BGN.MI vs. BNC.L

Last updated Jun 5, 2026

BGN.MI (Banca Generali S.p.A.) and BNC.L (Banco Santander) are both stocks. Both are in the Financial Services sector — BGN.MI in Banks - Regional, BNC.L in Banks - Diversified. Over the past 10 years, BGN.MI returned 15.25%/yr vs 15.29%/yr for BNC.L. At a 0.45 correlation, their price movements are largely independent.

Performance

BGN.MI vs. BNC.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in Banca Generali S.p.A. (BGN.MI) and Banco Santander (BNC.L). The values are adjusted to include any dividend payments, if applicable.

Different Trading Currencies

BGN.MI is traded in EUR, while BNC.L is traded in GBp. To make them comparable, the BNC.L values have been converted to EUR using the latest available exchange rates.

Returns By Period

In the year-to-date period, BGN.MI achieves a 2.43% return, which is significantly lower than BNC.L's 6.62% return. Both investments have delivered pretty close results over the past 10 years, with BGN.MI having a 15.25% annualized return and BNC.L not far ahead at 15.29%.

BGN.MI

• 1D: 1.18%
• 1M: -0.15%
• YTD: 2.43%
• 6M: 7.21%
• 1Y: 11.71%
• 3Y*: 29.96%
• 5Y*: 18.29%
• 10Y*: 15.25%

BNC.L

• 1D: -0.20%
• 1M: 5.73%
• YTD: 6.62%
• 6M: 14.68%
• 1Y: 56.95%
• 3Y*: 55.29%
• 5Y*: 29.60%
• 10Y*: 15.29%

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

BGN.MI vs. BNC.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BGN.MI Banca Generali S.p.A.	2.43%	34.18%	41.37%	11.06%	-12.77%	52.19%	0.97%	68.31%	-31.17%	27.21%
BNC.L Banco Santander	6.63%	133.23%	22.75%	40.86%	-0.94%	13.56%	-21.15%	0.27%	-24.75%	16.72%

Correlation

The correlation between BGN.MI and BNC.L is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.44
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Aug 29, 2007	0.45

Return for Risk

BGN.MI vs. BNC.L — Risk / Return Rank

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

BGN.MI

BGN.MI Risk / Return Rank: 57
BGN.MI Sharpe Ratio Rank: 60
BGN.MI Sortino Ratio Rank: 53
BGN.MI Omega Ratio Rank: 52
BGN.MI Calmar Ratio Rank: 60
BGN.MI Martin Ratio Rank: 59

BNC.L

BNC.L Risk / Return Rank: 86
BNC.L Sharpe Ratio Rank: 88
BNC.L Sortino Ratio Rank: 84
BNC.L Omega Ratio Rank: 82
BNC.L Calmar Ratio Rank: 86
BNC.L Martin Ratio Rank: 89

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.

BGN.MI vs. BNC.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Banca Generali S.p.A. (BGN.MI) and Banco Santander (BNC.L). 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.

	BGN.MI	BNC.L	Difference
Sharpe ratio: Return per unit of total volatility	0.58	1.82	-1.24
Sortino ratio: Return per unit of downside risk	0.95	2.50	-1.55
Omega ratio: Gain probability vs. loss probability	1.12	1.31	-0.19
Calmar ratio: Return relative to maximum drawdown	0.91	3.41	-2.50
Martin ratio: Return relative to average drawdown	1.90	10.14	-8.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BGN.MI vs. BNC.L - Sharpe Ratio Comparison

The current BGN.MI Sharpe Ratio is 0.58, which is lower than the BNC.L Sharpe Ratio of 1.82. The chart below compares the historical Sharpe Ratios of BGN.MI and BNC.L, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BGN.MI	BNC.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.58	1.82	-1.24
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.70	0.83	-0.14
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.52	0.41	+0.11
Sharpe Ratio (All Time) Calculated using the full available price history	0.46	0.16	+0.31

Drawdowns

BGN.MI vs. BNC.L - Drawdown Comparison

The maximum BGN.MI drawdown since its inception was -82.73%, which is greater than BNC.L's maximum drawdown of -73.36%. Use the drawdown chart below to compare losses from any high point for BGN.MI and BNC.L.

Drawdown Indicators

	BGN.MI	BNC.L	Difference
Max Drawdown Largest peak-to-trough decline	-82.73%	-73.36%	-9.37%
Max Drawdown (1Y) Largest decline over 1 year	-14.58%	-16.60%	+2.02%
Max Drawdown (3Y) Largest decline over 3 years	-17.56%	-20.41%	+2.85%
Max Drawdown (5Y) Largest decline over 5 years	-37.31%	-32.61%	-4.70%
Max Drawdown (10Y) Largest decline over 10 years	-48.91%	-71.20%	+22.29%
Current Drawdown Current decline from peak	-1.03%	-3.49%	+2.46%
Average Drawdown Average peak-to-trough decline	-18.14%	-28.95%	+10.81%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.03%	5.60%	+1.43%

Volatility

BGN.MI vs. BNC.L - Volatility Comparison

Banca Generali S.p.A. (BGN.MI) and Banco Santander (BNC.L) have volatilities of 6.81% and 6.69%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BGN.MI	BNC.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.81%	6.69%	+0.12%
Volatility (6M) Calculated over the trailing 6-month period	18.65%	24.48%	-5.83%
Volatility (1Y) Calculated over the trailing 1-year period	23.26%	31.15%	-7.89%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.02%	35.47%	-9.45%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	29.00%	37.41%	-8.41%

Dividends

BGN.MI vs. BNC.L - Dividend Comparison

BGN.MI's dividend yield for the trailing twelve months is around 5.12%, more than BNC.L's 2.26% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BGN.MI Banca Generali S.p.A.	5.12%	4.81%	4.90%	5.35%	5.46%	6.97%	5.69%	4.32%	6.89%	3.86%	5.30%	3.36%
BNC.L Banco Santander	2.26%	2.21%	4.57%	3.69%	3.82%	2.65%	4.20%	6.29%	5.37%	3.74%	6.82%	13.75%

Financials

Frequently Asked Questions

Can I hold both BGN.MI and BNC.L in my portfolio?

BGN.MI and BNC.L have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.