GDS vs. IREN

Last updated Apr 1, 2026

Compare and contrast key facts about GDS Holdings Limited (GDS) and Iris Energy Limited (IREN).

Performance

GDS vs. IREN - Performance Comparison

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

GDS vs. IREN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
GDS GDS Holdings Limited	15.44%	46.89%	160.53%	-55.77%	-56.28%	-20.71%
IREN Iris Energy Limited	-9.24%	284.62%	37.34%	472.00%	-92.27%	-33.87%

Fundamentals

Market Cap GDS : $7.83B IREN : $10.22B
EPS GDS : $4.30 IREN : -$0.06
PS Ratio GDS : 0.79 IREN : 11.28
PB Ratio GDS : 0.30 IREN : 4.07
Total Revenue (TTM) GDS : $11.39B IREN : $760.38M
Gross Profit (TTM) GDS : $2.52B IREN : $461.29M
EBITDA (TTM) GDS : $6.03B IREN : $461.18M

Returns By Period

In the year-to-date period, GDS achieves a 15.44% return, which is significantly higher than IREN's -9.24% return.

GDS

• 1D: 2.60%
• 1M: -2.47%
• YTD: 15.44%
• 6M: 4.11%
• 1Y: 59.06%
• 3Y*: 29.25%
• 5Y*: -13.36%
• 10Y*: —

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

GDS vs. IREN — Risk / Return Rank

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

GDS

GDS Risk / Return Rank: 72
GDS Sharpe Ratio Rank: 72
GDS Sortino Ratio Rank: 70
GDS Omega Ratio Rank: 66
GDS Calmar Ratio Rank: 75
GDS Martin Ratio Rank: 75

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.

GDS vs. IREN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GDS Holdings Limited (GDS) 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.

	GDS	IREN	Difference
Sharpe ratio Return per unit of total volatility	0.88	4.74	-3.86
Sortino ratio Return per unit of downside risk	1.57	3.68	-2.11
Omega ratio Gain probability vs. loss probability	1.19	1.43	-0.24
Calmar ratio Return relative to maximum drawdown	1.82	7.93	-6.11
Martin ratio Return relative to average drawdown	4.59	17.28	-12.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GDS vs. IREN - Sharpe Ratio Comparison

The current GDS Sharpe Ratio is 0.88, which is lower than the IREN Sharpe Ratio of 4.74. The chart below compares the historical Sharpe Ratios of GDS 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

	GDS	IREN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.88	4.74	-3.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.16	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.07	+0.14

Correlation

The correlation between GDS and IREN is 0.26, 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

GDS vs. IREN - Dividend Comparison

Neither GDS nor IREN has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

GDS vs. IREN - Drawdown Comparison

The maximum GDS drawdown since its inception was -95.63%, roughly equal to the maximum IREN drawdown of -95.73%. Use the drawdown chart below to compare losses from any high point for GDS and IREN.

Drawdown Indicators

	GDS	IREN	Difference
Max Drawdown Largest peak-to-trough decline	-95.63%	-95.73%	+0.10%
Max Drawdown (1Y) Largest decline over 1 year	-32.78%	-58.62%	+25.84%
Max Drawdown (5Y) Largest decline over 5 years	-94.18%	—	—
Current Drawdown Current decline from peak	-65.18%	-55.14%	-10.04%
Average Drawdown Average peak-to-trough decline	-46.40%	-63.97%	+17.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.99%	26.89%	-13.90%

Volatility

GDS vs. IREN - Volatility Comparison

The current volatility for GDS Holdings Limited (GDS) is 17.09%, while Iris Energy Limited (IREN) has a volatility of 30.29%. This indicates that GDS 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

	GDS	IREN	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.09%	30.29%	-13.20%
Volatility (6M) Calculated over the trailing 6-month period	42.54%	77.56%	-35.02%
Volatility (1Y) Calculated over the trailing 1-year period	67.07%	98.40%	-31.33%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	85.66%	119.14%	-33.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	73.24%	119.14%	-45.90%

Financials