APLD vs IREN: Correlation
Measured on weekly returns over the past three years, Applied Digital Corporation (APLD) and IREN Limited (IREN) carry a correlation of 0.49, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are APLD and IREN?
Over the past 3 years, APLD and IREN moved with a correlation of 0.49, which is moderate. The past 12 months show a tighter link (0.73) than the 3-year average (0.49). Over 5 years the correlation is 0.29, and the annualized covariance of weekly returns is 6277.4 %².
Within APLD's tracked universe of 15 assets, IREN comes in at #4 by 3-year correlation. The last year tells two different stories: IREN led by 17.0 percentage points, +64.3% for APLD against +81.3% for IREN.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
APLD vs IREN: side by side
| APLD (Applied Digital Corporation) | IREN (IREN Limited) | |
|---|---|---|
| 1-year return | +64.3% | +81.3% |
| 5-year return | +465.8% | +65.8% |
| Volatility (ann.) | 117.7% | 109.0% |
| Beta vs S&P 500 | 2.73 | 2.80 |
| Max drawdown (3Y) | -71.9% | -65.6% |
| Market cap | $7.8B | $14.5B |
| P/E (trailing) | – | 51.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | APLD | IREN |
|---|---|---|
| 2022 | – | -92.3% |
| 2023 | +266.3% | +472.0% |
| 2024 | +13.4% | +37.3% |
| 2025 | +220.9% | +284.6% |
| 2026 | +11.9% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are APLD and IREN good diversifiers for each other?
Reasonably. At 0.49, APLD and IREN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between APLD and IREN?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.73 over the last year and 0.29 over 5 years.
Is IREN a good diversifier for APLD?
Reasonably. At 0.49, APLD and IREN keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.49 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/apld-vs-iren.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/apld-vs-iren/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: APLD correlations · IREN correlations
