IREN vs. BTC-USD

Last updated Apr 3, 2026

Compare and contrast key facts about Iris Energy Limited (IREN) and Bitcoin (BTC-USD).

Performance

IREN vs. BTC-USD - Performance Comparison

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

IREN vs. BTC-USD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IREN Iris Energy Limited	-7.94%	284.62%	37.34%	472.00%	-92.27%	-33.87%
BTC-USD Bitcoin	-23.70%	-6.27%	120.76%	155.82%	-64.23%	-23.43%

Returns By Period

In the year-to-date period, IREN achieves a -7.94% return, which is significantly higher than BTC-USD's -23.70% return.

IREN

• 1D: 1.99%
• 1M: -10.50%
• YTD: -7.94%
• 6M: -26.05%
• 1Y: 414.35%
• 3Y*: 126.81%
• 5Y*: —
• 10Y*: —

BTC-USD

• 1D: -1.99%
• 1M: -2.31%
• YTD: -23.70%
• 6M: -44.66%
• 1Y: -19.07%
• 3Y*: 33.89%
• 5Y*: 3.18%
• 10Y*: 66.03%

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

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: 95
IREN Sharpe Ratio Rank: 99
IREN Sortino Ratio Rank: 94
IREN Omega Ratio Rank: 90
IREN Calmar Ratio Rank: 96
IREN Martin Ratio Rank: 94

BTC-USD

BTC-USD Risk / Return Rank: 39
BTC-USD Sharpe Ratio Rank: 66
BTC-USD Sortino Ratio Rank: 60
BTC-USD Omega Ratio Rank: 59
BTC-USD Calmar Ratio Rank: 12
BTC-USD Martin Ratio Rank: 0

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 Iris Energy 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.

	IREN	BTC-USD	Difference
Sharpe ratio Return per unit of total volatility	4.26	-0.43	+4.69
Sortino ratio Return per unit of downside risk	3.52	-0.36	+3.89
Omega ratio Gain probability vs. loss probability	1.41	0.96	+0.45
Calmar ratio Return relative to maximum drawdown	7.23	-1.14	+8.36
Martin ratio Return relative to average drawdown	15.50	-2.03	+17.53
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

IREN vs. BTC-USD - Sharpe Ratio Comparison

The current IREN Sharpe Ratio is 4.26, which is higher than the BTC-USD Sharpe Ratio of -0.43. The chart below compares the historical Sharpe Ratios of IREN and BTC-USD, 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

	IREN	BTC-USD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.26	-0.43	+4.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.06	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.97	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	1.18	-1.11

Correlation

The correlation between IREN and BTC-USD is 0.39, 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.

Drawdowns

IREN vs. BTC-USD - Drawdown Comparison

The maximum IREN drawdown since its inception was -95.73%, 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	-95.73%	-85.30%	-10.43%
Max Drawdown (1Y) Largest decline over 1 year	-58.62%	-49.65%	-8.97%
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	-54.50%	-46.47%	-8.03%
Average Drawdown Average peak-to-trough decline	-63.96%	-42.00%	-21.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	27.33%	27.75%	-0.42%

Volatility

IREN vs. BTC-USD - Volatility Comparison

Iris Energy Limited (IREN) has a higher volatility of 26.78% compared to Bitcoin (BTC-USD) at 13.70%. 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	26.78%	13.70%	+13.08%
Volatility (6M) Calculated over the trailing 6-month period	77.55%	35.96%	+41.59%
Volatility (1Y) Calculated over the trailing 1-year period	98.07%	36.69%	+61.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	119.04%	46.91%	+72.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	119.04%	56.71%	+62.33%