^IBEX vs. SAN

Last updated Apr 2, 2026

Compare and contrast key facts about IBEX 35 Index (^IBEX) and Banco Santander, S.A. (SAN).

Performance

^IBEX vs. SAN - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in IBEX 35 Index (^IBEX) and Banco Santander, S.A. (SAN). The values are adjusted to include any dividend payments, if applicable.

^IBEX vs. SAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
^IBEX IBEX 35 Index	1.58%	49.27%	14.78%	22.76%	-5.56%	7.93%	-15.45%	11.82%	-14.97%	7.40%
SAN Banco Santander, S.A.	0.15%	133.31%	22.55%	41.82%	-0.84%	18.67%	-28.42%	-0.11%	-25.13%	16.02%

Different Trading Currencies

^IBEX is traded in EUR, while SAN is traded in USD. To make them comparable, the SAN values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, ^IBEX achieves a 1.58% return, which is significantly higher than SAN's 0.15% return. Over the past 10 years, ^IBEX has underperformed SAN with an annualized return of 7.41%, while SAN has yielded a comparatively higher 14.74% annualized return.

^IBEX

• 1D: 3.11%
• 1M: -1.67%
• YTD: 1.58%
• 6M: 13.14%
• 1Y: 32.21%
• 3Y*: 23.95%
• 5Y*: 15.43%
• 10Y*: 7.41%

SAN

• 1D: 2.46%
• 1M: -2.24%
• YTD: 0.15%
• 6M: 14.09%
• 1Y: 63.86%
• 3Y*: 48.71%
• 5Y*: 32.65%
• 10Y*: 14.74%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

^IBEX vs. SAN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

^IBEX

^IBEX Risk / Return Rank: 94
^IBEX Sharpe Ratio Rank: 92
^IBEX Sortino Ratio Rank: 92
^IBEX Omega Ratio Rank: 93
^IBEX Calmar Ratio Rank: 97
^IBEX Martin Ratio Rank: 97

SAN

SAN Risk / Return Rank: 90
SAN Sharpe Ratio Rank: 92
SAN Sortino Ratio Rank: 87
SAN Omega Ratio Rank: 86
SAN Calmar Ratio Rank: 89
SAN Martin Ratio Rank: 92

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

^IBEX vs. SAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for IBEX 35 Index (^IBEX) and Banco Santander, S.A. (SAN). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	^IBEX	SAN	Difference
Sharpe ratio Return per unit of total volatility	1.80	1.87	-0.08
Sortino ratio Return per unit of downside risk	2.28	2.38	-0.09
Omega ratio Gain probability vs. loss probability	1.35	1.31	+0.04
Calmar ratio Return relative to maximum drawdown	4.74	3.55	+1.19
Martin ratio Return relative to average drawdown	17.21	11.71	+5.50
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

^IBEX vs. SAN - Sharpe Ratio Comparison

The current ^IBEX Sharpe Ratio is 1.80, which is comparable to the SAN Sharpe Ratio of 1.87. The chart below compares the historical Sharpe Ratios of ^IBEX and SAN, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	^IBEX	SAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.80	1.87	-0.08
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.94	1.05	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.39	0.43	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.25	0.10	+0.15

Correlation

The correlation between ^IBEX and SAN is 0.70, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Drawdowns

^IBEX vs. SAN - Drawdown Comparison

The maximum ^IBEX drawdown since its inception was -62.65%, smaller than the maximum SAN drawdown of -77.95%. Use the drawdown chart below to compare losses from any high point for ^IBEX and SAN.

Drawdown Indicators

	^IBEX	SAN	Difference
Max Drawdown Largest peak-to-trough decline	-62.65%	-82.94%	+20.29%
Max Drawdown (1Y) Largest decline over 1 year	-11.72%	-20.29%	+8.57%
Max Drawdown (5Y) Largest decline over 5 years	-21.76%	-44.15%	+22.39%
Max Drawdown (10Y) Largest decline over 10 years	-45.16%	-73.84%	+28.68%
Current Drawdown Current decline from peak	-4.95%	-12.41%	+7.46%
Average Drawdown Average peak-to-trough decline	-28.45%	-30.78%	+2.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.66%	5.99%	-3.33%

Volatility

^IBEX vs. SAN - Volatility Comparison

The current volatility for IBEX 35 Index (^IBEX) is 6.82%, while Banco Santander, S.A. (SAN) has a volatility of 12.75%. This indicates that ^IBEX experiences smaller price fluctuations and is considered to be less risky than SAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	^IBEX	SAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.82%	12.75%	-5.93%
Volatility (6M) Calculated over the trailing 6-month period	11.81%	24.27%	-12.46%
Volatility (1Y) Calculated over the trailing 1-year period	17.57%	34.30%	-16.73%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.12%	31.24%	-15.12%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.52%	34.74%	-16.22%