SLNH vs. CIFR

Last updated Jun 3, 2026

SLNH (Soluna Holdings, Inc.) and CIFR (Cipher Mining Inc.) are both stocks. SLNH operates in Scientific & Technical Instruments (Technology), while CIFR operates in Capital Markets (Financial Services). Over the past 3 years, SLNH returned -32.13%/yr vs 116.80%/yr for CIFR. At a 0.39 correlation, their price movements are largely independent.

Performance

SLNH vs. CIFR - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Soluna Holdings, Inc. (SLNH) and Cipher Mining Inc. (CIFR). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLNH achieves a 41.03% return, which is significantly lower than CIFR's 78.12% return.

SLNH

• 1D: -1.20%
• 1M: 4.43%
• YTD: 41.03%
• 6M: 4.43%
• 1Y: 166.30%
• 3Y*: -32.13%
• 5Y*: -61.55%
• 10Y*: -16.91%

CIFR

• 1D: 9.50%
• 1M: 54.28%
• YTD: 78.12%
• 6M: 49.04%
• 1Y: 708.92%
• 3Y*: 116.80%
• 5Y*: —
• 10Y*: —

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

SLNH vs. CIFR - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SLNH Soluna Holdings, Inc.	41.03%	-44.29%	-47.50%	-38.67%	-97.58%	1.99%
CIFR Cipher Mining Inc.	78.12%	218.10%	12.35%	637.50%	-87.90%	-54.92%

Correlation

The correlation between SLNH and CIFR is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.40
Correlation (All Time) Calculated using the full available price history since Aug 31, 2021	0.39

The correlation between SLNH and CIFR shifts across timeframes, from 0.39 (all time) to 0.49 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap SLNH : $138.77M CIFR : $10.65B
EPS SLNH : -$1.63 CIFR : -$2.33
PS Ratio SLNH : 1.93 CIFR : 57.77
PB Ratio SLNH : 2.94 CIFR : 14.91
Total Revenue (TTM) SLNH : $33.18M CIFR : $174.98M
Gross Profit (TTM) SLNH : $28.87M CIFR : -$172.84M
EBITDA (TTM) SLNH : -$25.84M CIFR : -$169.22M

Return for Risk

SLNH vs. CIFR — Risk / Return Rank

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

SLNH

SLNH Risk / Return Rank: 73
SLNH Sharpe Ratio Rank: 66
SLNH Sortino Ratio Rank: 85
SLNH Omega Ratio Rank: 79
SLNH Calmar Ratio Rank: 72
SLNH Martin Ratio Rank: 63

CIFR

CIFR Risk / Return Rank: 97
CIFR Sharpe Ratio Rank: 99
CIFR Sortino Ratio Rank: 96
CIFR Omega Ratio Rank: 93
CIFR Calmar Ratio Rank: 99
CIFR 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.

SLNH vs. CIFR - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Soluna Holdings, Inc. (SLNH) and Cipher Mining Inc. (CIFR). 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.

	SLNH	CIFR	Difference
Sharpe ratio Return per unit of total volatility	0.82	6.61	-5.79
Sortino ratio Return per unit of downside risk	2.79	4.32	-1.53
Omega ratio Gain probability vs. loss probability	1.30	1.51	-0.20
Calmar ratio Return relative to maximum drawdown	1.83	14.45	-12.63
Martin ratio Return relative to average drawdown	2.62	29.09	-26.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SLNH vs. CIFR - Sharpe Ratio Comparison

The current SLNH Sharpe Ratio is 0.82, which is lower than the CIFR Sharpe Ratio of 6.61. The chart below compares the historical Sharpe Ratios of SLNH and CIFR, 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

	SLNH	CIFR	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.82	6.61	-5.79
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.43	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.13	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.06	0.18	-0.24

Drawdowns

SLNH vs. CIFR - Drawdown Comparison

The maximum SLNH drawdown since its inception was -99.90%, roughly equal to the maximum CIFR drawdown of -97.16%. Use the drawdown chart below to compare losses from any high point for SLNH and CIFR.

Drawdown Indicators

	SLNH	CIFR	Difference
Max Drawdown Largest peak-to-trough decline	-99.90%	-97.16%	-2.74%
Max Drawdown (1Y) Largest decline over 1 year	-86.26%	-51.38%	-34.88%
Max Drawdown (3Y) Largest decline over 3 years	-95.57%	-71.74%	-23.83%
Max Drawdown (5Y) Largest decline over 5 years	-99.90%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-99.90%	—	—
Current Drawdown Current decline from peak	-99.60%	0.00%	-99.60%
Average Drawdown Average peak-to-trough decline	-57.02%	-66.67%	+9.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	60.33%	25.53%	+34.80%

Volatility

SLNH vs. CIFR - Volatility Comparison

Soluna Holdings, Inc. (SLNH) has a higher volatility of 44.28% compared to Cipher Mining Inc. (CIFR) at 31.10%. This indicates that SLNH's price experiences larger fluctuations and is considered to be riskier than CIFR based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLNH	CIFR	Difference
Volatility (1M) Calculated over the trailing 1-month period	44.28%	31.10%	+13.18%
Volatility (6M) Calculated over the trailing 6-month period	108.51%	70.68%	+37.83%
Volatility (1Y) Calculated over the trailing 1-year period	204.51%	108.35%	+96.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.64%	122.03%	+21.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	128.54%	122.03%	+6.51%

Dividends

SLNH vs. CIFR - Dividend Comparison

Neither SLNH nor CIFR has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
CIFR Cipher Mining Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SLNH Soluna Holdings, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	110.45%

Financials

Frequently Asked Questions

Can I hold both SLNH and CIFR in my portfolio?

SLNH and CIFR have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLNH or CIFR?

SLNH has higher volatility (44.28%) compared to CIFR (31.10%). In terms of maximum drawdown, SLNH dropped -99.90% vs CIFR's -97.16%.

Which has better risk-adjusted returns?

CIFR currently has the higher Sharpe Ratio (6.61 vs 0.82), 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.