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Stock · Trading days

Iris Energy (IREN)

Iris Energy's returns, drawdowns, and beta to S&P 500, in one view.

Last updated:

Gale Finance Team
Written by Gale Finance Team
Sid Kalla
Reviewed by Sid Kalla CFA Charterholder
Quick Answer

What is Iris Energy's risk, return, and volatility like?

Iris Energy returned +653.1% over the 1Y window. On the Since inception lens, Sharpe ratio is 0.69, annualized volatility is 118.6%, and max drawdown is -95.7%.

Total Return
1Y +653.1%
Since inception +131.3%
Sharpe Ratio
1Y 2.49
Since inception 0.69
Annualized Volatility
1Y 99.7%
Since inception 118.6%
Max Drawdown
1Y -58.6%
Since inception -95.7%

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Affiliate disclosure

Price history

Iris Energy price since inception

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

Iris Energy price since inception

IREN
7 events in this period
Show events
Latest close $56.56 Data through 2026-05-12
Since inception low $1.06 Window low
Since inception high $76.41 Window high

Key takeaways

  • Total Return: IREN returned +653.1% over the 1Y window and +131.3% over the Since inception window ; annualized return over Since inception was +20.6%.
  • Risk-adjusted return: Sharpe was 0.69 and Sortino was 1.13 over Since inception. Sharpe counts total volatility; Sortino focuses on downside volatility.
  • Volatility & drawdown: Annualized volatility was 99.7% over 1Y and 118.6% over Since inception ; max drawdown was -58.6% over 1Y and -95.7% over Since inception .
  • Tail risk (Expected Shortfall): Over Since inception, daily VaR (5%) was -10.8% and Expected Shortfall was -14.3%. VaR is the cutoff; Expected Shortfall is the average move inside the worst 5% of daily returns.
  • Skew & kurtosis: Over Since inception, skew was 0.39 and excess kurtosis was 3.79. Skew shows return asymmetry; excess kurtosis shows how fat the tails were versus a Normal distribution.
  • Risk ratios: Sortino Ratio: 1.13 , Calmar Ratio: 0.21 , Sterling Ratio: 0.41 , Treynor Ratio: 0.33 , Ulcer Index: 67.49% .

Iris Energy Drawdown

IREN 1Y Max Drawdown
↓ -58.6%
2025-11-05 to 2026-03-30
IREN Since inception Max Drawdown
↓ -95.7%
2021-11-19 to 2022-12-28

Max drawdown shows the deepest peak-to-trough decline Iris Energy suffered in each research window. 1Y: -58.6%; Since inception: -95.7%.

Iris Energy is currently -26.0% below its prior peak, with the high-water mark at $76.41. Since inception low is $1.06.

IREN underwater plot (Since inception). Zero means at a prior peak; dips show how far below peak the close was on each day. Deepest trough: -95.7% on Dec 28, 2022.
-95.7% 2021-11-17 2026-05-12 0% -96%

Since inception drawdown episodes

#1
-95.7% Nov 19, 2021 to Dec 28, 2022
Recovered Aug 29, 2025 1379 total days
#2
-58.6% Nov 5, 2025 to Mar 30, 2026
Not yet recovered 188 total days
#3
-25.5% Oct 14, 2025 to Oct 22, 2025
Recovered Nov 5, 2025 22 total days

Iris Energy Volatility

IREN 1Y Volatility
99.7%
Annualized daily closes
IREN Since inception Volatility
118.6%
Annualized daily closes

Volatility Iris Energy's annualized volatility shows how widely daily closes moved over 1Y and Since inception. Higher values mean a noisier path, not automatically a better or worse investment. 1Y: 99.7%; Since inception: 118.6%.

Benchmark context

Where IREN 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
↑ +26.9%
IREN minus SPY
↑ +569.7%
Correlation
0.34
1Y
IREN vs SPY average correlation
Moderately linked
0.34
QQQ

Nasdaq 100

Corr 0.37

Growth and tech benchmark

1Y return +37.7%
IREN minus QQQ +558.9%
BTC

Bitcoin

Corr 0.25

Cross-asset crypto benchmark

1Y return -22.0%
IREN minus BTC +618.6%
Compare IREN vs BTC
XAU

Gold

Corr 0.21

Store-of-value benchmark

1Y return +45.1%
IREN minus XAU +551.5%

Risk-adjusted ratios

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

Iris Energy Sharpe Ratio

IREN 1Y Sharpe ratio
↑ 2.49
Recent window
IREN Since inception Sharpe ratio
↑ 0.69
Deeper research window

IREN Sharpe Ratio (Since inception)

Return per total volatility

The dot sits at (Iris Energy'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 return Annualized volatility 0 125% vol 118.6% · excess +82.3%
excess annualized return / total volatility
Formula Sharpe=E[R]−RfσR\displaystyle \mathrm{Sharpe} = \frac{\mathbb{E}[R] - R_f}{\sigma_R}

Sharpe ratio Iris Energy'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: 2.49; Since inception: 0.69.

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).

Iris Energy Sortino Ratio

IREN 1Y Sortino ratio
↑ 4.12
Recent window
IREN Since inception Sortino ratio
↑ 1.13
Deeper research window

IREN Sortino Ratio (Since inception)

Return per downside volatility

Iris Energy'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
Frequency (days) Daily return (%) target -40.6% +71.1% 210 0
excess annualized return / downside volatility
Formula Sortino=E[R]−Rfσdown\displaystyle \mathrm{Sortino} = \frac{\mathbb{E}[R] - R_f}{\sigma_{\mathrm{down}}}

Sortino ratio Iris Energy'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: 4.12; Since inception: 1.13.

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).

Iris Energy Calmar Ratio

IREN 1Y Calmar ratio
↑ 11.16
Recent window
IREN Since inception Calmar ratio
↑ 0.21
Deeper research window

IREN Calmar Ratio (Since inception)

CAGR per worst drawdown

Iris Energy'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
0% IREN Since inception +20.6% -95.7%
CAGR / max drawdown
Formula Calmar=CAGR∣MaxDD∣\displaystyle \mathrm{Calmar} = \frac{\mathrm{CAGR}}{|\mathrm{MaxDD}|}

Calmar ratio Iris Energy'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: 11.16; Since inception: 0.21.

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

Iris Energy Sterling Ratio

IREN 1Y Sterling ratio
↑ 26.12
Recent window
IREN Since inception Sterling ratio
↑ 0.41
Deeper research window

IREN Sterling Ratio (Since inception)

Return per average drawdown

The underwater curve shows Iris Energy'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
0% -25% -50% -75% -101% 10% drawdown threshold
excess CAGR / average deep drawdown
Formula Sterling=CAGR−RfD‾>10%\displaystyle \mathrm{Sterling} = \frac{\mathrm{CAGR} - R_f}{\overline{D}_{>10\%}}

Sterling ratio Iris Energy'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: 26.12; Since inception: 0.41.

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

Iris Energy Ulcer Index

IREN 1Y Ulcer Index
29.88
Recent window
IREN Since inception Ulcer Index
67.49
Deeper research window

IREN Ulcer Index (Since inception)

Drawdown pain

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

Lower is better
0% -25% -50% -75% -101%
root-mean-square drawdown
Formula UI=E[Dt2]\displaystyle \mathrm{UI} = \sqrt{\mathbb{E}[D_t^2]}

Ulcer Index Iris Energy's Ulcer Index measures both the depth and persistence of drawdowns. Lower is better because it means fewer and shallower underwater periods. 1Y: 29.88; Since inception: 67.49.

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

Iris Energy Treynor Ratio

IREN 1Y Treynor
↑ 0.76
Beta 3.28 vs SPY
IREN Since inception Treynor
↑ 0.33
Beta 2.46 vs SPY

IREN Treynor Ratio (Since inception)

Excess return per beta vs SPY

The line's slope is Iris Energy'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
Asset return Market return 0 0 β 2.46
excess return / market beta
Formula Treynor=E[R]−Rfβ\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.

Iris Energy 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 Iris Energy's daily log returns over the Since inception 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.

IREN daily return distribution (Since inception)

IREN daily return distribution (Since inception)

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

Days
IREN Since inception VaR 5% ES 5% -59.6% 0% +59.6% Daily log return
worst-5% daily return and the average loss inside it
Formula VaR5%=Q0.05(R),ES5%=E[R∣R≤VaR5%]\displaystyle \mathrm{VaR}_{5\%} = Q_{0.05}(R),\quad \mathrm{ES}_{5\%} = \mathbb{E}[R \mid R \le \mathrm{VaR}_{5\%}]
Metric 1YSince inception
VaR (5%) -9.5% Historical daily threshold -10.8% Historical daily threshold
Expected shortfall (5%) -12.2% Beyond the VaR threshold -14.3% Beyond the VaR threshold
Skew -0.11 0.39
Excess kurtosis -0.19 3.79

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
Since inception Deeper research window
Total return
+653.1%
+131.3%
Annualized return
+654.2%
+20.6%
Volatility
99.7% Annualized daily closes
118.6% Annualized daily closes
Sharpe ratio
2.49
0.69
Sortino ratio
4.12
1.13
Calmar ratio
11.16
0.21
Sterling ratio
26.12
0.41
Ulcer Index
29.88
67.49
Max drawdown
-58.6% 2025-11-05 to 2026-03-30
-95.7% 2021-11-19 to 2022-12-28
VaR (5%)
-9.5% Historical daily threshold
-10.8% Historical daily threshold
Expected shortfall (5%)
-12.2% Beyond the VaR threshold
-14.3% Beyond the VaR threshold
Skew
-0.11
0.39
Excess kurtosis
-0.19
3.79

What viewers usually ask next

What is Iris Energy's Since inception CAGR?

Iris Energy's since inception cagr is +20.6% on Gale using the since-inception window.

What is Iris Energy's 1-year volatility?

Annualized volatility is 99.7% over the past year.

What is Iris Energy's since-inception Sharpe ratio?

Iris Energy's Sharpe ratio is 0.69 using the since-inception window.

What is Iris Energy's since-inception Sortino ratio?

Iris Energy's Sortino ratio is 1.13 using the since-inception window.

What is Iris Energy's since-inception Calmar ratio?

Iris Energy's Calmar ratio is 0.21 using the since-inception window.

What is Iris Energy's since-inception Sterling ratio?

Iris Energy's Sterling ratio is 0.41 using the since-inception window.

What is Iris Energy's since-inception Ulcer Index?

Iris Energy's Ulcer Index is 67.49 using the since-inception window. Lower is better because it means shallower and less persistent drawdowns.

What is Iris Energy's since-inception max drawdown?

Max drawdown is -95.7% over the since-inception window from 2021-11-19 to 2022-12-28.

What is Iris Energy's since-inception daily Value at Risk?

Using historical daily returns, Gale estimates a 5% Value at Risk of -10.78% over the since-inception window.

What is Iris Energy's since-inception Expected Shortfall?

Expected Shortfall is -14.30% over the since-inception window, which captures the average outcome inside the worst 5% of daily returns.

Is Iris Energy still below its all-time high?

Current drawdown is -26.0% versus the all-time high of $76.41 reached on 2025-11-05.

Which benchmark should viewers open first for Iris Energy?

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