WULF vs. IREN

Last updated Apr 2, 2026

Compare and contrast key facts about TeraWulf Inc. (WULF) and Iris Energy Limited (IREN).

Performance

WULF vs. IREN - Performance Comparison

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

WULF vs. IREN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
WULF TeraWulf Inc.	26.02%	103.00%	135.83%	260.58%	-95.58%	-54.71%
IREN Iris Energy Limited	-9.74%	284.62%	37.34%	472.00%	-92.27%	-33.87%

Fundamentals

EPS WULF : -$2.52 IREN : -$0.06
Total Revenue (TTM) WULF : -$29.66M IREN : $760.38M
Gross Profit (TTM) WULF : -$8.27M IREN : $461.29M
EBITDA (TTM) WULF : -$935.92M IREN : $461.18M

Returns By Period

In the year-to-date period, WULF achieves a 26.02% return, which is significantly higher than IREN's -9.74% return.

WULF

• 1D: 0.35%
• 1M: -9.61%
• YTD: 26.02%
• 6M: 26.24%
• 1Y: 402.78%
• 3Y*: 149.01%
• 5Y*: 10.10%
• 10Y*: 3.71%

IREN

• 1D: -0.55%
• 1M: -17.64%
• YTD: -9.74%
• 6M: -27.59%
• 1Y: 413.40%
• 3Y*: 123.34%
• 5Y*: —
• 10Y*: —

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

Return for Risk

WULF vs. IREN — Risk / Return Rank

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

WULF

WULF Risk / Return Rank: 97
WULF Sharpe Ratio Rank: 98
WULF Sortino Ratio Rank: 96
WULF Omega Ratio Rank: 92
WULF Calmar Ratio Rank: 99
WULF Martin Ratio Rank: 99

IREN

IREN Risk / Return Rank: 95
IREN Sharpe Ratio Rank: 99
IREN Sortino Ratio Rank: 94
IREN Omega Ratio Rank: 91
IREN Calmar Ratio Rank: 97
IREN Martin Ratio Rank: 95

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. IREN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TeraWulf Inc. (WULF) and Iris Energy 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.

	WULF	IREN	Difference
Sharpe ratio Return per unit of total volatility	3.58	4.25	-0.67
Sortino ratio Return per unit of downside risk	3.72	3.52	+0.20
Omega ratio Gain probability vs. loss probability	1.44	1.41	+0.03
Calmar ratio Return relative to maximum drawdown	13.56	7.84	+5.72
Martin ratio Return relative to average drawdown	34.43	16.96	+17.47
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

WULF vs. IREN - Sharpe Ratio Comparison

The current WULF Sharpe Ratio is 3.58, which is comparable to the IREN Sharpe Ratio of 4.25. The chart below compares the historical Sharpe Ratios of WULF and IREN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	WULF	IREN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.58	4.25	-0.67
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.08	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.04	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.09	0.07	+0.02

Correlation

The correlation between WULF and IREN is 0.56, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

WULF vs. IREN - Dividend Comparison

Neither WULF nor IREN has paid dividends to shareholders.

	TTM	2025	2024	2023	2022	2021
WULF TeraWulf Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	33.22%
IREN Iris Energy Limited	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Drawdowns

WULF vs. IREN - Drawdown Comparison

The maximum WULF drawdown since its inception was -98.50%, roughly equal to the maximum IREN drawdown of -95.73%. Use the drawdown chart below to compare losses from any high point for WULF and IREN.

Drawdown Indicators

	WULF	IREN	Difference
Max Drawdown Largest peak-to-trough decline	-98.50%	-95.73%	-2.77%
Max Drawdown (1Y) Largest decline over 1 year	-31.74%	-58.62%	+26.88%
Max Drawdown (5Y) Largest decline over 5 years	-98.50%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-98.50%	—	—
Current Drawdown Current decline from peak	-59.86%	-55.39%	-4.47%
Average Drawdown Average peak-to-trough decline	-46.72%	-63.97%	+17.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	12.50%	27.12%	-14.62%

Volatility

WULF vs. IREN - Volatility Comparison

The current volatility for TeraWulf Inc. (WULF) is 25.51%, while Iris Energy Limited (IREN) has a volatility of 29.75%. This indicates that WULF 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.

Volatility by Period

	WULF	IREN	Difference
Volatility (1M) Calculated over the trailing 1-month period	25.51%	29.75%	-4.24%
Volatility (6M) Calculated over the trailing 6-month period	69.13%	77.52%	-8.39%
Volatility (1Y) Calculated over the trailing 1-year period	113.57%	98.41%	+15.16%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	127.24%	119.09%	+8.15%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	100.85%	119.09%	-18.24%

Financials