WULF vs. MARA

Last updated Aug 1, 2026

WULF (TeraWulf Inc.) and MARA (MARA Holdings, Inc.) are both stocks. WULF operates in Information Technology Services (Technology), while MARA operates in Capital Markets (Financial Services). Over the past 3 years, WULF returned 85.20%/yr vs -12.38%/yr for MARA. Their 0.60 correlation means they have sometimes moved together and sometimes differently.

Performance

WULF vs. MARA - Performance Comparison

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

Returns By Period

In the year-to-date period, WULF achieves a 53.70% return, which is significantly higher than MARA's 26.06% return.

WULF

• 1D: -0.90%
• 1M: -16.62%
• 6M: 32.09%
• YTD: 53.70%
• 1Y: 271.01%
• 3Y*: 85.20%
• 5Y*: —
• 10Y*: —
• ALL TIME*: -11.93%

MARA

• 1D: -4.23%
• 1M: -8.71%
• 6M: 19.16%
• YTD: 26.06%
• 1Y: -26.97%
• 3Y*: -12.38%
• 5Y*: -16.34%
• 10Y*: -13.31%
• ALL TIME*: -10.28%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
MARA MARA Holdings, Inc.	$650.73M	$599.97M	$583.47M
WULF TeraWulf Inc.	$594.29M	$753.10M	$725.98M

WULF vs. MARA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
WULF TeraWulf Inc.	53.70%	103.00%	135.83%	260.58%	-95.58%	-52.66%
MARA MARA Holdings, Inc.	26.06%	-46.45%	-28.61%	586.84%	-89.59%	-10.80%

Correlation

The correlation between WULF and MARA is 0.60, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.60
Correlation (3Y) Balances recent behavior with more history.	0.68
Correlation (All Time) Calculated using the full available price history since Dec 14, 2021	0.60

The correlation between WULF and MARA has been stable across timeframes, ranging from 0.60 to 0.68 - a consistent structural relationship.

Fundamentals

Market Cap WULF : $8.75B MARA : $4.32B
EPS WULF : -$2.52 MARA : -$5.07
PS Ratio WULF : 42.81 MARA : 5.24
Total Revenue (TTM) WULF : $168.06M MARA : $867.82M
Gross Profit (TTM) WULF : $107.59M MARA : $164.95M
EBITDA (TTM) WULF : -$132.10M MARA : $373.68M

Return for Risk

WULF vs. MARA — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

WULF

WULF Risk / Return Rank: 94
WULF Sharpe Ratio Rank: 94
WULF Sortino Ratio Rank: 93
WULF Omega Ratio Rank: 90
WULF Calmar Ratio Rank: 95
WULF Martin Ratio Rank: 96

MARA

MARA Risk / Return Rank: 31
MARA Sharpe Ratio Rank: 28
MARA Sortino Ratio Rank: 32
MARA Omega Ratio Rank: 32
MARA Calmar Ratio Rank: 30
MARA Martin Ratio Rank: 32

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

WULF vs. MARA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TeraWulf Inc. (WULF) and MARA Holdings, Inc. (MARA). 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	MARA	Difference
Sharpe ratio: Return per unit of total volatility	2.26	-0.36	+2.62
Sortino ratio: Return per unit of downside risk	3.08	-0.03	+3.11
Omega ratio: Gain probability vs. loss probability	1.36	1.00	+0.36
Calmar ratio: Return relative to maximum drawdown	5.09	-0.42	+5.51
Martin ratio: Return relative to average drawdown	16.02	-0.66	+16.68

WULF vs. MARA - Sharpe Ratio Comparison

The current WULF Sharpe Ratio is 2.26, which is higher than the MARA Sharpe Ratio of -0.36. The chart below compares the historical Sharpe Ratios of WULF and MARA, 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. MARA - Drawdown Comparison

The maximum WULF drawdown since its inception was -98.30%, roughly equal to the maximum MARA drawdown of -99.74%. Use the drawdown chart below to compare losses from any high point for WULF and MARA.

Drawdown Indicators

	WULF	MARA	Difference
Max Drawdown Largest peak-to-trough decline	-98.30%	-99.74%	+1.44%
Max Drawdown (1Y) Largest decline over 1 year	-47.93%	-70.53%	+22.60%
Max Drawdown (3Y) Largest decline over 3 years	-74.60%	-78.34%	+3.74%
Max Drawdown (5Y) Largest decline over 5 years	—	-95.87%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-99.19%	—
Current Drawdown Current decline from peak	-44.45%	-92.68%	+48.23%
Average Drawdown Average peak-to-trough decline	-80.45%	-78.13%	-2.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.21%	44.73%	-29.52%

Volatility

WULF vs. MARA - Volatility Comparison

TeraWulf Inc. (WULF) has a higher volatility of 33.74% compared to MARA Holdings, Inc. (MARA) at 31.27%. This indicates that WULF's price experiences larger fluctuations and is considered to be riskier than MARA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	WULF	MARA	Difference
Volatility (1M) Calculated over the trailing 1-month period	33.74%	31.27%	+2.47%
Volatility (6M) Calculated over the trailing 6-month period	67.95%	64.18%	+3.77%
Volatility (1Y) Calculated over the trailing 1-year period	107.86%	82.43%	+25.43%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	127.23%	106.03%	+21.20%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	127.23%	144.42%	-17.19%

Dividends

WULF vs. MARA - Dividend Comparison

Neither WULF nor MARA has paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021
MARA MARA Holdings, 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 MARA in my portfolio?

WULF and MARA have a correlation of 0.60, 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 MARA?

WULF has higher volatility (33.74%) compared to MARA (31.27%). In terms of maximum drawdown, WULF dropped -98.30% vs MARA's -99.74%.

Which has better risk-adjusted returns?

WULF currently has the higher Sharpe Ratio (2.26 vs -0.36), 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.