SLNH vs. WULF

Last updated Jun 24, 2026

SLNH (Soluna Holdings, Inc.) and WULF (TeraWulf Inc.) are both stocks. Both are in the Technology sector — SLNH in Scientific & Technical Instruments, WULF in Information Technology Services. Over the past 3 years, SLNH returned -30.88%/yr vs 151.93%/yr for WULF. At a 0.36 correlation, their price movements are largely independent.

Performance

SLNH vs. WULF - Performance Comparison

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

Returns By Period

In the year-to-date period, SLNH achieves a 37.61% return, which is significantly lower than WULF's 150.48% return.

SLNH

• 1D: -3.59%
• 1M: -5.85%
• YTD: 37.61%
• 6M: 4.55%
• 1Y: 195.14%
• 3Y*: -30.88%
• 5Y*: -61.38%
• 10Y*: -17.33%

WULF

• 1D: 1.66%
• 1M: 26.12%
• YTD: 150.48%
• 6M: 131.72%
• 1Y: 706.16%
• 3Y*: 151.93%
• 5Y*: —
• 10Y*: —

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

SLNH vs. WULF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
SLNH Soluna Holdings, Inc.	37.61%	-44.29%	-47.50%	-38.67%	-97.58%	4.16%
WULF TeraWulf Inc.	150.48%	103.00%	135.83%	260.58%	-95.58%	-52.66%

Correlation

The correlation between SLNH and WULF is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.43
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (All Time) Calculated using the full available price history since Dec 14, 2021	0.36

Fundamentals

Market Cap SLNH : $135.40M WULF : $12.17B
EPS SLNH : -$1.63 WULF : -$2.55
PS Ratio SLNH : 1.88 WULF : 68.89
Total Revenue (TTM) SLNH : $33.18M WULF : $168.06M
Gross Profit (TTM) SLNH : $28.87M WULF : $107.59M
EBITDA (TTM) SLNH : -$25.84M WULF : -$132.10M

Return for Risk

SLNH vs. WULF — Risk / Return Rank

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

SLNH

SLNH Risk / Return Rank: 78
SLNH Sharpe Ratio Rank: 72
SLNH Sortino Ratio Rank: 88
SLNH Omega Ratio Rank: 83
SLNH Calmar Ratio Rank: 78
SLNH Martin Ratio Rank: 68

WULF

WULF Risk / Return Rank: 98
WULF Sharpe Ratio Rank: 99
WULF Sortino Ratio Rank: 97
WULF Omega Ratio Rank: 96
WULF Calmar Ratio Rank: 99
WULF Martin Ratio Rank: 99

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. WULF - Risk-Adjusted Trends Comparison

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

	SLNH	WULF	Difference
Sharpe ratio: Return per unit of total volatility	0.96	6.76	-5.80
Sortino ratio: Return per unit of downside risk	2.89	4.91	-2.01
Omega ratio: Gain probability vs. loss probability	1.32	1.60	-0.28
Calmar ratio: Return relative to maximum drawdown	2.28	22.46	-20.18
Martin ratio: Return relative to average drawdown	3.15	60.68	-57.53

SLNH vs. WULF - Sharpe Ratio Comparison

The current SLNH Sharpe Ratio is 0.96, which is lower than the WULF Sharpe Ratio of 6.76. The chart below compares the historical Sharpe Ratios of SLNH 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

SLNH vs. WULF - Drawdown Comparison

The maximum SLNH drawdown since its inception was -99.90%, roughly equal to the maximum WULF drawdown of -98.30%. Use the drawdown chart below to compare losses from any high point for SLNH and WULF.

Drawdown Indicators

	SLNH	WULF	Difference
Max Drawdown Largest peak-to-trough decline	-99.90%	-98.30%	-1.60%
Max Drawdown (1Y) Largest decline over 1 year	-86.26%	-31.74%	-54.52%
Max Drawdown (3Y) Largest decline over 3 years	-95.57%	-75.77%	-19.80%
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	-99.61%	-9.47%	-90.14%
Average Drawdown Average peak-to-trough decline	-57.15%	-81.54%	+24.39%
Ulcer Index Depth and duration of drawdowns from previous peaks	62.16%	11.72%	+50.44%

Volatility

SLNH vs. WULF - Volatility Comparison

Soluna Holdings, Inc. (SLNH) has a higher volatility of 26.83% compared to TeraWulf Inc. (WULF) at 23.30%. This indicates that SLNH'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

	SLNH	WULF	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.83%	23.30%	+3.53%
Volatility (6M) Calculated over the trailing 6-month period	102.12%	62.43%	+39.69%
Volatility (1Y) Calculated over the trailing 1-year period	204.99%	105.58%	+99.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	143.89%	127.65%	+16.24%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	128.70%	127.65%	+1.05%

Dividends

SLNH vs. WULF - Dividend Comparison

Neither SLNH nor WULF has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019
SLNH Soluna Holdings, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	110.45%
WULF TeraWulf Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	33.22%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both SLNH and WULF in my portfolio?

SLNH and WULF have a correlation of 0.43, 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 WULF?

SLNH has higher volatility (26.83%) compared to WULF (23.30%). In terms of maximum drawdown, SLNH dropped -99.90% vs WULF's -98.30%.

Which has better risk-adjusted returns?

WULF currently has the higher Sharpe Ratio (6.76 vs 0.96), 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.