IREN vs KEEL: Correlation
IREN Limited (IREN) and Keel Infrastructure Corp. (KEEL) show a strong relationship: their 3-year correlation of weekly returns is 0.62.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IREN and KEEL?
Across a 3-year window, the weekly returns of IREN and KEEL correlate at 0.62, strong. The link has tightened recently: the 1-year correlation (0.73) runs above the 3-year figure (0.62). Stretching to 5 years gives 0.60, with an annualized covariance of 7274.9 %².
Among the 13 assets we track against IREN, KEEL ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months KEEL outperformed by 80.6 percentage points (+81.3% for IREN against +161.9% for KEEL).
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.
IREN vs KEEL: side by side
| IREN (IREN Limited) | KEEL (Keel Infrastructure Corp.) | |
|---|---|---|
| 1-year return | +81.3% | +161.9% |
| 5-year return | +65.8% | -41.1% |
| Volatility (ann.) | 109.0% | 108.4% |
| Beta vs S&P 500 | 2.80 | 2.18 |
| Max drawdown (3Y) | -65.6% | -81.1% |
| Market cap | $14.5B | $2.2B |
| P/E (trailing) | 51.3 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | IREN | KEEL |
|---|---|---|
| 2022 | -92.3% | -91.3% |
| 2023 | +472.0% | +561.4% |
| 2024 | +37.3% | -48.8% |
| 2025 | +284.6% | +57.7% |
| 2026 | +7.3% | +49.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are IREN and KEEL good diversifiers for each other?
To a limited degree. At 0.62 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between IREN and KEEL?
Using weekly returns as of 2026-08-27: 0.62 over 3 years, with 0.73 over the last year and 0.60 over 5 years.
Is KEEL a good diversifier for IREN?
To a limited degree. At 0.62 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.62 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/iren-vs-keel.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/iren-vs-keel/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: IREN correlations · KEEL correlations
