RIOT vs. CLSK

Last updated Jun 3, 2026

RIOT (Riot Blockchain, Inc.) and CLSK (CleanSpark, Inc.) are both stocks. Both operate in the Software - Application industry within the Technology sector. Over the past 10 years, RIOT returned 23.94%/yr vs -5.51%/yr for CLSK. At a 0.47 correlation, their price movements are largely independent.

Performance

RIOT vs. CLSK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Riot Blockchain, Inc. (RIOT) and CleanSpark, Inc. (CLSK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, RIOT achieves a 115.63% return, which is significantly higher than CLSK's 73.72% return. Over the past 10 years, RIOT has outperformed CLSK with an annualized return of 23.94%, while CLSK has yielded a comparatively lower -5.51% annualized return.

RIOT

• 1D: -3.29%
• 1M: 47.68%
• YTD: 115.63%
• 6M: 79.50%
• 1Y: 222.17%
• 3Y*: 32.63%
• 5Y*: -0.69%
• 10Y*: 23.94%

CLSK

• 1D: -6.54%
• 1M: 44.45%
• YTD: 73.72%
• 6M: 28.23%
• 1Y: 104.18%
• 3Y*: 61.80%
• 5Y*: 1.21%
• 10Y*: -5.51%

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

RIOT vs. CLSK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
RIOT Riot Blockchain, Inc.	115.63%	24.09%	-34.00%	356.34%	-84.82%	31.43%	1,416.96%	-25.83%	-94.68%	729.34%
CLSK CleanSpark, Inc.	73.72%	9.88%	-16.50%	440.69%	-78.57%	-67.23%	442.99%	-73.90%	-15.98%	-30.29%

Correlation

The correlation between RIOT and CLSK is 0.77, 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	0.77
Correlation (3Y) Calculated over the trailing 3-year period	0.82
Correlation (5Y) Calculated over the trailing 5-year period	0.81
Correlation (10Y) Calculated over the trailing 10-year period	0.48
Correlation (All Time) Calculated using the full available price history since Feb 1, 2016	0.47

Over the past year, RIOT and CLSK have become more correlated (0.77) than their long-term average of 0.47, meaning their price movements have been converging.

Fundamentals

EPS RIOT : -$2.35 CLSK : -$2.24
PS Ratio RIOT : 15.41 CLSK : 5.31
Total Revenue (TTM) RIOT : $653.27M CLSK : $739.88M
Gross Profit (TTM) RIOT : $179.76M CLSK : $306.93M
EBITDA (TTM) RIOT : -$482.33M CLSK : -$103.41M

Return for Risk

RIOT vs. CLSK — Risk / Return Rank

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

RIOT

RIOT Risk / Return Rank: 88
RIOT Sharpe Ratio Rank: 92
RIOT Sortino Ratio Rank: 86
RIOT Omega Ratio Rank: 84
RIOT Calmar Ratio Rank: 91
RIOT Martin Ratio Rank: 86

CLSK

CLSK Risk / Return Rank: 70
CLSK Sharpe Ratio Rank: 75
CLSK Sortino Ratio Rank: 73
CLSK Omega Ratio Rank: 69
CLSK Calmar Ratio Rank: 70
CLSK Martin Ratio Rank: 64

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.

RIOT vs. CLSK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Riot Blockchain, Inc. (RIOT) and CleanSpark, Inc. (CLSK). 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.

	RIOT	CLSK	Difference
Sharpe ratio Return per unit of total volatility	2.66	1.19	+1.48
Sortino ratio Return per unit of downside risk	2.88	1.96	+0.91
Omega ratio Gain probability vs. loss probability	1.35	1.23	+0.12
Calmar ratio Return relative to maximum drawdown	4.91	1.60	+3.31
Martin ratio Return relative to average drawdown	9.75	2.69	+7.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

RIOT vs. CLSK - Sharpe Ratio Comparison

The current RIOT Sharpe Ratio is 2.66, which is higher than the CLSK Sharpe Ratio of 1.19. The chart below compares the historical Sharpe Ratios of RIOT and CLSK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	RIOT	CLSK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.66	1.19	+1.48
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.01	0.01	-0.02
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	-0.03	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	-0.13	-0.03	-0.10

Drawdowns

RIOT vs. CLSK - Drawdown Comparison

The maximum RIOT drawdown since its inception was -99.98%, roughly equal to the maximum CLSK drawdown of -98.56%. Use the drawdown chart below to compare losses from any high point for RIOT and CLSK.

Drawdown Indicators

	RIOT	CLSK	Difference
Max Drawdown Largest peak-to-trough decline	-99.98%	-98.56%	-1.42%
Max Drawdown (1Y) Largest decline over 1 year	-48.57%	-64.74%	+16.17%
Max Drawdown (3Y) Largest decline over 3 years	-69.00%	-71.28%	+2.28%
Max Drawdown (5Y) Largest decline over 5 years	-92.55%	-92.00%	-0.55%
Max Drawdown (10Y) Largest decline over 10 years	-98.32%	-98.56%	+0.24%
Current Drawdown Current decline from peak	-99.15%	-75.92%	-23.23%
Average Drawdown Average peak-to-trough decline	-87.83%	-69.48%	-18.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	24.48%	38.60%	-14.12%

Volatility

RIOT vs. CLSK - Volatility Comparison

Riot Blockchain, Inc. (RIOT) and CleanSpark, Inc. (CLSK) have volatilities of 21.26% and 20.72%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	RIOT	CLSK	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.26%	20.72%	+0.54%
Volatility (6M) Calculated over the trailing 6-month period	60.75%	62.70%	-1.95%
Volatility (1Y) Calculated over the trailing 1-year period	84.09%	88.40%	-4.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	93.83%	100.72%	-6.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	112.13%	183.26%	-71.13%

Dividends

RIOT vs. CLSK - Dividend Comparison

Neither RIOT nor CLSK has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CLSK CleanSpark, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
RIOT Riot Blockchain, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	3.52%

Financials

Frequently Asked Questions

Can I hold both RIOT and CLSK in my portfolio?

RIOT and CLSK have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RIOT or CLSK?

RIOT has higher volatility (21.26%) compared to CLSK (20.72%). In terms of maximum drawdown, RIOT dropped -99.98% vs CLSK's -98.56%.

Which has better risk-adjusted returns?

RIOT currently has the higher Sharpe Ratio (2.66 vs 1.19), 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.