WULF vs. BTBT

Last updated Jul 21, 2026

WULF (TeraWulf Inc.) and BTBT (Bit Digital, Inc.) are both stocks. Both operate in the Information Technology Services industry within the Technology sector. Over the past 3 years, WULF returned 72.88%/yr vs -27.01%/yr for BTBT. A 0.63 correlation means they provide meaningful diversification when combined.

Performance

WULF vs. BTBT - Performance Comparison

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

Returns By Period

In the year-to-date period, WULF achieves a 64.14% return, which is significantly higher than BTBT's -18.52% return.

WULF

• 1D: 3.85%
• 1M: -34.92%
• 6M: 36.17%
• YTD: 64.14%
• 1Y: 267.64%
• 3Y*: 72.88%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -10.74%

BTBT

• 1D: 10.00%
• 1M: -29.03%
• 6M: -35.02%
• YTD: -18.52%
• 1Y: -59.90%
• 3Y*: -27.01%
• 5Y*: -20.10%
• 10Y*: —
• ALL TIME*: -13.59%

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

WULF vs. BTBT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
WULF TeraWulf Inc.	64.14%	103.00%	135.83%	260.58%	-95.58%	-52.66%
BTBT Bit Digital, Inc.	-18.52%	-35.49%	-30.73%	605.00%	-90.13%	-11.76%

Correlation

The correlation between WULF and BTBT is 0.59, 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	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (All Time) Calculated using the full available price history since Dec 14, 2021	0.63

The correlation between WULF and BTBT has been stable across timeframes, ranging from 0.59 to 0.69 - a consistent structural relationship.

Fundamentals

Market Cap WULF : $9.35B BTBT : $537.75M
EPS WULF : -$2.52 BTBT : -$454.28
PS Ratio WULF : 45.72 BTBT : 0.02
Total Revenue (TTM) WULF : $168.06M BTBT : $28.01B
Gross Profit (TTM) WULF : $107.59M BTBT : $48.37M
EBITDA (TTM) WULF : -$132.10M BTBT : -$162.09B

Return for Risk

WULF vs. BTBT — Risk / Return Rank

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

WULF

WULF Risk / Return Rank: 95
WULF Sharpe Ratio Rank: 96
WULF Sortino Ratio Rank: 94
WULF Omega Ratio Rank: 91
WULF Calmar Ratio Rank: 97
WULF Martin Ratio Rank: 97

BTBT

BTBT Risk / Return Rank: 14
BTBT Sharpe Ratio Rank: 14
BTBT Sortino Ratio Rank: 15
BTBT Omega Ratio Rank: 17
BTBT Calmar Ratio Rank: 10
BTBT Martin Ratio Rank: 13

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.

WULF vs. BTBT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TeraWulf Inc. (WULF) and Bit Digital, Inc. (BTBT). 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.

	WULF	BTBT	Difference
Sharpe ratio: Return per unit of total volatility	2.56	-0.69	+3.25
Sortino ratio: Return per unit of downside risk	3.26	-0.88	+4.14
Omega ratio: Gain probability vs. loss probability	1.38	0.90	+0.48
Calmar ratio: Return relative to maximum drawdown	7.10	-0.86	+7.96
Martin ratio: Return relative to average drawdown	19.96	-1.28	+21.24

WULF vs. BTBT - Sharpe Ratio Comparison

The current WULF Sharpe Ratio is 2.56, which is higher than the BTBT Sharpe Ratio of -0.69. The chart below compares the historical Sharpe Ratios of WULF and BTBT, 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

WULF vs. BTBT - Drawdown Comparison

The maximum WULF drawdown since its inception was -98.30%, roughly equal to the maximum BTBT drawdown of -98.16%. Use the drawdown chart below to compare losses from any high point for WULF and BTBT.

Drawdown Indicators

	WULF	BTBT	Difference
Max Drawdown Largest peak-to-trough decline	-98.30%	-98.16%	-0.14%
Max Drawdown (1Y) Largest decline over 1 year	-37.96%	-70.02%	+32.06%
Max Drawdown (3Y) Largest decline over 3 years	-74.60%	-77.08%	+2.48%
Max Drawdown (5Y) Largest decline over 5 years	—	-96.92%	—
Current Drawdown Current decline from peak	-40.67%	-94.74%	+54.07%
Average Drawdown Average peak-to-trough decline	-80.74%	-75.82%	-4.92%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.48%	47.63%	-34.15%

Volatility

WULF vs. BTBT - Volatility Comparison

TeraWulf Inc. (WULF) has a higher volatility of 24.94% compared to Bit Digital, Inc. (BTBT) at 23.53%. This indicates that WULF's price experiences larger fluctuations and is considered to be riskier than BTBT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WULF	BTBT	Difference
Volatility (1M) Calculated over the trailing 1-month period	24.94%	23.53%	+1.41%
Volatility (6M) Calculated over the trailing 6-month period	65.36%	63.06%	+2.30%
Volatility (1Y) Calculated over the trailing 1-year period	105.58%	87.22%	+18.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	127.21%	117.56%	+9.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	127.21%	133.36%	-6.15%

Dividends

WULF vs. BTBT - Dividend Comparison

Neither WULF nor BTBT has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
BTBT Bit Digital, 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 WULF and BTBT in my portfolio?

WULF and BTBT have a correlation of 0.59, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, WULF or BTBT?

WULF has higher volatility (24.94%) compared to BTBT (23.53%). In terms of maximum drawdown, WULF dropped -98.30% vs BTBT's -98.16%.

Which has better risk-adjusted returns?

WULF currently has the higher Sharpe Ratio (2.56 vs -0.69), 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.