IREN vs. WULF

Last updated Apr 1, 2026

Compare and contrast key facts about Iris Energy Limited (IREN) and TeraWulf Inc. (WULF).

Performance

IREN vs. WULF - Performance Comparison

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

IREN vs. WULF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
IREN Iris Energy Limited	-9.24%	284.62%	37.34%	472.00%	-92.27%	-33.87%
WULF TeraWulf Inc.	25.59%	103.00%	135.83%	260.58%	-95.58%	-54.71%

Fundamentals

EPS IREN : -$0.06 WULF : -$2.52
Total Revenue (TTM) IREN : $760.38M WULF : -$29.66M
Gross Profit (TTM) IREN : $461.29M WULF : -$8.27M
EBITDA (TTM) IREN : $461.18M WULF : -$935.92M

Returns By Period

In the year-to-date period, IREN achieves a -9.24% return, which is significantly lower than WULF's 25.59% return.

IREN

• 1D: 8.41%
• 1M: -16.29%
• YTD: -9.24%
• 6M: -26.96%
• 1Y: 462.89%
• 3Y*: 123.76%
• 5Y*: —
• 10Y*: —

WULF

• 1D: 5.33%
• 1M: -11.04%
• YTD: 25.59%
• 6M: 26.36%
• 1Y: 428.57%
• 3Y*: 148.72%
• 5Y*: 10.02%
• 10Y*: 3.67%

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

Return for Risk

IREN vs. WULF — Risk / Return Rank

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

IREN

IREN Risk / Return Rank: 96
IREN Sharpe Ratio Rank: 99
IREN Sortino Ratio Rank: 96
IREN Omega Ratio Rank: 92
IREN Calmar Ratio Rank: 98
IREN Martin Ratio Rank: 96

WULF

WULF Risk / Return Rank: 97
WULF Sharpe Ratio Rank: 98
WULF Sortino Ratio Rank: 96
WULF Omega Ratio Rank: 93
WULF Calmar Ratio Rank: 99
WULF Martin Ratio Rank: 99

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. WULF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Iris Energy 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.

	IREN	WULF	Difference
Sharpe ratio Return per unit of total volatility	4.74	3.80	+0.94
Sortino ratio Return per unit of downside risk	3.68	3.80	-0.12
Omega ratio Gain probability vs. loss probability	1.43	1.45	-0.02
Calmar ratio Return relative to maximum drawdown	7.93	13.56	-5.64
Martin ratio Return relative to average drawdown	17.28	34.60	-17.32
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. WULF - Sharpe Ratio Comparison

The current IREN Sharpe Ratio is 4.74, which is comparable to the WULF Sharpe Ratio of 3.80. The chart below compares the historical Sharpe Ratios of IREN and WULF, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	IREN	WULF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	4.74	3.80	+0.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.08	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.07	0.09	-0.02

Correlation

The correlation between IREN and WULF is 0.56, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

IREN vs. WULF - Dividend Comparison

Neither IREN nor WULF has paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021
IREN Iris Energy 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%

Drawdowns

IREN vs. WULF - Drawdown Comparison

The maximum IREN drawdown since its inception was -95.73%, roughly equal to the maximum WULF drawdown of -98.50%. 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	-95.73%	-98.50%	+2.77%
Max Drawdown (1Y) Largest decline over 1 year	-58.62%	-31.74%	-26.88%
Max Drawdown (5Y) Largest decline over 5 years	—	-98.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-98.50%	—
Current Drawdown Current decline from peak	-55.14%	-59.99%	+4.85%
Average Drawdown Average peak-to-trough decline	-63.97%	-46.72%	-17.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	26.89%	12.44%	+14.45%

Volatility

IREN vs. WULF - Volatility Comparison

Iris Energy Limited (IREN) has a higher volatility of 30.29% compared to TeraWulf Inc. (WULF) at 26.80%. 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	30.29%	26.80%	+3.49%
Volatility (6M) Calculated over the trailing 6-month period	77.56%	69.15%	+8.41%
Volatility (1Y) Calculated over the trailing 1-year period	98.40%	113.57%	-15.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	119.14%	127.27%	-8.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	119.14%	100.87%	+18.27%

Financials