Cite This Comparison
"Riot Platforms vs Iris Energy (RIOT vs IREN): Returns, Risk & Volatility (2026)." Gale Finance, January 9, 2026. https://www.gale.finance/compare/riot-vs-iren Free to use with attribution. Please link back to this page or gale.finance.
Analysis period: 2025-01-13 to 2026-01-09
Relative Performance of RIOT vs IREN (Normalized to 100)
Normalized to 100 at start date for comparison
Key Takeaways
- Total Return: RIOT delivered a +30.2% total return, while IREN returned +340.1% over the same period. IREN outperformed on total returns.
- Risk-Adjusted Return (Sharpe Ratio): IREN had a higher Sharpe (1.98 vs 0.68), indicating better risk-adjusted performance.
- Volatility (Annualized): IREN was more volatile, with 98.3% annualized volatility, versus 81.2% for RIOT.
- Maximum Drawdown: RIOT's maximum drawdown was -53.5%, while IREN experienced a deeper drawdown of -60.2%.
- Tail Risk (VaR & Expected Shortfall): At the 5% level (daily log returns), RIOT's VaR was -8.36% and its Expected Shortfall (CVaR) was -11.07%; IREN's were -10.06% and -13.75%. VaR is the cutoff; Expected Shortfall is the average move on the worst days.
- Skew & Kurtosis: Skew: RIOT -0.25 vs IREN -0.48. Excess kurtosis: RIOT 0.60 vs IREN 1.23. Negative skew leans downside; higher excess kurtosis means fatter tails.
- Tail Days & Extremes: 2σ tail days (down/up): RIOT 7/6, IREN 8/5. Worst day: RIOT -19.54% (2025-08-01) vs IREN -27.77% (2025-01-27). Best day: RIOT +12.39% (2025-04-22) vs IREN +14.21% (2025-09-09).
Riot Platforms vs Iris Energy Correlation
Riot Platforms and Iris Energy are strongly correlated over the past year. With a correlation of 0.67, these assets tend to move together, limiting diversification benefits.
For portfolio construction, this strong correlation means holding both RIOT and IREN provides limited risk reduction — they're likely to decline together in downturns.
| Metric | Metric | Value |
|---|---|---|
| Current (30-day) | 0.64 | |
| Average (full period) | 0.67 | |
| Minimum | 0.36 | |
| Maximum | 0.91 |
Correlation measures how closely two assets move together. Values near +1 indicate strong co-movement, near 0 indicates independence, and negative values indicate inverse movement.
Investment Comparison
If you invested $10,000 in each asset on January 13, 2025:
Difference: $30,989.6 (IREN ahead)
Riot Platforms and Iris Energy: Risk Analysis
Riot Platforms experienced its maximum drawdown of -53.5% from 2025-01-24 to 2025-04-21. It took 88 days to recover.
Iris Energy experienced its maximum drawdown of -60.2% from 2025-01-24 to 2025-04-08. It took 80 days to recover.
Smaller drawdowns and faster recoveries indicate lower downside risk and greater resilience during market stress.
Sharpe Ratio of RIOT and IREN
Sharpe ratio measures return per unit of risk (volatility). A higher Sharpe indicates better risk-adjusted performance. IREN had a higher Sharpe (1.98 vs 0.68), indicating better risk-adjusted performance.
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).
Sortino Ratio of RIOT and IREN
Sortino ratio measures return per unit of downside risk. Unlike Sharpe, it only penalizes negative volatility. IREN had better downside-adjusted returns.
A higher Sortino is better. It's particularly useful for assets with asymmetric volatility (big gains, smaller losses). Downside volatility: RIOT 51.2% vs IREN 63.1%. 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).
Tail Risk & Distribution Shape: Riot Platforms vs. Iris Energy
This section looks at the shape of daily returns, not just the average. We use daily log returns so multi-day moves add cleanly.
| Metric (1y) | RIOT | IREN |
|---|---|---|
| 5% VaR (daily log return) | -8.36% | -10.06% |
| 5% Expected Shortfall (CVaR) | -11.07% (worst 13 days) | -13.75% (worst 13 days) |
| Skew | -0.25 | -0.48 |
| Excess kurtosis | 0.60 | 1.23 |
| 2σ tail days (down / up) | 7 / 6 | 8 / 5 |
| Worst day | -19.54% (2025-08-01) | -27.77% (2025-01-27) |
| Best day | +12.39% (2025-04-22) | +14.21% (2025-09-09) |
Downside co-moves (2σ)
Computed on shared dates only (n=249). A “2σ downside move” means a shared-close log return more than 2 standard deviations below that asset’s own mean on this shared-date series. Dates below show simple returns (%) for readability.
Show downside tail dates
Dates below are shared-date observations. The “Date” is the period end (close). Tail thresholds are computed on log returns, but the table shows simple returns (%) for readability. Returns are computed from the previous shared close to this one (for example, Friday → Monday includes weekend moves).
Days when both RIOT and IREN had a big down day (2σ)
| Date (interval) | RIOT | IREN |
|---|---|---|
| 2025-01-24 → 2025-01-27 | -15.44% | -24.25% |
| 2025-02-21 | -9.83% | -11.97% |
| 2025-03-07 → 2025-03-10 | -9.68% | -14.03% |
| 2025-11-13 | -10.22% | -12.66% |
| 2025-12-12 → 2025-12-15 | -10.39% | -11.59% |
Days when RIOT had a big down day
| Date (interval) | RIOT | IREN |
|---|---|---|
| 2025-01-24 → 2025-01-27 | -15.44% | -24.25% |
| 2025-02-21 | -9.83% | -11.97% |
| 2025-03-07 → 2025-03-10 | -9.68% | -14.03% |
| 2025-08-01 | -17.75% | -4.41% |
| 2025-10-16 | -11.66% | -9.05% |
| 2025-11-13 | -10.22% | -12.66% |
| 2025-12-12 → 2025-12-15 | -10.39% | -11.59% |
Days when IREN had a big down day
| Date (interval) | RIOT | IREN |
|---|---|---|
| 2025-01-24 → 2025-01-27 | -15.44% | -24.25% |
| 2025-02-21 | -9.83% | -11.97% |
| 2025-02-25 | -6.71% | -13.58% |
| 2025-03-07 → 2025-03-10 | -9.68% | -14.03% |
| 2025-11-06 | -8.59% | -12.37% |
| 2025-11-13 | -10.22% | -12.66% |
| 2025-12-02 | -1.68% | -15.20% |
| 2025-12-12 → 2025-12-15 | -10.39% | -11.59% |
Read this as “how ugly the ugly days get”, not as a precise forecast. One-year samples are small, so tail estimates are inherently noisy.
Riot Platforms vs Iris Energy Volatility (RIOT vs IREN)
Riot Platforms's annualized volatility of 81.2% means it typically moves ±5.11% on any given day.
Iris Energy's annualized volatility of 98.3% means it typically moves ±6.19% on any given day.
IREN's higher volatility means a wider path to returns — this can be attractive for tactical, shorter-term exposure, while RIOT's smoother profile may better suit long-term allocators seeking steadier growth.
For comparison, the S&P 500 typically has 15-18% annualized volatility, translating to roughly ±1% daily moves. Higher volatility means larger potential gains but also larger potential losses.
Riot Platforms vs Iris Energy Performance Over Time
| Metric | RIOT | IREN |
|---|---|---|
| 30 Days | -1.6% | 4.8% |
| 90 Days | -27.1% | -23% |
| 180 Days | 23.3% | 183.6% |
| 1 Year | 30.2% | 340.1% |
Shorter time frames can show different leaders as market conditions change. Consider your investment horizon when comparing performance.
Full Comparison of Riot Platforms vs. Iris Energy (1-Year)
| Metric | RIOT | IREN |
|---|---|---|
| Total Return | +30.2% | +340.1% |
| Annualized Volatility | 81.2% | 98.3% |
| Sharpe Ratio | 0.68 | 1.98 |
| Sortino Ratio | 1.08 | 3.09 |
| Max Drawdown | -53.5% | -60.2% |
| Avg Correlation to S&P 500 | 0.57 | 0.40 |
| 5% VaR (daily log return) | -8.36% | -10.06% |
| 5% Expected Shortfall (CVaR) | -11.07% | -13.75% |
| Skew | -0.25 | -0.48 |
| Excess kurtosis | 0.60 | 1.23 |
| 2σ tail days (down / up) | 7 / 6 | 8 / 5 |
Riot Platforms vs Iris Energy: Frequently Asked Questions
Which has higher volatility: RIOT or IREN?
IREN showed higher volatility at 98.3% annualized, compared to 81.2% for RIOT Over the past year. Higher volatility means larger price swings in both directions.
Does RIOT provide diversification when held with IREN?
RIOT and IREN are strongly correlated over the past year, with an average correlation of 0.67. This strong correlation limits diversification benefits.
How bad are the worst 5% days for RIOT vs IREN?
Over the past year, RIOT's 5% VaR was -8.36% and its 5% Expected Shortfall was -11.07% (worst 13 days). IREN's were -10.06% and -13.75% (worst 13 days).
Do RIOT and IREN crash together on bad days?
On shared dates (n=249), when IREN has a 2σ down day, RIOT also does 62.5% (5/8 days). In the other direction, when RIOT has one, IREN also does 71.4% (5/7 days).
Which has better risk-adjusted returns: RIOT or IREN?
IREN showed better risk-adjusted performance with a Sharpe ratio of 1.98 versus RIOT's 0.68 Over the past year.
Can RIOT and IREN be combined in a portfolio?
Yes, though allocation sizing matters. Their strong correlation provides limited risk reduction since they tend to move together. IREN's higher volatility (98.3%) means even small allocations can materially impact overall portfolio risk.