CleanSpark vs Marathon Digital (CLSK vs MARA) 2026: Stock Returns, Risk & Volatility

Q: Which is a better investment: CLSK or MARA?

Over the past year, CLSK looks like the better investment: it had higher total return (CLSK +35.7% vs MARA -17.5%) and a higher Sharpe ratio (CLSK 0.74 vs MARA 0.09). On risk, MARA was less volatile (MARA 79.3% vs CLSK 88.0%), CLSK had a smaller max drawdown (CLSK -64.7% vs MARA -70.5%), and MARA had less severe losses on the worst 5% of days (Expected Shortfall of MARA -10.69% vs CLSK -11.19%).

Written by Gale Finance Team

Reviewed by Sid Kalla CFA Charterholder

Quick answer

Which is a better investment: CLSK or MARA?

Over the past year, CLSK outperformed MARA. CLSK returned +35.7% compared with MARA’s -17.5%. CLSK had the better risk-adjusted return, with a Sharpe ratio of 0.74 versus MARA’s 0.09. MARA was less volatile than CLSK, but CLSK had a smaller max drawdown than MARA.

Total Return

CLSK +35.7%

MARA -17.5%

Sharpe Ratio

CLSK 0.74

MARA 0.09

Annualized Volatility

CLSK 88.0%

MARA 79.3%

Max Drawdown

CLSK -64.7%

MARA -70.5%

Metric winners: Total Return: CLSK; Sharpe Ratio: CLSK; Annualized Volatility: MARA (less volatile); Max Drawdown: CLSK (smaller drawdown).

CLSK Total Return

↑ +35.7%

MARA Total Return

↓ -17.5%

Relative Performance of CLSK vs MARA (Normalized to 100)

CLSK MARA

Normalized to 100 at start date for comparison

Trade CLSK or MARA

Access these assets on trusted platforms.

Hyperliquid

Trade perpetual futures exposure where supportedCLSKMARATrade on Hyperliquid

Binance

Trade futures exposure on a global exchange where supportedCLSKMARATrade on Binance

Affiliate disclosure

Key Takeaways

Total Return: CLSK delivered a +35.7% total return, while MARA returned -17.5% over the same period. CLSK outperformed on total returns.
Risk-Adjusted Return (Sharpe Ratio): CLSK had a higher Sharpe (0.74 vs 0.09), indicating better risk-adjusted performance.
Volatility (Annualized): CLSK was more volatile, with 88.0% annualized volatility, versus 79.3% for MARA.
Maximum Drawdown: CLSK's maximum drawdown was -64.7%, while MARA experienced a deeper drawdown of -70.5%.
Tail Risk (VaR & Expected Shortfall): At the 5% level (daily log returns), CLSK's VaR was -7.91% and its Expected Shortfall (CVaR) was -11.19%; MARA's were -8.06% and -10.69%. VaR is the cutoff; Expected Shortfall is the average move on the worst days.
Skew & Kurtosis: Skew: CLSK 0.09 vs MARA 0.08. Excess kurtosis: CLSK 1.41 vs MARA 1.81. Negative skew leans downside; higher excess kurtosis means fatter tails.
Tail Days & Extremes: 2σ tail days (down/up): CLSK 3/9, MARA 6/6. Worst day: CLSK -19.13% (2026-02-05) vs MARA -18.72% (2026-02-05). Best day: CLSK +21.96% (2026-02-06) vs MARA +22.44% (2026-02-06).
Risk ratios: Sortino - CLSK: 1.14 vs. MARA: 0.14 , Calmar - CLSK: 0.56 vs. MARA: -0.25 , Sterling - CLSK: 1.33 vs. MARA: -0.82 , Treynor - CLSK: 0.19 vs. MARA: 0.02 , Ulcer Index - CLSK: 36.74% vs. MARA: 39.62%

Investment Comparison

If you invested $10,000 in each asset on April 25, 2025:

CLSK $13,573.81 +35.7%

MARA $8,251.75 -17.5%

Difference: $5,322.06 (CLSK ahead)

CleanSpark vs Marathon Digital Performance Over Time

Metric	CLSK	MARA
30 Days	27.7%	43%
90 Days	-10.8%	12.4%
180 Days	-36.8%	-39.6%
1 Year	35.7%	-17.5%

Shorter time frames can show different leaders as market conditions change. Consider your investment horizon when comparing performance.

CleanSpark vs Marathon Digital Correlation

Average Correlation

strongly correlated

0.82

Current (30-day) 0.64

30-day rolling range +0.62 to +0.95

CleanSpark and Marathon Digital are strongly correlated over the past year. With a correlation of 0.82, these assets tend to move together, limiting diversification benefits.

For portfolio construction, this strong correlation means holding both CLSK and MARA provides limited risk reduction — they're likely to decline together in downturns.

Metric	Value
Current (30-day)	0.64
Average (full period)	0.82
Minimum (30-day rolling)	0.62
Maximum (30-day rolling)	0.95

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. Current, minimum, and maximum figures are 30-day rolling correlations on shared daily returns.

Drawdown

Maximum Drawdown

CLSK

-64.7%

MARA

-70.5%

CleanSpark experienced its maximum drawdown of -64.7% from 2025-10-15 to 2026-03-30. It has not yet recovered to its previous peak.

Marathon Digital experienced its maximum drawdown of -70.5% from 2025-10-15 to 2026-02-05. It has not yet recovered to its previous peak.

Smaller drawdowns and faster recoveries indicate lower downside risk and greater resilience during market stress.

CleanSpark vs Marathon Digital Volatility (CLSK vs MARA)

CLSK Volatility

88.0%

±5.55% 1-day vol

MARA Volatility

79.3%

±4.99% 1-day vol

1-day volatility (1σ)

CLSK

±5.55%

MARA

±4.99%

CleanSpark's 88.0% annualized volatility translates to about ±5.55% one-standard-deviation daily volatility.

Marathon Digital's 79.3% annualized volatility translates to about ±4.99% one-standard-deviation daily volatility.

CLSK had the wider volatility profile over this window. That means its day-to-day return distribution was broader; MARA was calmer, but lower volatility does not by itself mean better returns.

Treat the ± daily figure as a one-standard-deviation estimate from historical returns, not a forecast or expected absolute daily move. For context, 15-18% annualized volatility is roughly ±1% one-standard-deviation daily volatility.

Risk-adjusted ratios

Sharpe Ratio of CLSK and MARA

Sharpe Ratio: CLSK vs. MARA

Return per total volatility

Sharpe gives us excess return per unit of risk. Upside and downside volatility both count as risk.

Higher is better

excess return / total volatility

Formula

\displaystyle \mathrm{Sharpe} = \frac{\mathbb{E}[R] - R_f}{\sigma_R}

Sharpe ratio measures return per unit of risk (volatility). A higher Sharpe indicates better risk-adjusted performance. CLSK had a higher Sharpe (0.74 vs 0.09), 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 CLSK and MARA

Sortino Ratio: CLSK vs. MARA

Return per downside volatility

Sortino keeps the return-over-risk idea, but only returns below the target rate count as volatility.

Higher is better

excess return / downside volatility

Formula

\displaystyle \mathrm{Sortino} = \frac{\mathbb{E}[R] - R_f}{\sigma_{\mathrm{down}}}

Sortino ratio measures return per unit of downside risk. Unlike Sharpe, it only counts downside deviation (returns below the target return). CLSK had better downside-adjusted returns.

A higher Sortino is better. It's useful when upside volatility is common (crypto is the obvious example). Downside deviation: CLSK 57.2% vs MARA 53.2%. Calculated on each asset's full 365-day lookback of available prices, using the daily risk-free rate as the target return, and annualized using the asset calendar (365 for crypto, 252 trading days for equities/ETFs/metals).

Calmar Ratio of CLSK and MARA

Calmar Ratio: CLSK vs. MARA

CAGR per worst drawdown

Calmar compares CAGR against the single deepest peak-to-trough loss over the period.

Higher is better

CAGR / max drawdown

Formula

\displaystyle \mathrm{Calmar} = \frac{\mathrm{CAGR}}{|\mathrm{MaxDD}|}

Calmar ratio compares CAGR to maximum drawdown. Higher Calmar means more return per unit of worst drawdown. CLSK posted the higher Calmar ratio.

Calmar is computed on each asset's full 365-day lookback and uses the max drawdown over that same window.

Sterling Ratio of CLSK and MARA

Sterling Ratio: CLSK vs. MARA

Return per average drawdown

Sterling smooths the drawdown penalty by using average drawdown events instead of only the worst one.

Higher is better

excess annual return / average deep drawdown

Formula

\displaystyle \mathrm{Sterling} = \frac{\mathrm{CAGR} - R_f}{\overline{D}_{>10\%}}

Sterling ratio measures excess return per unit of average drawdown (typically drawdowns worse than 10%). CLSK posted the higher Sterling ratio.

Sterling uses average drawdown events deeper than 10% and subtracts the risk-free rate to report excess return.

Treynor Ratio of CLSK and MARA

Treynor Ratio: CLSK vs. MARA

Excess return per market beta

Treynor divides excess annualized return by beta — the sensitivity of the asset to broad-market moves. The slope shown is each asset’s beta vs SPY.

Higher is better

excess return / market beta

Formula

\displaystyle \mathrm{Treynor} = \frac{\mathbb{E}[R] - R_f}{\beta}

Treynor ratio measures excess return per unit of market risk (beta) instead of total volatility. CLSK posted the higher Treynor ratio.

Treynor uses beta vs the S&P 500 (SPY) on shared dates and the average 3-month Treasury rate as the risk-free rate.

Ulcer Index of CLSK and MARA

Ulcer Index: CLSK vs. MARA

Drawdown pain

Ulcer Index is a risk index, not a return-over-risk ratio. Lower means smaller and shorter drawdowns.

Lower is better

root-mean-square drawdown

Formula

\displaystyle \mathrm{UI} = \sqrt{\mathbb{E}[D_t^2]}

Ulcer Index captures drawdown depth and duration. Lower Ulcer Index means less drawdown pain. CLSK had the lower Ulcer Index (less drawdown pain).

Ulcer Index is computed from each asset's drawdown series over the full lookback window.

Tail Risk & Distribution Shape (1-Year): CleanSpark vs. Marathon Digital

This section looks at the shape of daily returns, not just the average. Tail stats are computed per asset on its own daily series (crypto includes weekends). We use daily log returns $\ln\left(\frac{P_t}{P_{t-1}}\right)$ so multi-day moves add cleanly.

Definitions: Value at Risk (VaR), Expected Shortfall, skew, kurtosis, and fat tails.

Tail Risk & Distribution Shape: CLSK vs. MARA (1-Year)

Actual daily return tails

The bars are real daily log-return observations from the article window. Darker bars are observations at or beyond each asset’s 5% VaR cutoff.

Observed returns

VaR marks the 5th percentile loss cutoff; Expected Shortfall averages the observations beyond that cutoff.

Formula

\displaystyle \mathrm{VaR}_{5\%}=Q_{0.05}(r_t),\quad \mathrm{ES}_{5\%}=\mathbb{E}[r_t\mid r_t\le \mathrm{VaR}_{5\%}]

Metric (1-Year)	CLSK	MARA
5% VaR (daily log return)	-7.91%	-8.06%
5% Expected Shortfall (CVaR)	-11.19% (worst 13 days)	-10.69% (worst 13 days)
Skew	0.09	0.08
Excess kurtosis	1.41	1.81
2σ tail days (down / up)	3 / 9	6 / 6
Worst day	-19.13% (2026-02-05)	-18.72% (2026-02-05)
Best day	+21.96% (2026-02-06)	+22.44% (2026-02-06)

Downside co-moves (2σ) — 1-Year

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.

Downside co-move map: CLSK vs. MARA (2σ)

Shared-close daily returns

Dots mark actual downside days: asset-colored dots are one-sided downside moves, and red dots are joint downside days. Grey dots add sampled shared-return context when available. The shaded lower-left zone shows where both CLSK and MARA crossed their own 2σ downside threshold.

2σ

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 CLSK and MARA had a big down day (2σ)

Date (interval)	CLSK	MARA
2025-10-16	-13.84%	-11.27%
2026-02-05	-19.13%	-18.72%

Days when CLSK had a big down day

Date (interval)	CLSK	MARA
2025-10-16	-13.84%	-11.27%
2025-12-12 → 2025-12-15	-15.07%	-7.12%
2026-02-05	-19.13%	-18.72%

Days when MARA had a big down day

Date (interval)	CLSK	MARA
2025-05-02 → 2025-05-05	-8.17%	-9.60%
2025-05-28	-7.61%	-9.61%
2025-07-23	-3.04%	-11.62%
2025-10-16	-13.84%	-11.27%
2025-11-13	-10.13%	-11.31%
2026-02-05	-19.13%	-18.72%

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.

Full Comparison of CleanSpark vs. Marathon Digital (1-Year)

Metric	CLSK	MARA
Total Return	+35.7%	-17.5%
Annualized Volatility	88.0%	79.3%
Sharpe Ratio	0.74	0.09
Sortino Ratio	1.14	0.14
Calmar Ratio	0.56	-0.25
Sterling Ratio	1.33	-0.82
Treynor Ratio	0.19	0.02
Ulcer Index	36.74%	39.62%
Max Drawdown	-64.7%	-70.5%
Avg Correlation to S&P 500	0.43	0.48
5% VaR (daily log return)	-7.91%	-8.06%
5% Expected Shortfall (CVaR)	-11.19%	-10.69%
Skew	0.09	0.08
Excess kurtosis	1.41	1.81
2σ tail days (down / up)	3 / 9	6 / 6

Audit this calculation

Formulas, inputs, and conventions used to compute the metrics on this page.

Inputs & conventions

Shared window for pair metrics: 2025-04-25 → 2026-04-23 (last shared close).
Rolling correlation sample (shared closes): 220 rolling 30-day values (from 249 shared daily returns).
Annualization (days/year): CLSK: 252 days/year; MARA: 252 days/year.
Risk-free rate: Uses the 3-month U.S. Treasury yield (FRED: DGS3MO), averaged over each asset’s window:

CLSK: 4.17% over 2025-04-25 → 2026-04-23.

MARA: 4.17% over 2025-04-25 → 2026-04-23.
Volatility drag (rule of thumb): Estimated from annualized volatility (simple returns). For the log-return framing, see Log returns.

CLSK: ≈ -38.7%/yr

MARA: ≈ -31.4%/yr
Data alignment: No forward fill. Correlation and tail co-moves are computed on shared closes only.
For cross-calendar pairs (e.g., crypto vs stocks), weekend/holiday moves roll into the next shared close.
Return conventions: Volatility/Sharpe/Sortino use simple daily returns. Tail-risk uses daily log returns for distribution stats (but tables show simple returns). Log returns.

Formulas

Daily simple return

r_t = \frac{P_t}{P_{t-1}} - 1

Volatility

\sigma_{ann} = \sigma(r_t)\sqrt{A}

Volatility drag (approx.)

\text{drag} \approx \tfrac{1}{2}\sigma_{ann}^2

Sharpe Ratio

S = \frac{A\,\bar{r} - r_f}{\sigma(r_t)\sqrt{A}}

Sortino Ratio

So = \frac{A\,\bar{r} - r_f}{\sqrt{\mathbb{E}[\min(0,\,r_t - r_f/A)^2]}\,\sqrt{A}}

Maximum Drawdown

MDD = \min_t\left(\frac{P_t}{\max_{s \le t} P_s} - 1\right)

Average Correlation

\rho = \frac{\operatorname{cov}(r^A,\,r^B)}{\sigma_A\,\sigma_B}

Log returns

\ell_t = \ln\left(\frac{P_t}{P_{t-1}}\right)

Notation

$P_t$: Price on day t.
$r_t$: Simple daily return.
$\ell_t$: Log daily return.
$\bar{r}$: Average daily return.
$\sigma(r_t)$: Standard deviation of daily returns.
$A$: Annualization factor (days/year).
$r_f$: Annual risk-free rate.

CleanSpark vs Marathon Digital: Frequently Asked Questions

Which has higher volatility: CLSK or MARA?

CLSK showed higher volatility at 88.0% annualized, compared to 79.3% for MARA Over the past year. Higher volatility means larger price swings in both directions.

Does CLSK provide diversification when held with MARA?

CLSK and MARA are strongly correlated over the past year, with an average correlation of 0.82. This strong correlation limits diversification benefits.

How bad are the worst 5% days for CLSK vs MARA?

Over the past year, CLSK's 5% VaR was -7.91% and its 5% Expected Shortfall was -11.19% (worst 13 days). MARA's were -8.06% and -10.69% (worst 13 days).

Do CLSK and MARA crash together on bad days?

On shared dates (n=249), when MARA has a 2σ down day, CLSK also does 33.3% (2/6 days). In the other direction, when CLSK has one, MARA also does 66.7% (2/3 days).

Which has better risk-adjusted returns: CLSK or MARA?

CLSK showed better risk-adjusted performance with a Sharpe ratio of 0.74 versus MARA's 0.09 Over the past year.

Can CLSK and MARA be combined in a portfolio?

Yes, though allocation sizing matters. Their strong correlation provides limited risk reduction since they tend to move together. CLSK's higher volatility (88.0%) means even small allocations can materially impact overall portfolio risk.

Explore our financial glossary

Which is a better investment: CLSK or MARA?

Share This Comparison of CLSK vs MARA

Relative Performance of CLSK vs MARA (Normalized to 100)

Trade CLSK or MARA

Key Takeaways

Investment Comparison

CleanSpark vs Marathon Digital Performance Over Time

CleanSpark vs Marathon Digital Correlation

Drawdown

CleanSpark vs Marathon Digital Volatility (CLSK vs MARA)

Risk-adjusted ratios

Sharpe Ratio of CLSK and MARA

Sharpe Ratio: CLSK vs. MARA

Sortino Ratio of CLSK and MARA

Sortino Ratio: CLSK vs. MARA

Calmar Ratio of CLSK and MARA

Calmar Ratio: CLSK vs. MARA

Sterling Ratio of CLSK and MARA

Sterling Ratio: CLSK vs. MARA

Treynor Ratio of CLSK and MARA

Treynor Ratio: CLSK vs. MARA

Ulcer Index of CLSK and MARA

Ulcer Index: CLSK vs. MARA

Tail Risk & Distribution Shape (1-Year): CleanSpark vs. Marathon Digital

Tail Risk & Distribution Shape: CLSK vs. MARA (1-Year)

Downside co-moves (2σ) — 1-Year

Downside co-move map: CLSK vs. MARA (2σ)

Days when both CLSK and MARA had a big down day (2σ)

Days when CLSK had a big down day

Days when MARA had a big down day

Full Comparison of CleanSpark vs. Marathon Digital (1-Year)

Inputs & conventions

Formulas

CleanSpark vs Marathon Digital: Frequently Asked Questions

Which has higher volatility: CLSK or MARA?

Does CLSK provide diversification when held with MARA?

How bad are the worst 5% days for CLSK vs MARA?

Do CLSK and MARA crash together on bad days?

Which has better risk-adjusted returns: CLSK or MARA?

Can CLSK and MARA be combined in a portfolio?