KRMN vs. IREN

Last updated Apr 1, 2026

Compare and contrast key facts about Karman Holdings Inc. (KRMN) and Iris Energy Limited (IREN).

Performance

KRMN vs. IREN - Performance Comparison

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

KRMN vs. IREN - Yearly Performance Comparison

	2026 (YTD)	2025
KRMN Karman Holdings Inc.	9.40%	143.49%
IREN Iris Energy Limited	-9.24%	188.76%

Fundamentals

Market Cap KRMN : $10.59B IREN : $10.22B
EPS KRMN : $0.22 IREN : -$0.06
PS Ratio KRMN : 22.47 IREN : 11.28
PB Ratio KRMN : 22.47 IREN : 4.07
Total Revenue (TTM) KRMN : $471.50M IREN : $760.38M
Gross Profit (TTM) KRMN : $190.03M IREN : $461.29M
EBITDA (TTM) KRMN : $93.58M IREN : $461.18M

Returns By Period

In the year-to-date period, KRMN achieves a 9.40% return, which is significantly higher than IREN's -9.24% return.

KRMN

• 1D: 6.99%
• 1M: -9.15%
• YTD: 9.40%
• 6M: 10.87%
• 1Y: 139.53%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IREN

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

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

Return for Risk

KRMN vs. IREN — Risk / Return Rank

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

KRMN

KRMN Risk / Return Rank: 88
KRMN Sharpe Ratio Rank: 91
KRMN Sortino Ratio Rank: 85
KRMN Omega Ratio Rank: 85
KRMN Calmar Ratio Rank: 89
KRMN Martin Ratio Rank: 89

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

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.

KRMN vs. IREN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Karman Holdings Inc. (KRMN) and Iris Energy Limited (IREN). 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.

	KRMN	IREN	Difference
Sharpe ratio Return per unit of total volatility	2.08	4.74	-2.67
Sortino ratio Return per unit of downside risk	2.41	3.68	-1.27
Omega ratio Gain probability vs. loss probability	1.33	1.43	-0.10
Calmar ratio Return relative to maximum drawdown	3.65	7.93	-4.28
Martin ratio Return relative to average drawdown	9.57	17.28	-7.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KRMN vs. IREN - Sharpe Ratio Comparison

The current KRMN Sharpe Ratio is 2.08, which is lower than the IREN Sharpe Ratio of 4.74. The chart below compares the historical Sharpe Ratios of KRMN and IREN, 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

	KRMN	IREN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.08	4.74	-2.67
Sharpe Ratio (All Time) Calculated using the full available price history	2.08	0.07	+2.01

Correlation

The correlation between KRMN and IREN is 0.29, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

KRMN vs. IREN - Dividend Comparison

Neither KRMN nor IREN has paid dividends to shareholders.

Tickers have no history of dividend payments

Drawdowns

KRMN vs. IREN - Drawdown Comparison

The maximum KRMN drawdown since its inception was -35.10%, smaller than the maximum IREN drawdown of -95.73%. Use the drawdown chart below to compare losses from any high point for KRMN and IREN.

Drawdown Indicators

	KRMN	IREN	Difference
Max Drawdown Largest peak-to-trough decline	-35.10%	-95.73%	+60.63%
Max Drawdown (1Y) Largest decline over 1 year	-35.10%	-58.62%	+23.52%
Current Drawdown Current decline from peak	-30.57%	-55.14%	+24.57%
Average Drawdown Average peak-to-trough decline	-9.19%	-63.97%	+54.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.40%	26.89%	-13.49%

Volatility

KRMN vs. IREN - Volatility Comparison

The current volatility for Karman Holdings Inc. (KRMN) is 26.15%, while Iris Energy Limited (IREN) has a volatility of 30.29%. This indicates that KRMN experiences smaller price fluctuations and is considered to be less risky than IREN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KRMN	IREN	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.15%	30.29%	-4.14%
Volatility (6M) Calculated over the trailing 6-month period	52.99%	77.56%	-24.57%
Volatility (1Y) Calculated over the trailing 1-year period	67.78%	98.40%	-30.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	67.52%	119.14%	-51.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	67.52%	119.14%	-51.62%

Financials