ELVA vs. IREN

Last updated Jun 4, 2026

ELVA (Electrovaya Inc. Common Shares) and IREN (IREN Limited) are both stocks. ELVA operates in Electrical Equipment & Parts (Industrials), while IREN operates in Capital Markets (Financial Services). Over the past 3 years, ELVA returned 48.42%/yr vs 165.47%/yr for IREN. At a 0.23 correlation, their price movements are largely independent.

Performance

ELVA vs. IREN - Performance Comparison

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

Returns By Period

In the year-to-date period, ELVA achieves a 42.78% return, which is significantly lower than IREN's 73.37% return.

ELVA

• 1D: -7.99%
• 1M: 19.37%
• YTD: 42.78%
• 6M: 129.27%
• 1Y: 237.27%
• 3Y*: 48.42%
• 5Y*: 14.03%
• 10Y*: 4.45%

IREN

• 1D: -1.68%
• 1M: 32.34%
• YTD: 73.37%
• 6M: 48.95%
• 1Y: 636.56%
• 3Y*: 165.47%
• 5Y*: —
• 10Y*: —

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

ELVA vs. IREN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ELVA Electrovaya Inc. Common Shares	42.78%	218.55%	-18.95%	-17.30%	2.78%	-26.94%
IREN IREN Limited	73.37%	284.62%	37.34%	472.00%	-92.27%	-33.87%

Correlation

The correlation between ELVA and IREN is 0.30, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.30
Correlation (3Y) Calculated over the trailing 3-year period	0.22
Correlation (All Time) Calculated using the full available price history since Nov 18, 2021	0.23

Fundamentals

EPS ELVA : $0.11 IREN : $0.45
PE Ratio ELVA : 104.32 IREN : 144.40
PS Ratio ELVA : 7.37 IREN : 14.67
Total Revenue (TTM) ELVA : $70.74M IREN : $757.07M
Gross Profit (TTM) ELVA : $22.01M IREN : $433.88M
EBITDA (TTM) ELVA : $6.86M IREN : -$173.05M

Return for Risk

ELVA vs. IREN — Risk / Return Rank

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

ELVA

ELVA Risk / Return Rank: 91
ELVA Sharpe Ratio Rank: 94
ELVA Sortino Ratio Rank: 89
ELVA Omega Ratio Rank: 87
ELVA Calmar Ratio Rank: 92
ELVA Martin Ratio Rank: 91

IREN

IREN Risk / Return Rank: 96
IREN Sharpe Ratio Rank: 99
IREN Sortino Ratio Rank: 95
IREN Omega Ratio Rank: 92
IREN Calmar Ratio Rank: 98
IREN Martin Ratio Rank: 95

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.

ELVA vs. IREN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Electrovaya Inc. Common Shares (ELVA) 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.

	ELVA	IREN	Difference
Sharpe ratio Return per unit of total volatility	2.86	6.33	-3.47
Sortino ratio Return per unit of downside risk	3.15	4.12	-0.97
Omega ratio Gain probability vs. loss probability	1.39	1.48	-0.09
Calmar ratio Return relative to maximum drawdown	5.38	10.96	-5.58
Martin ratio Return relative to average drawdown	12.89	21.06	-8.17
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ELVA vs. IREN - Sharpe Ratio Comparison

The current ELVA Sharpe Ratio is 2.86, which is lower than the IREN Sharpe Ratio of 6.33. The chart below compares the historical Sharpe Ratios of ELVA 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.

Sharpe Ratios by Period

	ELVA	IREN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.86	6.33	-3.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.20	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.05	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.21	-0.02

Drawdowns

ELVA vs. IREN - Drawdown Comparison

The maximum ELVA drawdown since its inception was -96.90%, roughly equal to the maximum IREN drawdown of -95.73%. Use the drawdown chart below to compare losses from any high point for ELVA and IREN.

Drawdown Indicators

	ELVA	IREN	Difference
Max Drawdown Largest peak-to-trough decline	-96.90%	-95.73%	-1.17%
Max Drawdown (1Y) Largest decline over 1 year	-44.42%	-58.62%	+14.20%
Max Drawdown (3Y) Largest decline over 3 years	-64.19%	-65.56%	+1.37%
Max Drawdown (5Y) Largest decline over 5 years	-67.83%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-96.90%	—	—
Current Drawdown Current decline from peak	-29.96%	-14.30%	-15.66%
Average Drawdown Average peak-to-trough decline	-73.75%	-62.79%	-10.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.50%	30.44%	-11.94%

Volatility

ELVA vs. IREN - Volatility Comparison

The current volatility for Electrovaya Inc. Common Shares (ELVA) is 29.36%, while IREN Limited (IREN) has a volatility of 32.69%. This indicates that ELVA 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

	ELVA	IREN	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.36%	32.69%	-3.33%
Volatility (6M) Calculated over the trailing 6-month period	62.89%	75.24%	-12.35%
Volatility (1Y) Calculated over the trailing 1-year period	84.08%	101.57%	-17.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	68.98%	118.41%	-49.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	86.14%	118.41%	-32.27%

Dividends

ELVA vs. IREN - Dividend Comparison

Neither ELVA nor IREN has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both ELVA and IREN in my portfolio?

ELVA and IREN have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ELVA or IREN?

IREN has higher volatility (32.69%) compared to ELVA (29.36%). In terms of maximum drawdown, ELVA dropped -96.90% vs IREN's -95.73%.

Which has better risk-adjusted returns?

IREN currently has the higher Sharpe Ratio (6.33 vs 2.86), 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.