ELVA vs. IREN

Last updated Aug 1, 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 25.69%/yr vs 80.67%/yr for IREN. Their 0.24 correlation means their historical movements had little consistent relationship.

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 4.05% return, which is significantly higher than IREN's -2.57% return.

ELVA

• 1D: -3.97%
• 1M: -15.26%
• 6M: -24.10%
• YTD: 4.05%
• 1Y: 69.14%
• 3Y*: 25.69%
• 5Y*: 14.10%
• 10Y*: -3.29%
• ALL TIME*: 12.29%

IREN

• 1D: -3.82%
• 1M: -5.20%
• 6M: -31.52%
• YTD: -2.57%
• 1Y: 138.96%
• 3Y*: 80.67%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.99%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
ELVA Electrovaya Inc. Common Shares	$5.90M	$22.96M	$10.84M
IREN IREN Limited	$2.07B	$1.84B	$2.53B

ELVA vs. IREN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
ELVA Electrovaya Inc. Common Shares	4.05%	218.55%	-18.95%	-17.30%	2.78%	-21.23%
IREN IREN Limited	-2.57%	284.62%	37.34%	472.00%	-92.27%	-42.25%

Correlation

The correlation between ELVA and IREN is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.40
Correlation (3Y) Balances recent behavior with more history.	0.25
Correlation (All Time) Calculated using the full available price history since Nov 17, 2021	0.24

The correlation between ELVA and IREN shifts across timeframes, from 0.24 (all time) to 0.40 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap ELVA : $406.95M IREN : $13.13B
EPS ELVA : $0.11 IREN : $0.51
PE Ratio ELVA : 76.50 IREN : 72.13
PS Ratio ELVA : 5.40 IREN : 7.33
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 historical risk-adjusted metric ranks over the past 12 months.

ELVA

ELVA Risk / Return Rank: 72
ELVA Sharpe Ratio Rank: 67
ELVA Sortino Ratio Rank: 74
ELVA Omega Ratio Rank: 72
ELVA Calmar Ratio Rank: 74
ELVA Martin Ratio Rank: 72

IREN

IREN Risk / Return Rank: 78
IREN Sharpe Ratio Rank: 79
IREN Sortino Ratio Rank: 81
IREN Omega Ratio Rank: 75
IREN Calmar Ratio Rank: 80
IREN Martin Ratio Rank: 75

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

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.

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.

	ELVA	IREN	Difference
Sharpe ratio: Return per unit of total volatility	0.69	1.15	-0.47
Sortino ratio: Return per unit of downside risk	1.71	2.11	-0.40
Omega ratio: Gain probability vs. loss probability	1.21	1.23	-0.02
Calmar ratio: Return relative to maximum drawdown	1.53	2.10	-0.56
Martin ratio: Return relative to average drawdown	3.28	3.73	-0.45

ELVA vs. IREN - Sharpe Ratio Comparison

The current ELVA Sharpe Ratio is 0.69, which is lower than the IREN Sharpe Ratio of 1.15. 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.

Drawdowns

ELVA vs. IREN - Drawdown Comparison

The maximum ELVA drawdown since its inception was -96.90%, roughly equal to the maximum IREN drawdown of -96.21%. 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%	-96.21%	-0.69%
Max Drawdown (1Y) Largest decline over 1 year	-44.42%	-61.64%	+17.22%
Max Drawdown (3Y) Largest decline over 3 years	-56.04%	-65.56%	+9.52%
Max Drawdown (5Y) Largest decline over 5 years	-65.23%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-96.58%	—	—
Current Drawdown Current decline from peak	-48.96%	-51.84%	+2.88%
Average Drawdown Average peak-to-trough decline	-73.22%	-64.79%	-8.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.72%	34.57%	-13.85%

Volatility

ELVA vs. IREN - Volatility Comparison

Electrovaya Inc. Common Shares (ELVA) has a higher volatility of 53.40% compared to IREN Limited (IREN) at 45.35%. This indicates that ELVA's price experiences larger fluctuations and is considered to be riskier 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	53.40%	45.35%	+8.05%
Volatility (6M) Calculated over the trailing 6-month period	76.53%	79.91%	-3.38%
Volatility (1Y) Calculated over the trailing 1-year period	99.24%	111.95%	-12.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.33%	119.14%	-45.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	86.21%	119.14%	-32.93%

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 0.40, 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?

ELVA has higher volatility (53.40%) compared to IREN (45.35%). In terms of maximum drawdown, ELVA dropped -96.90% vs IREN's -96.21%.

Which has better risk-adjusted returns?

IREN currently has the higher Sharpe Ratio (1.15 vs 0.69), 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.