FCEL vs. IREN

Last updated Jun 4, 2026

FCEL (FuelCell Energy, Inc.) and IREN (IREN Limited) are both stocks. FCEL operates in Electrical Equipment & Parts (Industrials), while IREN operates in Capital Markets (Financial Services). Over the past 3 years, FCEL returned -31.18%/yr vs 165.47%/yr for IREN. At a 0.34 correlation, their price movements are largely independent.

Performance

FCEL vs. IREN - Performance Comparison

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

Returns By Period

In the year-to-date period, FCEL achieves a 198.36% return, which is significantly higher than IREN's 73.37% return.

FCEL

• 1D: -11.49%
• 1M: 67.51%
• YTD: 198.36%
• 6M: 203.76%
• 1Y: 287.39%
• 3Y*: -31.18%
• 5Y*: -40.79%
• 10Y*: -38.80%

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)

FCEL vs. IREN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FCEL FuelCell Energy, Inc.	198.36%	-19.14%	-81.17%	-42.45%	-46.54%	-49.22%
IREN IREN Limited	73.37%	284.62%	37.34%	472.00%	-92.27%	-33.87%

Correlation

The correlation between FCEL and IREN is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.41
Correlation (3Y) Calculated over the trailing 3-year period	0.30
Correlation (All Time) Calculated using the full available price history since Nov 18, 2021	0.34

The correlation between FCEL and IREN shifts across timeframes, from 0.30 (3 years) to 0.41 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

EPS FCEL : -$5.05 IREN : $0.45
PS Ratio FCEL : 4.66 IREN : 14.67
Total Revenue (TTM) FCEL : $169.70M IREN : $757.07M
Gross Profit (TTM) FCEL : -$27.06M IREN : $433.88M
EBITDA (TTM) FCEL : -$146.91M IREN : -$173.05M

Return for Risk

FCEL vs. IREN — Risk / Return Rank

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

FCEL

FCEL Risk / Return Rank: 89
FCEL Sharpe Ratio Rank: 91
FCEL Sortino Ratio Rank: 90
FCEL Omega Ratio Rank: 84
FCEL Calmar Ratio Rank: 93
FCEL Martin Ratio Rank: 86

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.

FCEL vs. IREN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FuelCell Energy, Inc. (FCEL) 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.

	FCEL	IREN	Difference
Sharpe ratio: Return per unit of total volatility	2.39	6.33	-3.93
Sortino ratio: Return per unit of downside risk	3.20	4.12	-0.92
Omega ratio: Gain probability vs. loss probability	1.35	1.48	-0.12
Calmar ratio: Return relative to maximum drawdown	6.09	10.96	-4.87
Martin ratio: Return relative to average drawdown	9.67	21.06	-11.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FCEL vs. IREN - Sharpe Ratio Comparison

The current FCEL Sharpe Ratio is 2.39, which is lower than the IREN Sharpe Ratio of 6.33. The chart below compares the historical Sharpe Ratios of FCEL 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

	FCEL	IREN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.39	6.33	-3.93
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.42	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.32	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.20	0.21	-0.40

Drawdowns

FCEL vs. IREN - Drawdown Comparison

The maximum FCEL drawdown since its inception was -100.00%, roughly equal to the maximum IREN drawdown of -95.73%. Use the drawdown chart below to compare losses from any high point for FCEL and IREN.

Drawdown Indicators

	FCEL	IREN	Difference
Max Drawdown Largest peak-to-trough decline	-100.00%	-95.73%	-4.27%
Max Drawdown (1Y) Largest decline over 1 year	-47.52%	-58.62%	+11.10%
Max Drawdown (3Y) Largest decline over 3 years	-95.54%	-65.56%	-29.98%
Max Drawdown (5Y) Largest decline over 5 years	-98.98%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.88%	—	—
Current Drawdown Current decline from peak	-99.99%	-14.30%	-85.69%
Average Drawdown Average peak-to-trough decline	-83.84%	-62.79%	-21.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.87%	30.44%	-0.57%

Volatility

FCEL vs. IREN - Volatility Comparison

FuelCell Energy, Inc. (FCEL) has a higher volatility of 51.05% compared to IREN Limited (IREN) at 32.69%. This indicates that FCEL'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

	FCEL	IREN	Difference
Volatility (1M) Calculated over the trailing 1-month period	51.05%	32.69%	+18.36%
Volatility (6M) Calculated over the trailing 6-month period	88.08%	75.24%	+12.84%
Volatility (1Y) Calculated over the trailing 1-year period	121.73%	101.57%	+20.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	97.26%	118.41%	-21.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	122.67%	118.41%	+4.26%

Dividends

FCEL vs. IREN - Dividend Comparison

Neither FCEL nor IREN has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both FCEL and IREN in my portfolio?

FCEL and IREN have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FCEL or IREN?

FCEL has higher volatility (51.05%) compared to IREN (32.69%). In terms of maximum drawdown, FCEL dropped -100.00% vs IREN's -95.73%.

Which has better risk-adjusted returns?

IREN currently has the higher Sharpe Ratio (6.33 vs 2.39), 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.