CIFR vs IREN: Correlation
Measured on weekly returns over the past three years, Cipher Digital Inc. (CIFR) and IREN Limited (IREN) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CIFR and IREN?
Across a 3-year window, the weekly returns of CIFR and IREN correlate at 0.65, strong. The relationship has been stable: the 1-year correlation (0.73) sits close to the 3-year figure. Stretching to 5 years gives 0.57, with an annualized covariance of 8123.3 %².
By 3-year correlation, IREN places #5 of the 18 assets tracked against CIFR. Their recent paths diverged sharply: over the last 12 months CIFR outperformed by 58.6 percentage points (+139.9% for CIFR 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.
CIFR vs IREN: side by side
| CIFR (Cipher Digital Inc.) | IREN (IREN Limited) | |
|---|---|---|
| 1-year return | +139.9% | +81.3% |
| 5-year return | +63.3% | +65.8% |
| Volatility (ann.) | 114.3% | 109.0% |
| Beta vs S&P 500 | 2.86 | 2.80 |
| Max drawdown (3Y) | -71.7% | -65.6% |
| Market cap | $7.0B | $14.5B |
| P/E (trailing) | – | 51.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CIFR | IREN |
|---|---|---|
| 2022 | -87.9% | -92.3% |
| 2023 | +637.5% | +472.0% |
| 2024 | +12.3% | +37.3% |
| 2025 | +218.1% | +284.6% |
| 2026 | +13.6% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CIFR and IREN good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CIFR and IREN?
As of 2026-08-27, the correlation of weekly returns between CIFR and IREN is 0.65 over 3 years, 0.73 over 1 year and 0.57 over 5 years.
Is IREN a good diversifier for CIFR?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 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/cifr-vs-iren.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cifr-vs-iren/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CIFR correlations · IREN correlations
