KEEL vs. WULF

Last updated Jul 21, 2026

KEEL (Keel Infrastructure Corporation) and WULF (TeraWulf Inc.) are both stocks. KEEL operates in Capital Markets (Financial Services), while WULF operates in Information Technology Services (Technology). Over the past 3 years, KEEL returned 35.62%/yr vs 72.88%/yr for WULF. A 0.61 correlation means they provide meaningful diversification when combined.

Performance

KEEL vs. WULF - Performance Comparison

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

Returns By Period

In the year-to-date period, KEEL achieves a 84.68% return, which is significantly higher than WULF's 64.14% return.

KEEL

• 1D: 9.87%
• 1M: -31.00%
• 6M: 47.12%
• YTD: 84.68%
• 1Y: 317.31%
• 3Y*: 35.62%
• 5Y*: 5.25%
• 10Y*: —
• ALL TIME*: 14.60%

WULF

• 1D: 3.85%
• 1M: -34.92%
• 6M: 36.17%
• YTD: 64.14%
• 1Y: 267.64%
• 3Y*: 72.88%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -10.74%

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

KEEL vs. WULF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
KEEL Keel Infrastructure Corporation	84.68%	57.72%	-48.80%	561.36%	-91.29%	-0.20%
WULF TeraWulf Inc.	64.14%	103.00%	135.83%	260.58%	-95.58%	-52.66%

Correlation

The correlation between KEEL and WULF is 0.65, 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	0.65
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since Dec 14, 2021	0.61

The correlation between KEEL and WULF has been stable across timeframes, ranging from 0.61 to 0.69 - a consistent structural relationship.

Fundamentals

Market Cap KEEL : $2.62B WULF : $9.35B
EPS KEEL : -$0.51 WULF : -$2.52
PS Ratio KEEL : 10.49 WULF : 45.72
Total Revenue (TTM) KEEL : $229.28M WULF : $168.06M
Gross Profit (TTM) KEEL : -$18.90M WULF : $107.59M
EBITDA (TTM) KEEL : -$149.60M WULF : -$132.10M

Return for Risk

KEEL vs. WULF — Risk / Return Rank

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

KEEL

KEEL Risk / Return Rank: 92
KEEL Sharpe Ratio Rank: 97
KEEL Sortino Ratio Rank: 93
KEEL Omega Ratio Rank: 90
KEEL Calmar Ratio Rank: 93
KEEL Martin Ratio Rank: 86

WULF

WULF Risk / Return Rank: 95
WULF Sharpe Ratio Rank: 96
WULF Sortino Ratio Rank: 94
WULF Omega Ratio Rank: 91
WULF Calmar Ratio Rank: 97
WULF Martin Ratio Rank: 97

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.

KEEL vs. WULF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Keel Infrastructure Corporation (KEEL) 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.

	KEEL	WULF	Difference
Sharpe ratio: Return per unit of total volatility	2.88	2.56	+0.32
Sortino ratio: Return per unit of downside risk	3.15	3.26	-0.12
Omega ratio: Gain probability vs. loss probability	1.37	1.38	-0.01
Calmar ratio: Return relative to maximum drawdown	4.34	7.10	-2.76
Martin ratio: Return relative to average drawdown	7.13	19.96	-12.83

KEEL vs. WULF - Sharpe Ratio Comparison

The current KEEL Sharpe Ratio is 2.88, which is comparable to the WULF Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of KEEL 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

KEEL vs. WULF - Drawdown Comparison

The maximum KEEL drawdown since its inception was -95.72%, roughly equal to the maximum WULF drawdown of -98.30%. Use the drawdown chart below to compare losses from any high point for KEEL and WULF.

Drawdown Indicators

	KEEL	WULF	Difference
Max Drawdown Largest peak-to-trough decline	-95.72%	-98.30%	+2.58%
Max Drawdown (1Y) Largest decline over 1 year	-73.65%	-37.96%	-35.69%
Max Drawdown (3Y) Largest decline over 3 years	-81.04%	-74.60%	-6.44%
Max Drawdown (5Y) Largest decline over 5 years	-95.72%	—	—
Current Drawdown Current decline from peak	-51.07%	-40.67%	-10.40%
Average Drawdown Average peak-to-trough decline	-67.17%	-80.74%	+13.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.75%	13.48%	+31.27%

Volatility

KEEL vs. WULF - Volatility Comparison

Keel Infrastructure Corporation (KEEL) has a higher volatility of 29.29% compared to TeraWulf Inc. (WULF) at 24.94%. This indicates that KEEL'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

	KEEL	WULF	Difference
Volatility (1M) Calculated over the trailing 1-month period	29.29%	24.94%	+4.35%
Volatility (6M) Calculated over the trailing 6-month period	71.73%	65.36%	+6.37%
Volatility (1Y) Calculated over the trailing 1-year period	111.13%	105.58%	+5.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	105.29%	127.21%	-21.92%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	289.41%	127.21%	+162.20%

Dividends

KEEL vs. WULF - Dividend Comparison

Neither KEEL nor WULF has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
KEEL Keel Infrastructure Corporation	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 KEEL and WULF in my portfolio?

KEEL and WULF have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KEEL or WULF?

KEEL has higher volatility (29.29%) compared to WULF (24.94%). In terms of maximum drawdown, KEEL dropped -95.72% vs WULF's -98.30%.

Which has better risk-adjusted returns?

KEEL currently has the higher Sharpe Ratio (2.88 vs 2.56), 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.