SPY vs. IREN
SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index, while IREN (IREN Limited) is a stock. Over the past 3 years, SPY returned 20.86%/yr vs 155.58%/yr for IREN. At a 0.40 correlation, their price movements are largely independent.
Performance
SPY vs. IREN - Performance Comparison
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Returns By Period
In the year-to-date period, SPY achieves a 9.07% return, which is significantly lower than IREN's 58.25% return.
SPY
- 1D
- 0.54%
- 1M
- -0.08%
- YTD
- 9.07%
- 6M
- 9.42%
- 1Y
- 24.27%
- 3Y*
- 20.86%
- 5Y*
- 13.36%
- 10Y*
- 15.42%
IREN
- 1D
- 5.40%
- 1M
- 8.34%
- YTD
- 58.25%
- 6M
- 48.94%
- 1Y
- 487.71%
- 3Y*
- 155.58%
- 5Y*
- —
- 10Y*
- —
SPY vs. IREN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
SPY State Street SPDR S&P 500 ETF | 9.07% | 17.72% | 24.89% | 26.18% | -18.18% | 1.57% |
IREN IREN Limited | 58.25% | 284.62% | 37.34% | 472.00% | -92.27% | -42.25% |
Correlation
The correlation between SPY and IREN is 0.39, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.39 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.43 |
Correlation (All Time) Calculated using the full available price history since Nov 17, 2021 | 0.40 |
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Return for Risk
SPY vs. IREN — Risk / Return Rank
SPY
IREN
SPY vs. IREN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR S&P 500 ETF (SPY) and IREN 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.
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.
| SPY | IREN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.78 | ||
| Sortino ratioReturn per unit of downside risk | -0.97 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.42 | -0.06 |
| Calmar ratioReturn relative to maximum drawdown | 2.74 | 8.39 | -5.65 |
| Martin ratioReturn relative to average drawdown | 12.39 | 15.97 | -3.58 |
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Drawdowns
SPY vs. IREN - Drawdown Comparison
The maximum SPY drawdown since its inception was -55.19%, smaller than the maximum IREN drawdown of -96.21%. Use the drawdown chart below to compare losses from any high point for SPY and IREN.
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Drawdown Indicators
| SPY | IREN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -55.19% | -96.21% | +41.02% |
Max Drawdown (1Y)Largest decline over 1 year | -8.88% | -58.62% | +49.74% |
Max Drawdown (3Y)Largest decline over 3 years | -18.76% | -65.56% | +46.80% |
Max Drawdown (5Y)Largest decline over 5 years | -24.50% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -33.72% | — | — |
Current DrawdownCurrent decline from peak | -2.35% | -21.78% | +19.43% |
Average DrawdownAverage peak-to-trough decline | -9.04% | -65.42% | +56.38% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.97% | 30.74% | -28.77% |
Volatility
SPY vs. IREN - Volatility Comparison
The current volatility for State Street SPDR S&P 500 ETF (SPY) is 4.34%, while IREN Limited (IREN) has a volatility of 34.10%. This indicates that SPY 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.
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Volatility by Period
| SPY | IREN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.34% | 34.10% | -29.76% |
Volatility (6M)Calculated over the trailing 6-month period | 9.58% | 75.79% | -66.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.29% | 103.25% | -90.96% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.12% | 118.61% | -101.49% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.96% | 118.61% | -100.65% |
Dividends
SPY vs. IREN - Dividend Comparison
SPY's dividend yield for the trailing twelve months is around 1.00%, while IREN has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IREN IREN Limited | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.00% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
SPY and IREN have a correlation of 0.39, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
IREN has higher volatility (34.10%) compared to SPY (4.34%). In terms of maximum drawdown, SPY dropped -55.19% vs IREN's -96.21%.
IREN currently has the higher Sharpe Ratio (4.76 vs 1.98), 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.
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