IREN vs. RIOT

Last updated Jun 23, 2026

IREN (IREN Limited) and RIOT (Riot Platforms, Inc.) are both stocks. IREN operates in Capital Markets (Financial Services), while RIOT operates in Software - Application (Technology). Over the past 3 years, IREN returned 131.23%/yr vs 35.14%/yr for RIOT. A 0.64 correlation means they provide meaningful diversification when combined.

Performance

IREN vs. RIOT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IREN Limited (IREN) and Riot Platforms, Inc. (RIOT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IREN achieves a 50.57% return, which is significantly lower than RIOT's 125.97% return.

IREN

• 1D: -5.15%
• 1M: 0.07%
• YTD: 50.57%
• 6M: 35.28%
• 1Y: 443.17%
• 3Y*: 131.23%
• 5Y*: —
• 10Y*: —

RIOT

• 1D: 1.89%
• 1M: 16.90%
• YTD: 125.97%
• 6M: 98.82%
• 1Y: 199.48%
• 3Y*: 35.14%
• 5Y*: -2.49%
• 10Y*: 24.88%

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

IREN vs. RIOT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IREN IREN Limited	50.57%	284.62%	37.34%	472.00%	-92.27%	-42.25%
RIOT Riot Platforms, Inc.	125.97%	24.09%	-34.00%	356.34%	-84.82%	-39.49%

Correlation

The correlation between IREN and RIOT is 0.64, 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	0.64
Correlation (3Y) Calculated over the trailing 3-year period	0.71
Correlation (All Time) Calculated using the full available price history since Nov 17, 2021	0.64

The correlation between IREN and RIOT has been stable across timeframes, ranging from 0.64 to 0.71 - a consistent structural relationship.

Fundamentals

EPS IREN : $0.45 RIOT : -$2.35
PS Ratio IREN : 12.74 RIOT : 16.15
Total Revenue (TTM) IREN : $757.07M RIOT : $653.27M
Gross Profit (TTM) IREN : $433.88M RIOT : $179.76M
EBITDA (TTM) IREN : -$173.05M RIOT : -$482.33M

Return for Risk

IREN vs. RIOT — Risk / Return Rank

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

IREN

IREN Risk / Return Rank: 94
IREN Sharpe Ratio Rank: 98
IREN Sortino Ratio Rank: 93
IREN Omega Ratio Rank: 89
IREN Calmar Ratio Rank: 96
IREN Martin Ratio Rank: 93

RIOT

RIOT Risk / Return Rank: 87
RIOT Sharpe Ratio Rank: 92
RIOT Sortino Ratio Rank: 86
RIOT Omega Ratio Rank: 84
RIOT Calmar Ratio Rank: 89
RIOT Martin Ratio Rank: 85

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. RIOT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IREN Limited (IREN) and Riot Platforms, Inc. (RIOT). 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	RIOT	Difference
Sharpe ratio: Return per unit of total volatility	4.34	2.40	+1.94
Sortino ratio: Return per unit of downside risk	3.53	2.72	+0.81
Omega ratio: Gain probability vs. loss probability	1.40	1.34	+0.07
Calmar ratio: Return relative to maximum drawdown	7.62	4.13	+3.49
Martin ratio: Return relative to average drawdown	14.43	8.18	+6.25

IREN vs. RIOT - Sharpe Ratio Comparison

The current IREN Sharpe Ratio is 4.34, which is higher than the RIOT Sharpe Ratio of 2.40. The chart below compares the historical Sharpe Ratios of IREN and RIOT, 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. RIOT - Drawdown Comparison

The maximum IREN drawdown since its inception was -96.21%, roughly equal to the maximum RIOT drawdown of -99.98%. Use the drawdown chart below to compare losses from any high point for IREN and RIOT.

Drawdown Indicators

	IREN	RIOT	Difference
Max Drawdown Largest peak-to-trough decline	-96.21%	-99.98%	+3.77%
Max Drawdown (1Y) Largest decline over 1 year	-58.62%	-48.57%	-10.05%
Max Drawdown (3Y) Largest decline over 3 years	-65.56%	-69.00%	+3.44%
Max Drawdown (5Y) Largest decline over 5 years	—	-92.55%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-98.32%	—
Current Drawdown Current decline from peak	-25.57%	-99.10%	+73.53%
Average Drawdown Average peak-to-trough decline	-65.23%	-87.84%	+22.61%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.91%	24.49%	+6.42%

Volatility

IREN vs. RIOT - Volatility Comparison

IREN Limited (IREN) has a higher volatility of 30.39% compared to Riot Platforms, Inc. (RIOT) at 18.77%. This indicates that IREN's price experiences larger fluctuations and is considered to be riskier than RIOT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IREN	RIOT	Difference
Volatility (1M) Calculated over the trailing 1-month period	30.39%	18.77%	+11.62%
Volatility (6M) Calculated over the trailing 6-month period	73.97%	60.87%	+13.10%
Volatility (1Y) Calculated over the trailing 1-year period	103.13%	83.79%	+19.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.41%	93.65%	+24.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	118.41%	112.18%	+6.23%

Dividends

IREN vs. RIOT - Dividend Comparison

Neither IREN nor RIOT has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
IREN IREN Limited	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RIOT Riot Platforms, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.52%

Financials

Frequently Asked Questions

Can I hold both IREN and RIOT in my portfolio?

IREN and RIOT have a correlation of 0.64, 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 RIOT?

IREN has higher volatility (30.39%) compared to RIOT (18.77%). In terms of maximum drawdown, IREN dropped -96.21% vs RIOT's -99.98%.

Which has better risk-adjusted returns?

IREN currently has the higher Sharpe Ratio (4.34 vs 2.40), 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.