IREN vs. WULF

Last updated Aug 1, 2026

IREN (IREN Limited) and WULF (TeraWulf Inc.) are both stocks. IREN operates in Capital Markets (Financial Services), while WULF operates in Information Technology Services (Technology). Over the past 3 years, IREN returned 80.67%/yr vs 85.20%/yr for WULF. Their 0.58 correlation means they have sometimes moved together and sometimes differently.

Performance

IREN vs. WULF - Performance Comparison

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

Returns By Period

In the year-to-date period, IREN achieves a -2.57% return, which is significantly lower than WULF's 53.70% return.

IREN

• 1D: -3.82%
• 1M: -5.20%
• 6M: -31.52%
• YTD: -2.57%
• 1Y: 138.96%
• 3Y*: 80.67%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.99%

WULF

• 1D: -0.90%
• 1M: -16.62%
• 6M: 32.09%
• YTD: 53.70%
• 1Y: 271.01%
• 3Y*: 85.20%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -11.93%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
IREN IREN Limited	$2.07B	$1.84B	$2.53B
WULF TeraWulf Inc.	$594.29M	$753.10M	$725.98M

IREN vs. WULF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IREN IREN Limited	-2.57%	284.62%	37.34%	472.00%	-92.27%	19.60%
WULF TeraWulf Inc.	53.70%	103.00%	135.83%	260.58%	-95.58%	-52.66%

Correlation

The correlation between IREN and WULF is 0.71, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.71
Correlation (3Y) Balances recent behavior with more history.	0.70
Correlation (All Time) Calculated using the full available price history since Dec 14, 2021	0.58

The correlation between IREN and WULF shifts across timeframes, from 0.58 (all time) to 0.71 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap IREN : $13.13B WULF : $8.75B
EPS IREN : $0.51 WULF : -$2.52
PS Ratio IREN : 7.33 WULF : 42.81
Total Revenue (TTM) IREN : $757.07M WULF : $168.06M
Gross Profit (TTM) IREN : $433.88M WULF : $107.59M
EBITDA (TTM) IREN : -$173.05M WULF : -$132.10M

Return for Risk

IREN vs. WULF — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

IREN

IREN Risk / Return Rank: 78
IREN Sharpe Ratio Rank: 79
IREN Sortino Ratio Rank: 81
IREN Omega Ratio Rank: 75
IREN Calmar Ratio Rank: 80
IREN Martin Ratio Rank: 75

WULF

WULF Risk / Return Rank: 94
WULF Sharpe Ratio Rank: 94
WULF Sortino Ratio Rank: 93
WULF Omega Ratio Rank: 90
WULF Calmar Ratio Rank: 95
WULF Martin Ratio Rank: 96

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

IREN vs. WULF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IREN Limited (IREN) and TeraWulf Inc. (WULF). 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	WULF	Difference
Sharpe ratio: Return per unit of total volatility	1.15	2.26	-1.11
Sortino ratio: Return per unit of downside risk	2.11	3.08	-0.97
Omega ratio: Gain probability vs. loss probability	1.23	1.36	-0.13
Calmar ratio: Return relative to maximum drawdown	2.10	5.09	-2.99
Martin ratio: Return relative to average drawdown	3.73	16.02	-12.29

IREN vs. WULF - Sharpe Ratio Comparison

The current IREN Sharpe Ratio is 1.15, which is lower than the WULF Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of IREN and WULF, 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. WULF - Drawdown Comparison

The maximum IREN drawdown since its inception was -96.21%, roughly equal to the maximum WULF drawdown of -98.30%. Use the drawdown chart below to compare losses from any high point for IREN and WULF.

Drawdown Indicators

	IREN	WULF	Difference
Max Drawdown Largest peak-to-trough decline	-96.21%	-98.30%	+2.09%
Max Drawdown (1Y) Largest decline over 1 year	-61.64%	-47.93%	-13.71%
Max Drawdown (3Y) Largest decline over 3 years	-65.56%	-74.60%	+9.04%
Current Drawdown Current decline from peak	-51.84%	-44.45%	-7.39%
Average Drawdown Average peak-to-trough decline	-64.79%	-80.45%	+15.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	34.57%	15.21%	+19.36%

Volatility

IREN vs. WULF - Volatility Comparison

IREN Limited (IREN) has a higher volatility of 45.35% compared to TeraWulf Inc. (WULF) at 33.74%. This indicates that IREN's price experiences larger fluctuations and is considered to be riskier than WULF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	IREN	WULF	Difference
Volatility (1M) Calculated over the trailing 1-month period	45.35%	33.74%	+11.61%
Volatility (6M) Calculated over the trailing 6-month period	79.91%	67.95%	+11.96%
Volatility (1Y) Calculated over the trailing 1-year period	111.95%	107.86%	+4.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	119.14%	127.23%	-8.09%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	119.14%	127.23%	-8.09%

Dividends

IREN vs. WULF - Dividend Comparison

Neither IREN nor WULF 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%
WULF TeraWulf Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	33.22%

Financials

Frequently Asked Questions

Can I hold both IREN and WULF in my portfolio?

IREN and WULF have a correlation of 0.71, 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 WULF?

IREN has higher volatility (45.35%) compared to WULF (33.74%). In terms of maximum drawdown, IREN dropped -96.21% vs WULF's -98.30%.

Which has better risk-adjusted returns?

WULF currently has the higher Sharpe Ratio (2.26 vs 1.15), 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.