IREN vs. BTDR

Last updated Jun 13, 2026

IREN (IREN Limited) and BTDR (Bitdeer Technologies Group Class A Ordinary Shares) are both stocks. IREN operates in Capital Markets (Financial Services), while BTDR operates in Software - Application (Technology). Over the past 3 years, IREN returned 155.58%/yr vs 34.06%/yr for BTDR. A 0.57 correlation means they provide meaningful diversification when combined.

Performance

IREN vs. BTDR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IREN Limited (IREN) and Bitdeer Technologies Group Class A Ordinary Shares (BTDR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

The year-to-date returns for both investments are quite close, with IREN having a 58.25% return and BTDR slightly higher at 59.05%.

IREN

• 1D: 5.40%
• 1M: 8.34%
• YTD: 58.25%
• 6M: 48.94%
• 1Y: 487.71%
• 3Y*: 155.58%
• 5Y*: —
• 10Y*: —

BTDR

• 1D: 1.02%
• 1M: 34.87%
• YTD: 59.05%
• 6M: 67.42%
• 1Y: 34.16%
• 3Y*: 34.06%
• 5Y*: —
• 10Y*: —

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

IREN vs. BTDR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IREN IREN Limited	58.25%	284.62%	37.34%	95.89%
BTDR Bitdeer Technologies Group Class A Ordinary Shares	59.05%	-48.27%	119.78%	20.10%

Correlation

The correlation between IREN and BTDR is 0.62, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (All Time) Calculated using the full available price history since Apr 13, 2023	0.57

The correlation between IREN and BTDR has been stable across timeframes, ranging from 0.57 to 0.62 - a consistent structural relationship.

Fundamentals

EPS IREN : $0.45 BTDR : -$2.23
PS Ratio IREN : 13.39 BTDR : 5.45
Total Revenue (TTM) IREN : $757.07M BTDR : $739.06M
Gross Profit (TTM) IREN : $433.88M BTDR : $25.18M
EBITDA (TTM) IREN : -$173.05M BTDR : $59.65M

Return for Risk

IREN vs. BTDR — 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: 91
IREN Calmar Ratio Rank: 97
IREN Martin Ratio Rank: 94

BTDR

BTDR Risk / Return Rank: 56
BTDR Sharpe Ratio Rank: 55
BTDR Sortino Ratio Rank: 61
BTDR Omega Ratio Rank: 58
BTDR Calmar Ratio Rank: 54
BTDR Martin Ratio Rank: 52

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. BTDR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IREN Limited (IREN) and Bitdeer Technologies Group Class A Ordinary Shares (BTDR). 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	BTDR	Difference
Sharpe ratio: Return per unit of total volatility	4.76	0.34	+4.42
Sortino ratio: Return per unit of downside risk	3.66	1.21	+2.45
Omega ratio: Gain probability vs. loss probability	1.42	1.14	+0.28
Calmar ratio: Return relative to maximum drawdown	8.39	0.48	+7.91
Martin ratio: Return relative to average drawdown	15.97	0.80	+15.17

IREN vs. BTDR - Sharpe Ratio Comparison

The current IREN Sharpe Ratio is 4.76, which is higher than the BTDR Sharpe Ratio of 0.34. The chart below compares the historical Sharpe Ratios of IREN and BTDR, 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. BTDR - Drawdown Comparison

The maximum IREN drawdown since its inception was -96.21%, which is greater than BTDR's maximum drawdown of -79.52%. Use the drawdown chart below to compare losses from any high point for IREN and BTDR.

Drawdown Indicators

	IREN	BTDR	Difference
Max Drawdown Largest peak-to-trough decline	-96.21%	-79.52%	-16.69%
Max Drawdown (1Y) Largest decline over 1 year	-58.62%	-71.89%	+13.27%
Max Drawdown (3Y) Largest decline over 3 years	-65.56%	-79.52%	+13.96%
Current Drawdown Current decline from peak	-21.78%	-31.69%	+9.91%
Average Drawdown Average peak-to-trough decline	-65.42%	-43.61%	-21.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.74%	42.86%	-12.12%

Volatility

IREN vs. BTDR - Volatility Comparison

IREN Limited (IREN) and Bitdeer Technologies Group Class A Ordinary Shares (BTDR) have volatilities of 34.10% and 33.51%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IREN	BTDR	Difference
Volatility (1M) Calculated over the trailing 1-month period	34.10%	33.51%	+0.59%
Volatility (6M) Calculated over the trailing 6-month period	75.79%	69.35%	+6.44%
Volatility (1Y) Calculated over the trailing 1-year period	103.25%	100.95%	+2.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.61%	123.31%	-4.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	118.61%	123.31%	-4.70%

Dividends

IREN vs. BTDR - Dividend Comparison

Neither IREN nor BTDR has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

Frequently Asked Questions

Can I hold both IREN and BTDR in my portfolio?

IREN and BTDR have a correlation of 0.62, 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 BTDR?

IREN has higher volatility (34.10%) compared to BTDR (33.51%). In terms of maximum drawdown, IREN dropped -96.21% vs BTDR's -79.52%.

Which has better risk-adjusted returns?

IREN currently has the higher Sharpe Ratio (4.76 vs 0.34), 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.