Cipher Mining (CIFR): Returns, Risk & Drawdowns

Reviewed by Sid Kalla CFA Charterholder

Quick Answer

What is Cipher Mining's risk, return, and volatility like?

Cipher Mining returned +553.5% over the 1Y window. On the 5Y lens, Sharpe ratio is 0.65, annualized volatility is 118.3%, and max drawdown is -97.2%.

Total Return

1Y +553.5%

5Y +86.3%

Sharpe Ratio

1Y 2.24

5Y 0.65

Annualized Volatility

1Y 107.8%

5Y 118.3%

Max Drawdown

1Y -51.4%

5Y -97.2%

Trade CIFR

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Affiliate disclosure

Price history

Cipher Mining price over the past 5Y

Track Cipher Mining's standalone price path with macro and asset-specific events enabled by default.

Cipher Mining price over the past 5Y

CIFR

Latest close $18.69 Data through 2026-04-23

5Y low $0.41 Window low

5Y high $24.71 Window high

Key takeaways

Total Return: CIFR returned +553.5% over the 1Y window and +86.3% over the 5Y window ; annualized return over 5Y was +13.3%.
Risk-adjusted return: Sharpe was 0.65 and Sortino was 1.04 over 5Y. Sharpe counts total volatility; Sortino focuses on downside volatility.
Volatility & drawdown: Annualized volatility was 107.8% over 1Y and 118.3% over 5Y ; max drawdown was -51.4% over 1Y and -97.2% over 5Y .
Tail risk (Expected Shortfall): Over 5Y, daily VaR (5%) was -10.5% and Expected Shortfall was -14.8%. VaR is the cutoff; Expected Shortfall is the average move inside the worst 5% of daily returns.
Skew & kurtosis: Over 5Y, skew was -0.00 and excess kurtosis was 5.70. Skew shows return asymmetry; excess kurtosis shows how fat the tails were versus a Normal distribution.
Risk ratios: Sortino Ratio: 1.04 , Calmar Ratio: 0.14 , Sterling Ratio: 0.16 , Treynor Ratio: 0.32 , Ulcer Index: 68.81% .

Cipher Mining Drawdown

CIFR 1Y Max Drawdown

↓ -51.4%

2025-11-05 to 2026-03-30

CIFR 5Y Max Drawdown

↓ -97.2%

2021-09-16 to 2022-12-28

Max drawdown shows the deepest peak-to-trough decline Cipher Mining suffered in each research window. 1Y: -51.4%; 5Y: -97.2%.

Cipher Mining is currently -24.4% below its prior peak, with the high-water mark at $24.71. 5Y low is $0.41.

CIFR underwater plot (5Y). Zero means at a prior peak; dips show how far below peak the close was on each day. Deepest trough: -97.2% on Dec 28, 2022.

5Y drawdown episodes

-97.2% Sep 16, 2021 to Dec 28, 2022

Recovered Oct 3, 2025 1478 total days

-51.4% Nov 5, 2025 to Mar 30, 2026

Not yet recovered 169 total days

-23.4% Oct 15, 2025 to Oct 22, 2025

Recovered Nov 3, 2025 19 total days

Cipher Mining Volatility

CIFR 1Y Volatility

107.8%

Annualized daily closes

CIFR 5Y Volatility

118.3%

Annualized daily closes

Volatility Cipher Mining's annualized volatility shows how widely daily closes moved over 1Y and 5Y. Higher values mean a noisier path, not automatically a better or worse investment. 1Y: 107.8%; 5Y: 118.3%.

Benchmark context

Where CIFR fits relative to other lenses

Benchmark links are secondary on this page. Use them when you want to place the asset against a specific market, factor, or historical counterpart.

Default benchmark

S&P 500

SPY

Broad equity benchmark

1Y return

↑ +30.7%

CIFR minus SPY

↑ +492.3%

Correlation

0.41

CIFR vs SPY average correlation

Moderately linked

0.41

QQQ

Nasdaq 100

Corr 0.41

Growth and tech benchmark

1Y return +39.9%

CIFR minus QQQ +483.1%

BTC

Bitcoin

Corr 0.30

Cross-asset crypto benchmark

1Y return -17.1%

CIFR minus BTC +540.1%

XAU

Gold

Corr 0.20

Store-of-value benchmark

1Y return +40.2%

CIFR minus XAU +482.8%

Risk-adjusted ratios

These ratios compare return against different definitions of risk: total volatility, downside volatility, drawdowns, benchmark beta, and time spent underwater.

Cipher Mining Sharpe Ratio

CIFR 1Y Sharpe ratio

↑ 2.24

Recent window

CIFR 5Y Sharpe ratio

↑ 0.65

Deeper research window

CIFR Sharpe Ratio (5Y)

Return per total volatility

The dot sits at (Cipher Mining's annualized volatility, its excess annualized return). The slope from the origin to the dot is the Sharpe ratio — steeper means the asset converted risk into return more efficiently.

Higher is better

excess annualized return / total volatility

Formula

\displaystyle \mathrm{Sharpe} = \frac{\mathbb{E}[R] - R_f}{\sigma_R}

Sharpe ratio Cipher Mining's Sharpe ratio measures excess return per unit of total volatility. Higher readings mean the asset converted risk into return more efficiently over the same window. 1Y: 2.24; 5Y: 0.65.

A Sharpe above 1.0 is generally considered good, above 2.0 is excellent. Negative Sharpe means the asset underperformed the risk-free rate. Calculated on each asset's full 365-day lookback of available prices and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).

Cipher Mining Sortino Ratio

CIFR 1Y Sortino ratio

↑ 3.86

Recent window

CIFR 5Y Sortino ratio

↑ 1.04

Deeper research window

CIFR Sortino Ratio (5Y)

Return per downside volatility

Cipher Mining's daily-return distribution over the long window. Days left of the target line are the only ones Sortino penalizes in the denominator — so a distribution with a fat left tail produces a smaller Sortino even at the same mean return.

Higher is better

excess annualized return / downside volatility

Formula

\displaystyle \mathrm{Sortino} = \frac{\mathbb{E}[R] - R_f}{\sigma_{\mathrm{down}}}

Sortino ratio Cipher Mining's Sortino ratio isolates downside volatility instead of all volatility. It is the cleaner lens when you care more about bad downside moves than upside noise. 1Y: 3.86; 5Y: 1.04.

A higher Sortino is better. It's useful when upside volatility is common (crypto is the obvious example). Calculated on each asset's full 365-day lookback of available prices, using the daily risk-free rate as the target return, and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).

Cipher Mining Calmar Ratio

CIFR 1Y Calmar ratio

↑ 10.79

Recent window

CIFR 5Y Calmar ratio

↑ 0.14

Deeper research window

CIFR Calmar Ratio (5Y)

CAGR per worst drawdown

Cipher Mining's CAGR bar sits above zero, the max drawdown bar sits below. Calmar is the ratio of those two magnitudes — a shallow drawdown bar with a tall CAGR bar produces a strong Calmar.

Higher is better

CAGR / max drawdown

Formula

\displaystyle \mathrm{Calmar} = \frac{\mathrm{CAGR}}{|\mathrm{MaxDD}|}

Calmar ratio Cipher Mining's Calmar ratio measures return per unit of max drawdown. It is useful when the path of losses matters as much as the final return. 1Y: 10.79; 5Y: 0.14.

Calmar is computed on each asset's full 365-day lookback and uses the max drawdown over that same window.

Cipher Mining Sterling Ratio

CIFR 1Y Sterling ratio

↑ 22.57

Recent window

CIFR 5Y Sterling ratio

↑ 0.16

Deeper research window

CIFR Sterling Ratio (5Y)

Return per average drawdown

The underwater curve shows Cipher Mining's drawdowns over the long window. Sterling averages every event deeper than the 10% threshold instead of taking only the worst one — so an asset with many mid-size drawdowns scores worse here than on Calmar.

Higher is better

excess CAGR / average deep drawdown

Formula

\displaystyle \mathrm{Sterling} = \frac{\mathrm{CAGR} - R_f}{\overline{D}_{>10\%}}

Sterling ratio Cipher Mining's Sterling ratio compares return against deep drawdown pressure. It gives a harsher read on assets that compound well but suffer ugly declines along the way. 1Y: 22.57; 5Y: 0.16.

Sterling uses average drawdown events deeper than 10% and subtracts the risk-free rate to report excess return.

Cipher Mining Ulcer Index

CIFR 1Y Ulcer Index

24.90

Recent window

CIFR 5Y Ulcer Index

68.81

Deeper research window

CIFR Ulcer Index (5Y)

Drawdown pain

The underwater curve shows how deep and how long Cipher Mining's drawdowns were. Ulcer is the root-mean-square of that curve — both depth and persistence count, so lower is better.

Lower is better

root-mean-square drawdown

Formula

\displaystyle \mathrm{UI} = \sqrt{\mathbb{E}[D_t^2]}

Ulcer Index Cipher Mining's Ulcer Index measures both the depth and persistence of drawdowns. Lower is better because it means fewer and shallower underwater periods. 1Y: 24.90; 5Y: 68.81.

Ulcer Index is computed from each asset's drawdown series over the full lookback window.

Cipher Mining Treynor Ratio

CIFR 1Y Treynor

↑ 0.62

Beta 3.91 vs SPY

CIFR 5Y Treynor

↑ 0.32

Beta 2.40 vs SPY

CIFR Treynor Ratio (5Y)

Excess return per beta vs SPY

The line's slope is Cipher Mining's beta to SPY — steeper means more market-sensitive. Treynor divides excess return by that slope, so an asset can look efficient with a shallow beta and a small return, or inefficient with a steep beta and a big return.

Higher is better

excess return / market beta

Formula

\displaystyle \mathrm{Treynor} = \frac{\mathbb{E}[R] - R_f}{\beta}

Treynor ratio measures excess return per unit of market beta versus SPY. A high Treynor means the asset compensated its market exposure well over this window. A low or negative Treynor means the asset's market risk wasn't rewarded.

Treynor uses beta vs the S&P 500 (SPY) on shared dates and the average 3-month Treasury rate as the risk-free rate.

Cipher Mining Tail Risk

Tail-risk stats use daily return distributions rather than simple end-point returns. They show how ugly the left tail has been, how severe the worst 5% of days were, and whether returns were skewed toward outsized upside or downside shocks.

The histogram shows the shape of Cipher Mining's daily log returns over the 5Y window. Bars left of the 5% VaR marker are the worst 5% of days; the ES marker is the average loss inside that tail. Skew and excess kurtosis describe whether the distribution is symmetric around zero and whether extreme days are more common than a Normal distribution predicts.

CIFR daily return distribution (5Y)

Log-return histogram with Value-at-Risk and Expected Shortfall markers at the 5% left tail.

Days

worst-5% daily return and the average loss inside it

Formula

\displaystyle \mathrm{VaR}_{5\%} = Q_{0.05}(R),\quad \mathrm{ES}_{5\%} = \mathbb{E}[R \mid R \le \mathrm{VaR}_{5\%}]

Metric	1Y	5Y
VaR (5%)	-10.2% Historical daily threshold	-10.5% Historical daily threshold
Expected shortfall (5%)	-12.7% Beyond the VaR threshold	-14.8% Beyond the VaR threshold
Skew	0.21	-0.00
Excess kurtosis	0.33	5.70

Less negative daily VaR and Expected Shortfall values mean the left tail was less violent. Skew and excess kurtosis help distinguish between steady compounding and a path dominated by occasional extreme moves.

Full stats table

Every window-consistent research metric

Each column keeps the same horizon across returns, ratios, drawdowns, and tail-risk metrics.

Metric	1Y Recent window	5Y Deeper research window
Total return	+553.5%	+86.3%
Annualized return	+554.3%	+13.3%
Volatility	107.8% Annualized daily closes	118.3% Annualized daily closes
Sharpe ratio	2.24	0.65
Sortino ratio	3.86	1.04
Calmar ratio	10.79	0.14
Sterling ratio	22.57	0.16
Ulcer Index	24.90	68.81
Max drawdown	-51.4% 2025-11-05 to 2026-03-30	-97.2% 2021-09-16 to 2022-12-28
VaR (5%)	-10.2% Historical daily threshold	-10.5% Historical daily threshold
Expected shortfall (5%)	-12.7% Beyond the VaR threshold	-14.8% Beyond the VaR threshold
Skew	0.21	-0.00
Excess kurtosis	0.33	5.70

What viewers usually ask next

What is Cipher Mining's 5Y CAGR?

Cipher Mining's 5y cagr is +13.3% on Gale using the past 5 years.

What is Cipher Mining's 1-year volatility?

Annualized volatility is 107.8% over the past year.

What is Cipher Mining's 5-year Sharpe ratio?

Cipher Mining's Sharpe ratio is 0.65 using the past 5 years.

What is Cipher Mining's 5-year Sortino ratio?

Cipher Mining's Sortino ratio is 1.04 using the past 5 years.

What is Cipher Mining's 5-year Calmar ratio?

Cipher Mining's Calmar ratio is 0.14 using the past 5 years.

What is Cipher Mining's 5-year Sterling ratio?

Cipher Mining's Sterling ratio is 0.16 using the past 5 years.

What is Cipher Mining's 5-year Ulcer Index?

Cipher Mining's Ulcer Index is 68.81 using the past 5 years. Lower is better because it means shallower and less persistent drawdowns.

What is Cipher Mining's 5-year max drawdown?

Max drawdown is -97.2% over the past 5 years from 2021-09-16 to 2022-12-28.

What is Cipher Mining's 5-year daily Value at Risk?

Using historical daily returns, Gale estimates a 5% Value at Risk of -10.54% over the past 5 years.

What is Cipher Mining's 5-year Expected Shortfall?

Expected Shortfall is -14.75% over the past 5 years, which captures the average outcome inside the worst 5% of daily returns.

Is Cipher Mining still below its all-time high?

Current drawdown is -24.4% versus the all-time high of $24.71 reached on 2025-11-05.

Which benchmark should viewers open first for Cipher Mining?

S&P 500 is the default benchmark lens on Gale because it gives the cleanest context for Cipher Mining's recent behavior.