FCEL vs. IREN

Last updated Apr 1, 2026

Compare and contrast key facts about FuelCell Energy, Inc. (FCEL) and Iris Energy Limited (IREN).

Performance

FCEL vs. IREN - Performance Comparison

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

FCEL vs. IREN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FCEL FuelCell Energy, Inc.	-10.67%	-19.14%	-81.17%	-42.45%	-46.54%	-49.22%
IREN Iris Energy Limited	-9.24%	284.62%	37.34%	472.00%	-92.27%	-33.87%

Fundamentals

Market Cap FCEL : $314.79M IREN : $10.22B
EPS FCEL : -$5.61 IREN : -$0.06
PS Ratio FCEL : 1.26 IREN : 11.28
PB Ratio FCEL : 0.50 IREN : 4.07
Total Revenue (TTM) FCEL : $169.70M IREN : $760.38M
Gross Profit (TTM) FCEL : -$27.06M IREN : $461.29M
EBITDA (TTM) FCEL : -$146.91M IREN : $461.18M

Returns By Period

In the year-to-date period, FCEL achieves a -10.67% return, which is significantly lower than IREN's -9.24% return.

FCEL

• 1D: 4.82%
• 1M: -19.78%
• YTD: -10.67%
• 6M: -16.28%
• 1Y: 42.27%
• 3Y*: -57.57%
• 5Y*: -56.73%
• 10Y*: -44.52%

IREN

• 1D: 8.41%
• 1M: -16.29%
• YTD: -9.24%
• 6M: -26.96%
• 1Y: 462.89%
• 3Y*: 123.76%
• 5Y*: —
• 10Y*: —

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

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: 61
FCEL Sharpe Ratio Rank: 57
FCEL Sortino Ratio Rank: 67
FCEL Omega Ratio Rank: 61
FCEL Calmar Ratio Rank: 61
FCEL Martin Ratio Rank: 57

IREN

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

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 Iris Energy 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	0.41	4.74	-4.34
Sortino ratio Return per unit of downside risk	1.43	3.68	-2.25
Omega ratio Gain probability vs. loss probability	1.16	1.43	-0.28
Calmar ratio Return relative to maximum drawdown	0.82	7.93	-7.11
Martin ratio Return relative to average drawdown	1.35	17.28	-15.94
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 0.41, which is lower than the IREN Sharpe Ratio of 4.74. The chart below compares the historical Sharpe Ratios of FCEL and IREN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FCEL	IREN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.41	4.74	-4.34
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.61	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.23	0.07	-0.30

Correlation

The correlation between FCEL and IREN is 0.35, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

FCEL vs. IREN - Dividend Comparison

Neither FCEL nor IREN has paid dividends to shareholders.

Tickers have no history of dividend payments

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 (5Y) Largest decline over 5 years	-99.13%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.88%	—	—
Current Drawdown Current decline from peak	-100.00%	-55.14%	-44.86%
Average Drawdown Average peak-to-trough decline	-83.74%	-63.97%	-19.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.94%	26.89%	+2.05%

Volatility

FCEL vs. IREN - Volatility Comparison

The current volatility for FuelCell Energy, Inc. (FCEL) is 18.59%, while Iris Energy Limited (IREN) has a volatility of 30.29%. This indicates that FCEL 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

	FCEL	IREN	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.59%	30.29%	-11.70%
Volatility (6M) Calculated over the trailing 6-month period	72.55%	77.56%	-5.01%
Volatility (1Y) Calculated over the trailing 1-year period	104.39%	98.40%	+5.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	92.67%	119.14%	-26.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	120.57%	119.14%	+1.43%

Financials