IREN vs. SPRX
IREN (IREN Limited) is a stock, while SPRX (Spear Alpha ETF) is Technology Equities fund actively managed by Spear. Over the past 3 years, IREN returned 155.58%/yr vs 43.37%/yr for SPRX. At a 0.47 correlation, their price movements are largely independent.
Performance
IREN vs. SPRX - Performance Comparison
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Returns By Period
In the year-to-date period, IREN achieves a 58.25% return, which is significantly higher than SPRX's 43.69% return.
IREN
- 1D
- 5.40%
- 1M
- 8.34%
- YTD
- 58.25%
- 6M
- 48.94%
- 1Y
- 487.71%
- 3Y*
- 155.58%
- 5Y*
- —
- 10Y*
- —
SPRX
- 1D
- 1.50%
- 1M
- 12.60%
- YTD
- 43.69%
- 6M
- 43.35%
- 1Y
- 101.77%
- 3Y*
- 43.37%
- 5Y*
- —
- 10Y*
- —
IREN vs. SPRX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
IREN IREN Limited | 58.25% | 284.62% | 37.34% | 472.00% | -92.27% | -42.25% |
SPRX Spear Alpha ETF | 43.69% | 41.91% | 20.58% | 88.02% | -44.99% | -6.93% |
Correlation
The correlation between IREN and SPRX is 0.54, 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 | 0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.49 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2021 | 0.47 |
The correlation between IREN and SPRX has been stable across timeframes, ranging from 0.47 to 0.54 - a consistent structural relationship.
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Return for Risk
IREN vs. SPRX — Risk / Return Rank
IREN
SPRX
IREN vs. SPRX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for IREN Limited (IREN) and Spear Alpha ETF (SPRX). 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 | SPRX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.54 | ||
| Sortino ratioReturn per unit of downside risk | +1.04 | ||
| Omega ratioGain probability vs. loss probability | 1.42 | 1.34 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 8.39 | 4.23 | +4.16 |
| Martin ratioReturn relative to average drawdown | 15.97 | 13.10 | +2.87 |
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Drawdowns
IREN vs. SPRX - Drawdown Comparison
The maximum IREN drawdown since its inception was -96.21%, which is greater than SPRX's maximum drawdown of -51.21%. Use the drawdown chart below to compare losses from any high point for IREN and SPRX.
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Drawdown Indicators
| IREN | SPRX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -96.21% | -51.21% | -45.00% |
Max Drawdown (1Y)Largest decline over 1 year | -58.62% | -24.21% | -34.41% |
Max Drawdown (3Y)Largest decline over 3 years | -65.56% | -42.12% | -23.44% |
Current DrawdownCurrent decline from peak | -21.78% | -5.87% | -15.91% |
Average DrawdownAverage peak-to-trough decline | -65.42% | -17.58% | -47.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.74% | 7.80% | +22.94% |
Volatility
IREN vs. SPRX - Volatility Comparison
IREN Limited (IREN) has a higher volatility of 34.10% compared to Spear Alpha ETF (SPRX) at 19.77%. This indicates that IREN's price experiences larger fluctuations and is considered to be riskier than SPRX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| IREN | SPRX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 34.10% | 19.77% | +14.33% |
Volatility (6M)Calculated over the trailing 6-month period | 75.79% | 38.52% | +37.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 103.25% | 45.91% | +57.34% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 118.61% | 42.15% | +76.46% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 118.61% | 42.15% | +76.46% |
Dividends
IREN vs. SPRX - Dividend Comparison
Neither IREN nor SPRX has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 |
|---|---|---|---|---|---|---|
IREN IREN Limited | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPRX Spear Alpha ETF | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.25% |
Frequently Asked Questions
IREN and SPRX have a correlation of 0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IREN has higher volatility (34.10%) compared to SPRX (19.77%). In terms of maximum drawdown, IREN dropped -96.21% vs SPRX's -51.21%.
IREN currently has the higher Sharpe Ratio (4.76 vs 2.23), 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.
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