IREN vs. SHLD

Last updated Jun 9, 2026

IREN (IREN Limited) is a stock, while SHLD (Global X Defense Tech ETF) is Aerospace & Defense fund tracking the Global X Defense Tech Index. Over the past year, IREN returned 507.08% vs 8.97% for SHLD. At a 0.28 correlation, their price movements are largely independent.

Performance

IREN vs. SHLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in IREN Limited (IREN) and Global X Defense Tech ETF (SHLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, IREN achieves a 56.71% return, which is significantly higher than SHLD's -2.65% return.

IREN

• 1D: 8.91%
• 1M: -3.28%
• YTD: 56.71%
• 6M: 27.73%
• 1Y: 507.08%
• 3Y*: 153.35%
• 5Y*: —
• 10Y*: —

SHLD

• 1D: 0.03%
• 1M: -3.34%
• YTD: -2.65%
• 6M: -0.77%
• 1Y: 8.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

IREN vs. SHLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
IREN IREN Limited	56.71%	284.62%	37.34%	62.50%
SHLD Global X Defense Tech ETF	-2.65%	74.16%	35.03%	12.89%

Correlation

The correlation between IREN and SHLD is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (All Time) Calculated using the full available price history since Sep 13, 2023	0.28

Return for Risk

IREN vs. SHLD — 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

SHLD

SHLD Risk / Return Rank: 15
SHLD Sharpe Ratio Rank: 15
SHLD Sortino Ratio Rank: 16
SHLD Omega Ratio Rank: 15
SHLD Calmar Ratio Rank: 15
SHLD Martin Ratio Rank: 15

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. SHLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IREN Limited (IREN) and Global X Defense Tech ETF (SHLD). 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	SHLD	Difference
Sharpe ratio: Return per unit of total volatility	5.00	0.37	+4.63
Sortino ratio: Return per unit of downside risk	3.74	0.70	+3.04
Omega ratio: Gain probability vs. loss probability	1.43	1.08	+0.35
Calmar ratio: Return relative to maximum drawdown	8.73	0.45	+8.28
Martin ratio: Return relative to average drawdown	16.71	1.16	+15.55
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. SHLD - Sharpe Ratio Comparison

The current IREN Sharpe Ratio is 5.00, which is higher than the SHLD Sharpe Ratio of 0.37. The chart below compares the historical Sharpe Ratios of IREN and SHLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	IREN	SHLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	5.00	0.37	+4.63
Sharpe Ratio (All Time) Calculated using the full available price history	0.18	1.98	-1.80

Drawdowns

IREN vs. SHLD - Drawdown Comparison

The maximum IREN drawdown since its inception was -95.73%, which is greater than SHLD's maximum drawdown of -20.10%. Use the drawdown chart below to compare losses from any high point for IREN and SHLD.

Drawdown Indicators

	IREN	SHLD	Difference
Max Drawdown Largest peak-to-trough decline	-95.73%	-20.10%	-75.63%
Max Drawdown (1Y) Largest decline over 1 year	-58.62%	-20.10%	-38.52%
Max Drawdown (3Y) Largest decline over 3 years	-65.56%	—	—
Current Drawdown Current decline from peak	-22.54%	-19.16%	-3.38%
Average Drawdown Average peak-to-trough decline	-62.69%	-3.26%	-59.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.55%	7.78%	+22.77%

Volatility

IREN vs. SHLD - Volatility Comparison

IREN Limited (IREN) has a higher volatility of 33.35% compared to Global X Defense Tech ETF (SHLD) at 7.64%. This indicates that IREN's price experiences larger fluctuations and is considered to be riskier than SHLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IREN	SHLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.35%	7.64%	+25.71%
Volatility (6M) Calculated over the trailing 6-month period	74.76%	19.39%	+55.37%
Volatility (1Y) Calculated over the trailing 1-year period	102.51%	24.20%	+78.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	118.50%	21.14%	+97.36%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	118.50%	21.14%	+97.36%

Dividends

IREN vs. SHLD - Dividend Comparison

IREN has not paid dividends to shareholders, while SHLD's dividend yield for the trailing twelve months is around 0.56%.

Position	TTM	2025	2024	2023
IREN IREN Limited	0.00%	0.00%	0.00%	0.00%
SHLD Global X Defense Tech ETF	0.56%	0.55%	0.53%	0.26%

Frequently Asked Questions

Can I hold both IREN and SHLD in my portfolio?

IREN and SHLD have a correlation of 0.34, 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 SHLD?

IREN has higher volatility (33.35%) compared to SHLD (7.64%). In terms of maximum drawdown, IREN dropped -95.73% vs SHLD's -20.10%.

Which has better risk-adjusted returns?

IREN currently has the higher Sharpe Ratio (5.00 vs 0.37), 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.