HDB vs. IBN

Last updated Apr 1, 2026

Compare and contrast key facts about HDFC Bank Limited (HDB) and ICICI Bank Limited (IBN).

Performance

HDB vs. IBN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HDFC Bank Limited (HDB) and ICICI Bank Limited (IBN). The values are adjusted to include any dividend payments, if applicable.

HDB vs. IBN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HDB HDFC Bank Limited	-31.91%	17.07%	-2.54%	0.16%	7.39%	-9.29%	14.03%	22.58%	2.44%	68.50%
IBN ICICI Bank Limited	-13.09%	0.57%	26.32%	9.80%	11.27%	33.57%	-1.52%	47.01%	6.25%	44.03%

Fundamentals

Market Cap HDB : $128.13B IBN : $93.91B
EPS HDB : $139.33 IBN : $146.41
PE Ratio HDB : 0.18 IBN : 0.18
PEG Ratio HDB : 0.01 IBN : 0.01
PS Ratio HDB : 0.03 IBN : 0.03
PB Ratio HDB : 0.02 IBN : 0.03
Total Revenue (TTM) HDB : $4.50T IBN : $3.08T
Gross Profit (TTM) HDB : $2.32T IBN : $1.59T
EBITDA (TTM) HDB : $905.96B IBN : $1.01T

Returns By Period

In the year-to-date period, HDB achieves a -31.91% return, which is significantly lower than IBN's -13.09% return. Over the past 10 years, HDB has underperformed IBN with an annualized return of 6.14%, while IBN has yielded a comparatively higher 15.60% annualized return.

HDB

• 1D: 3.24%
• 1M: -21.88%
• YTD: -31.91%
• 6M: -27.17%
• 1Y: -23.38%
• 3Y*: -7.23%
• 5Y*: -6.76%
• 10Y*: 6.14%

IBN

• 1D: 2.78%
• 1M: -15.11%
• YTD: -13.09%
• 6M: -14.32%
• 1Y: -17.20%
• 3Y*: 7.14%
• 5Y*: 10.56%
• 10Y*: 15.60%

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

Return for Risk

HDB vs. IBN — Risk / Return Rank

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

HDB

HDB Risk / Return Rank: 9
HDB Sharpe Ratio Rank: 5
HDB Sortino Ratio Rank: 8
HDB Omega Ratio Rank: 8
HDB Calmar Ratio Rank: 22
HDB Martin Ratio Rank: 2

IBN

IBN Risk / Return Rank: 11
IBN Sharpe Ratio Rank: 8
IBN Sortino Ratio Rank: 10
IBN Omega Ratio Rank: 11
IBN Calmar Ratio Rank: 20
IBN Martin Ratio Rank: 4

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.

HDB vs. IBN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HDFC Bank Limited (HDB) and ICICI Bank Limited (IBN). 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.

	HDB	IBN	Difference
Sharpe ratio Return per unit of total volatility	-0.99	-0.83	-0.16
Sortino ratio Return per unit of downside risk	-1.32	-1.10	-0.22
Omega ratio Gain probability vs. loss probability	0.84	0.86	-0.03
Calmar ratio Return relative to maximum drawdown	-0.60	-0.64	+0.04
Martin ratio Return relative to average drawdown	-1.92	-1.76	-0.16
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HDB vs. IBN - Sharpe Ratio Comparison

The current HDB Sharpe Ratio is -0.99, which is comparable to the IBN Sharpe Ratio of -0.83. The chart below compares the historical Sharpe Ratios of HDB and IBN, 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

	HDB	IBN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.99	-0.83	-0.16
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.25	0.44	-0.69
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.21	0.49	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.43	0.23	+0.20

Correlation

The correlation between HDB and IBN is 0.61, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

HDB vs. IBN - Dividend Comparison

HDB's dividend yield for the trailing twelve months is around 3.41%, more than IBN's 0.96% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HDB HDFC Bank Limited	3.41%	2.32%	2.19%	2.06%	1.70%	0.81%	0.00%	0.17%	0.55%	0.49%	0.66%	0.58%
IBN ICICI Bank Limited	0.96%	0.84%	0.80%	0.81%	0.57%	0.27%	0.00%	0.19%	0.43%	0.79%	1.98%	4.01%

Drawdowns

HDB vs. IBN - Drawdown Comparison

The maximum HDB drawdown since its inception was -67.93%, smaller than the maximum IBN drawdown of -86.09%. Use the drawdown chart below to compare losses from any high point for HDB and IBN.

Drawdown Indicators

	HDB	IBN	Difference
Max Drawdown Largest peak-to-trough decline	-67.93%	-86.09%	+18.16%
Max Drawdown (1Y) Largest decline over 1 year	-38.18%	-26.20%	-11.98%
Max Drawdown (5Y) Largest decline over 5 years	-38.18%	-26.24%	-11.94%
Max Drawdown (10Y) Largest decline over 10 years	-54.28%	-55.05%	+0.77%
Current Drawdown Current decline from peak	-36.18%	-24.15%	-12.03%
Average Drawdown Average peak-to-trough decline	-13.62%	-28.05%	+14.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.98%	9.57%	+2.41%

Volatility

HDB vs. IBN - Volatility Comparison

HDFC Bank Limited (HDB) has a higher volatility of 11.06% compared to ICICI Bank Limited (IBN) at 8.35%. This indicates that HDB's price experiences larger fluctuations and is considered to be riskier than IBN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HDB	IBN	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.06%	8.35%	+2.71%
Volatility (6M) Calculated over the trailing 6-month period	18.15%	16.15%	+2.00%
Volatility (1Y) Calculated over the trailing 1-year period	23.74%	20.76%	+2.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.82%	24.07%	+2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	28.82%	31.97%	-3.15%

Financials

HDB vs. IBN - Profitability Comparison

The chart below illustrates the profitability comparison between HDFC Bank Limited and ICICI Bank Limited over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

HDB - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, HDFC Bank Limited reported a gross profit of 781.29B and revenue of 1.28T. Therefore, the gross margin over that period was 61.1%.

IBN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, ICICI Bank Limited reported a gross profit of 0.00 and revenue of 774.20B. Therefore, the gross margin over that period was 0.0%.

HDB - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, HDFC Bank Limited reported an operating income of 271.85B and revenue of 1.28T, resulting in an operating margin of 21.2%.

IBN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, ICICI Bank Limited reported an operating income of 179.02B and revenue of 774.20B, resulting in an operating margin of 23.1%.

HDB - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, HDFC Bank Limited reported a net income of 199.71B and revenue of 1.28T, resulting in a net margin of 15.6%.

IBN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, ICICI Bank Limited reported a net income of 126.42B and revenue of 774.20B, resulting in a net margin of 16.3%.