IREN vs. BTC-USD

Last updated Jul 11, 2026

IREN (IREN Limited) is a stock, while BTC-USD (Bitcoin) is a cryptocurrency. Over the past 3 years, IREN returned 82.66%/yr vs 26.63%/yr for BTC-USD. At a 0.38 correlation, their price movements are largely independent.

Performance

IREN vs. BTC-USD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IREN Limited (IREN) and Bitcoin (BTC-USD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IREN achieves a 8.92% return, which is significantly higher than BTC-USD's -26.96% return.

IREN

• 1D: -1.39%
• 1M: -31.17%
• 6M: -10.62%
• YTD: 8.92%
• 1Y: 153.48%
• 3Y*: 82.66%
• 5Y*: —
• 10Y*: —

BTC-USD

• 1D: 0.21%
• 1M: 0.58%
• 6M: -29.67%
• YTD: -26.96%
• 1Y: -45.60%
• 3Y*: 26.63%
• 5Y*: 14.32%
• 10Y*: 57.94%

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

IREN vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IREN IREN Limited	8.92%	284.62%	37.34%	472.00%	-92.27%	-42.25%
BTC-USD Bitcoin	-26.96%	-6.27%	120.76%	155.82%	-64.23%	-23.12%

Correlation

The correlation between IREN and BTC-USD is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.38
Correlation (All Time) Calculated using the full available price history since Nov 17, 2021	0.38

Return for Risk

IREN vs. BTC-USD — Risk / Return Rank

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

IREN

IREN Risk / Return Rank: 80
IREN Sharpe Ratio Rank: 83
IREN Sortino Ratio Rank: 82
IREN Omega Ratio Rank: 77
IREN Calmar Ratio Rank: 82
IREN Martin Ratio Rank: 77

BTC-USD

BTC-USD Risk / Return Rank: 21
BTC-USD Sharpe Ratio Rank: 6
BTC-USD Sortino Ratio Rank: 29
BTC-USD Omega Ratio Rank: 27
BTC-USD Calmar Ratio Rank: 38
BTC-USD Martin Ratio Rank: 5

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.

IREN vs. BTC-USD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IREN Limited (IREN) and Bitcoin (BTC-USD). 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.

	IREN	BTC-USD	Difference
Sharpe ratio: Return per unit of total volatility	1.36	-1.07	+2.43
Sortino ratio: Return per unit of downside risk	2.17	-1.60	+3.77
Omega ratio: Gain probability vs. loss probability	1.24	0.84	+0.40
Calmar ratio: Return relative to maximum drawdown	2.43	-0.86	+3.29
Martin ratio: Return relative to average drawdown	4.40	-1.40	+5.80

IREN vs. BTC-USD - Sharpe Ratio Comparison

The current IREN Sharpe Ratio is 1.36, which is higher than the BTC-USD Sharpe Ratio of -1.07. The chart below compares the historical Sharpe Ratios of IREN and BTC-USD, 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

IREN vs. BTC-USD - Drawdown Comparison

The maximum IREN drawdown since its inception was -96.21%, which is greater than BTC-USD's maximum drawdown of -85.30%. Use the drawdown chart below to compare losses from any high point for IREN and BTC-USD.

Drawdown Indicators

	IREN	BTC-USD	Difference
Max Drawdown Largest peak-to-trough decline	-96.21%	-85.30%	-10.91%
Max Drawdown (1Y) Largest decline over 1 year	-58.62%	-53.08%	-5.54%
Max Drawdown (3Y) Largest decline over 3 years	-65.56%	-53.08%	-12.48%
Max Drawdown (5Y) Largest decline over 5 years	—	-76.67%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-83.80%	—
Current Drawdown Current decline from peak	-46.16%	-48.76%	+2.60%
Average Drawdown Average peak-to-trough decline	-64.97%	-42.54%	-22.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	32.32%	29.22%	+3.10%

Volatility

IREN vs. BTC-USD - Volatility Comparison

IREN Limited (IREN) has a higher volatility of 28.04% compared to Bitcoin (BTC-USD) at 8.77%. This indicates that IREN's price experiences larger fluctuations and is considered to be riskier than BTC-USD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IREN	BTC-USD	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.04%	8.77%	+19.27%
Volatility (6M) Calculated over the trailing 6-month period	74.32%	34.92%	+39.40%
Volatility (1Y) Calculated over the trailing 1-year period	104.68%	35.53%	+69.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.30%	43.94%	+74.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	118.30%	56.32%	+61.98%

Frequently Asked Questions

Can I hold both IREN and BTC-USD in my portfolio?

IREN and BTC-USD have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, IREN or BTC-USD?

IREN has higher volatility (28.04%) compared to BTC-USD (8.77%). In terms of maximum drawdown, IREN dropped -96.21% vs BTC-USD's -85.30%.

Which has better risk-adjusted returns?

IREN currently has the higher Sharpe Ratio (1.36 vs -1.07), 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.