FCEL vs. IREN

Last updated Aug 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 -29.03%/yr vs 92.64%/yr for IREN. Their 0.35 correlation means their historical movements had little consistent relationship.

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 191.93% return, which is significantly higher than IREN's 5.24% return.

FCEL

• 1D: -1.25%
• 1M: -24.08%
• 6M: 190.34%
• YTD: 191.93%
• 1Y: 352.12%
• 3Y*: -29.03%
• 5Y*: -34.68%
• 10Y*: -36.16%
• ALL TIME*: -18.45%

IREN

• 1D: 8.02%
• 1M: 2.40%
• 6M: -25.11%
• YTD: 5.24%
• 1Y: 158.12%
• 3Y*: 92.64%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 7.72%

*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)
FCEL FuelCell Energy, Inc.	$203.32M	$248.83M	$275.04M
IREN IREN Limited	$1.87B	$1.81B	$2.52B

FCEL vs. IREN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
FCEL FuelCell Energy, Inc.	191.93%	-19.14%	-81.17%	-42.45%	-46.54%	-50.90%
IREN IREN Limited	5.24%	284.62%	37.34%	472.00%	-92.27%	-42.25%

Correlation

The correlation between FCEL and IREN is 0.41, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.41
Correlation (3Y) Balances recent behavior with more history.	0.32
Correlation (All Time) Calculated using the full available price history since Nov 17, 2021	0.35

Fundamentals

Market Cap FCEL : $1.13B IREN : $14.19B
EPS FCEL : -$4.82 IREN : $0.51
PS Ratio FCEL : 5.87 IREN : 7.92
Total Revenue (TTM) FCEL : $167.88M IREN : $757.07M
Gross Profit (TTM) FCEL : -$30.55M IREN : $433.88M
EBITDA (TTM) FCEL : -$186.85M IREN : -$173.05M

Return for Risk

FCEL vs. IREN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FCEL

FCEL Risk / Return Rank: 94
FCEL Sharpe Ratio Rank: 96
FCEL Sortino Ratio Rank: 94
FCEL Omega Ratio Rank: 90
FCEL Calmar Ratio Rank: 97
FCEL Martin Ratio Rank: 94

IREN

IREN Risk / Return Rank: 82
IREN Sharpe Ratio Rank: 84
IREN Sortino Ratio Rank: 84
IREN Omega Ratio Rank: 78
IREN Calmar Ratio Rank: 84
IREN Martin Ratio Rank: 78

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.

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.

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.

	FCEL	IREN	Difference
Sharpe ratio: Return per unit of total volatility	2.62	1.42	+1.21
Sortino ratio: Return per unit of downside risk	3.25	2.30	+0.95
Omega ratio: Gain probability vs. loss probability	1.36	1.25	+0.11
Calmar ratio: Return relative to maximum drawdown	6.81	2.58	+4.23
Martin ratio: Return relative to average drawdown	12.52	4.58	+7.94

FCEL vs. IREN - Sharpe Ratio Comparison

The current FCEL Sharpe Ratio is 2.62, which is higher than the IREN Sharpe Ratio of 1.42. 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.

Drawdowns

FCEL vs. IREN - Drawdown Comparison

The maximum FCEL drawdown since its inception was -100.00%, roughly equal to the maximum IREN drawdown of -96.21%. 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%	-96.21%	-3.79%
Max Drawdown (1Y) Largest decline over 1 year	-52.07%	-61.64%	+9.57%
Max Drawdown (3Y) Largest decline over 3 years	-93.75%	-65.56%	-28.19%
Max Drawdown (5Y) Largest decline over 5 years	-98.89%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.81%	—	—
Current Drawdown Current decline from peak	-99.99%	-47.98%	-52.01%
Average Drawdown Average peak-to-trough decline	-83.92%	-64.78%	-19.14%
Ulcer Index Depth and duration of drawdowns from previous peaks	28.29%	34.70%	-6.41%

Volatility

FCEL vs. IREN - Volatility Comparison

FuelCell Energy, Inc. (FCEL) has a higher volatility of 48.03% compared to IREN Limited (IREN) at 44.79%. 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	48.03%	44.79%	+3.24%
Volatility (6M) Calculated over the trailing 6-month period	107.05%	79.63%	+27.42%
Volatility (1Y) Calculated over the trailing 1-year period	135.46%	112.30%	+23.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	102.17%	119.15%	-16.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	124.68%	119.15%	+5.53%

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 (48.03%) compared to IREN (44.79%). In terms of maximum drawdown, FCEL dropped -100.00% vs IREN's -96.21%.

Which has better risk-adjusted returns?

FCEL currently has the higher Sharpe Ratio (2.62 vs 1.42), 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.