
Max Drawdown (5Y) Largest decline over 5 years	—	-92.00%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-98.56%	—
Current Drawdown Current decline from peak	-25.62%	-75.88%	+50.26%
Average Drawdown Average peak-to-trough decline	-28.74%	-69.49%	+40.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.66%	38.63%	-23.97%

Volatility

CWAN vs. CLSK - Volatility Comparison

The current volatility for Clearwater Analytics Holdings, Inc. (CWAN) is 0.77%, while CleanSpark, Inc. (CLSK) has a volatility of 20.45%. This indicates that CWAN experiences smaller price fluctuations and is considered to be less risky than CLSK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CWAN	CLSK	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.77%	20.45%	-19.68%
Volatility (6M) Calculated over the trailing 6-month period	11.40%	62.29%	-50.89%
Volatility (1Y) Calculated over the trailing 1-year period	31.62%	88.39%	-56.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.86%	100.70%	-60.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.86%	183.22%	-143.36%

Dividends

CWAN vs. CLSK - Dividend Comparison

Neither CWAN nor CLSK has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both CWAN and CLSK in my portfolio?

CWAN and CLSK have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CWAN or CLSK?

CLSK has higher volatility (20.45%) compared to CWAN (0.77%). In terms of maximum drawdown, CWAN dropped -54.15% vs CLSK's -98.56%.

Which has better risk-adjusted returns?

CLSK currently has the higher Sharpe Ratio (1.04 vs 0.21), 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.