DOCN vs. IREN

Last updated Jun 13, 2026

DOCN (DigitalOcean Holdings, Inc.) and IREN (IREN Limited) are both stocks. DOCN operates in Software - Infrastructure (Technology), while IREN operates in Capital Markets (Financial Services). Over the past 3 years, DOCN returned 53.92%/yr vs 155.58%/yr for IREN. At a 0.37 correlation, their price movements are largely independent.

Performance

DOCN vs. IREN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in DigitalOcean Holdings, Inc. (DOCN) and IREN Limited (IREN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, DOCN achieves a 254.20% return, which is significantly higher than IREN's 58.25% return.

DOCN

• 1D: -2.47%
• 1M: 10.05%
• YTD: 254.20%
• 6M: 257.62%
• 1Y: 536.45%
• 3Y*: 53.92%
• 5Y*: 32.73%
• 10Y*: —

IREN

• 1D: 5.40%
• 1M: 12.90%
• YTD: 58.25%
• 6M: 48.94%
• 1Y: 508.04%
• 3Y*: 155.58%
• 5Y*: —
• 10Y*: —

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

DOCN vs. IREN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
DOCN DigitalOcean Holdings, Inc.	254.20%	41.24%	-7.14%	44.05%	-68.29%	-38.33%
IREN IREN Limited	58.25%	284.62%	37.34%	472.00%	-92.27%	-42.25%

Correlation

The correlation between DOCN and IREN is 0.25, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.25
Correlation (3Y) Calculated over the trailing 3-year period	0.34
Correlation (All Time) Calculated using the full available price history since Nov 17, 2021	0.37

The correlation between DOCN and IREN shifts across timeframes, from 0.25 (1 year) to 0.37 (all time), reflecting how their relationship changes across market environments.

Fundamentals

EPS DOCN : $2.42 IREN : $0.45
PE Ratio DOCN : 70.53 IREN : 131.80
PS Ratio DOCN : 18.91 IREN : 13.39
Total Revenue (TTM) DOCN : $948.63M IREN : $757.07M
Gross Profit (TTM) DOCN : $554.86M IREN : $433.88M
EBITDA (TTM) DOCN : $373.00M IREN : -$173.05M

Return for Risk

DOCN vs. IREN — Risk / Return Rank

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

DOCN

DOCN Risk / Return Rank: 99
DOCN Sharpe Ratio Rank: 99
DOCN Sortino Ratio Rank: 98
DOCN Omega Ratio Rank: 97
DOCN Calmar Ratio Rank: 99
DOCN Martin Ratio Rank: 100

IREN

IREN Risk / Return Rank: 95
IREN Sharpe Ratio Rank: 99
IREN Sortino Ratio Rank: 94
IREN Omega Ratio Rank: 91
IREN Calmar Ratio Rank: 97
IREN Martin Ratio Rank: 94

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.

DOCN vs. IREN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for DigitalOcean Holdings, Inc. (DOCN) and IREN Limited (IREN). 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.

	DOCN	IREN	Difference
Sharpe ratio: Return per unit of total volatility	6.24	4.76	+1.48
Sortino ratio: Return per unit of downside risk	5.41	3.66	+1.76
Omega ratio: Gain probability vs. loss probability	1.66	1.42	+0.24
Calmar ratio: Return relative to maximum drawdown	21.10	8.39	+12.71
Martin ratio: Return relative to average drawdown	63.88	15.97	+47.92

DOCN vs. IREN - Sharpe Ratio Comparison

The current DOCN Sharpe Ratio is 6.24, which is higher than the IREN Sharpe Ratio of 4.76. The chart below compares the historical Sharpe Ratios of DOCN and IREN, 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

DOCN vs. IREN - Drawdown Comparison

The maximum DOCN drawdown since its inception was -84.78%, smaller than the maximum IREN drawdown of -96.21%. Use the drawdown chart below to compare losses from any high point for DOCN and IREN.

Drawdown Indicators

	DOCN	IREN	Difference
Max Drawdown Largest peak-to-trough decline	-84.78%	-96.21%	+11.43%
Max Drawdown (1Y) Largest decline over 1 year	-24.11%	-58.62%	+34.51%
Max Drawdown (3Y) Largest decline over 3 years	-60.28%	-65.56%	+5.28%
Max Drawdown (5Y) Largest decline over 5 years	-84.78%	—	—
Current Drawdown Current decline from peak	-5.57%	-21.78%	+16.21%
Average Drawdown Average peak-to-trough decline	-58.89%	-65.42%	+6.53%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.95%	30.74%	-22.79%

Volatility

DOCN vs. IREN - Volatility Comparison

The current volatility for DigitalOcean Holdings, Inc. (DOCN) is 17.94%, while IREN Limited (IREN) has a volatility of 34.10%. This indicates that DOCN experiences smaller price fluctuations and is considered to be less risky than IREN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	DOCN	IREN	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.94%	34.10%	-16.16%
Volatility (6M) Calculated over the trailing 6-month period	61.13%	75.79%	-14.66%
Volatility (1Y) Calculated over the trailing 1-year period	81.58%	103.25%	-21.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	71.32%	118.61%	-47.29%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	70.58%	118.61%	-48.03%

Dividends

DOCN vs. IREN - Dividend Comparison

Neither DOCN nor IREN has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both DOCN and IREN in my portfolio?

DOCN and IREN have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DOCN or IREN?

IREN has higher volatility (34.10%) compared to DOCN (17.94%). In terms of maximum drawdown, DOCN dropped -84.78% vs IREN's -96.21%.

Which has better risk-adjusted returns?

DOCN currently has the higher Sharpe Ratio (6.24 vs 4.76), 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.