MARA vs. WULF

Last updated Aug 1, 2026

MARA (MARA Holdings, Inc.) and WULF (TeraWulf Inc.) are both stocks. MARA operates in Capital Markets (Financial Services), while WULF operates in Information Technology Services (Technology). Over the past 3 years, MARA returned -12.38%/yr vs 85.20%/yr for WULF. Their 0.60 correlation means they have sometimes moved together and sometimes differently.

Performance

MARA vs. WULF - Performance Comparison

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

Returns By Period

In the year-to-date period, MARA achieves a 26.06% return, which is significantly lower than WULF's 53.70% return.

MARA

• 1D: -4.23%
• 1M: -8.71%
• 6M: 19.16%
• YTD: 26.06%
• 1Y: -26.97%
• 3Y*: -12.38%
• 5Y*: -16.34%
• 10Y*: -13.31%
• ALL TIME*: -10.28%

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)
MARA MARA Holdings, Inc.	$650.73M	$599.97M	$583.47M
WULF TeraWulf Inc.	$594.29M	$753.10M	$725.98M

MARA vs. WULF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
MARA MARA Holdings, Inc.	26.06%	-46.45%	-28.61%	586.84%	-89.59%	-10.80%
WULF TeraWulf Inc.	53.70%	103.00%	135.83%	260.58%	-95.58%	-52.66%

Correlation

The correlation between MARA and WULF is 0.60, 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.	0.60
Correlation (3Y) Balances recent behavior with more history.	0.68
Correlation (All Time) Calculated using the full available price history since Dec 14, 2021	0.60

The correlation between MARA and WULF has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.

Fundamentals

Market Cap MARA : $4.32B WULF : $8.75B
EPS MARA : -$5.07 WULF : -$2.52
PS Ratio MARA : 5.24 WULF : 42.81
Total Revenue (TTM) MARA : $867.82M WULF : $168.06M
Gross Profit (TTM) MARA : $164.95M WULF : $107.59M
EBITDA (TTM) MARA : $373.68M WULF : -$132.10M

Return for Risk

MARA vs. WULF — Risk / Return Rank

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

MARA

MARA Risk / Return Rank: 31
MARA Sharpe Ratio Rank: 28
MARA Sortino Ratio Rank: 32
MARA Omega Ratio Rank: 32
MARA Calmar Ratio Rank: 30
MARA Martin Ratio Rank: 32

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.

MARA vs. WULF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MARA Holdings, Inc. (MARA) 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.

	MARA	WULF	Difference
Sharpe ratio: Return per unit of total volatility	-0.36	2.26	-2.62
Sortino ratio: Return per unit of downside risk	-0.03	3.08	-3.11
Omega ratio: Gain probability vs. loss probability	1.00	1.36	-0.36
Calmar ratio: Return relative to maximum drawdown	-0.42	5.09	-5.51
Martin ratio: Return relative to average drawdown	-0.66	16.02	-16.68

MARA vs. WULF - Sharpe Ratio Comparison

The current MARA Sharpe Ratio is -0.36, which is lower than the WULF Sharpe Ratio of 2.26. The chart below compares the historical Sharpe Ratios of MARA 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

MARA vs. WULF - Drawdown Comparison

The maximum MARA drawdown since its inception was -99.74%, roughly equal to the maximum WULF drawdown of -98.30%. Use the drawdown chart below to compare losses from any high point for MARA and WULF.

Drawdown Indicators

	MARA	WULF	Difference
Max Drawdown Largest peak-to-trough decline	-99.74%	-98.30%	-1.44%
Max Drawdown (1Y) Largest decline over 1 year	-70.53%	-47.93%	-22.60%
Max Drawdown (3Y) Largest decline over 3 years	-78.34%	-74.60%	-3.74%
Max Drawdown (5Y) Largest decline over 5 years	-95.87%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.19%	—	—
Current Drawdown Current decline from peak	-92.68%	-44.45%	-48.23%
Average Drawdown Average peak-to-trough decline	-78.13%	-80.45%	+2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	44.73%	15.21%	+29.52%

Volatility

MARA vs. WULF - Volatility Comparison

The current volatility for MARA Holdings, Inc. (MARA) is 31.27%, while TeraWulf Inc. (WULF) has a volatility of 33.74%. This indicates that MARA experiences smaller price fluctuations and is considered to be less risky than WULF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MARA	WULF	Difference
Volatility (1M) Calculated over the trailing 1-month period	31.27%	33.74%	-2.47%
Volatility (6M) Calculated over the trailing 6-month period	64.18%	67.95%	-3.77%
Volatility (1Y) Calculated over the trailing 1-year period	82.43%	107.86%	-25.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	106.03%	127.23%	-21.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	144.42%	127.23%	+17.19%

Dividends

MARA vs. WULF - Dividend Comparison

Neither MARA nor WULF has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
MARA MARA Holdings, Inc.	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 MARA and WULF in my portfolio?

MARA and WULF have a correlation of 0.60, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, MARA or WULF?

WULF has higher volatility (33.74%) compared to MARA (31.27%). In terms of maximum drawdown, MARA dropped -99.74% vs WULF's -98.30%.

Which has better risk-adjusted returns?

WULF currently has the higher Sharpe Ratio (2.26 vs -0.36), 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.