HIVE vs IREN: Correlation
How closely do HIVE Digital Technologies Ltd (HIVE) and IREN Limited (IREN) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HIVE and IREN?
On 3 years of weekly data the HIVE/IREN correlation comes out at 0.66, strong. The relationship has been stable: the 1-year correlation (0.71) sits close to the 3-year figure. The 5-year figure is 0.62, and annualized covariance runs at 6822.6 %².
Within HIVE's tracked universe of 19 assets, IREN comes in at #8 by 3-year correlation. Correlation aside, the last 12 months split them widely, with IREN ahead by 77.2 points (+4.1% versus +81.3%).
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.
HIVE vs IREN: side by side
| HIVE (HIVE Digital Technologies Ltd) | IREN (IREN Limited) | |
|---|---|---|
| 1-year return | +4.1% | +81.3% |
| 5-year return | -80.7% | +65.8% |
| Volatility (ann.) | 94.1% | 109.0% |
| Beta vs S&P 500 | 2.26 | 2.80 |
| Max drawdown (3Y) | -77.1% | -65.6% |
| Market cap | $0.8B | $14.5B |
| P/E (trailing) | – | 51.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HIVE | IREN |
|---|---|---|
| 2022 | -89.1% | -92.3% |
| 2023 | +214.6% | +472.0% |
| 2024 | -37.1% | +37.3% |
| 2025 | -9.5% | +284.6% |
| 2026 | +18.6% | +7.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HIVE and IREN good diversifiers for each other?
Only partially. A correlation of 0.66 means HIVE and IREN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between HIVE and IREN?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.71 over the last year and 0.62 over 5 years.
Is IREN a good diversifier for HIVE?
Only partially. A correlation of 0.66 means HIVE and IREN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.66 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/hive-vs-iren.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/hive-vs-iren/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HIVE correlations · IREN correlations
