HEPS vs. KSPI
Compare and contrast key facts about D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi (HEPS) and Joint Stock Company Kaspi.kz (KSPI).
Performance
HEPS vs. KSPI - Performance Comparison
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HEPS vs. KSPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HEPS D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi | 5.65% | -18.15% | 89.37% |
KSPI Joint Stock Company Kaspi.kz | -5.20% | -17.51% | 8.53% |
Fundamentals
HEPS:
$807.45M
KSPI:
$14.07B
HEPS:
-$17.40
KSPI:
$5.53K
HEPS:
0.01
KSPI:
0.00
HEPS:
0.40
KSPI:
0.01
HEPS:
$79.46B
KSPI:
$4.01T
HEPS:
$25.37B
KSPI:
$2.69T
HEPS:
$6.84B
KSPI:
$1.56T
Returns By Period
In the year-to-date period, HEPS achieves a 5.65% return, which is significantly higher than KSPI's -5.20% return.
HEPS
- 1D
- 0.38%
- 1M
- -1.13%
- YTD
- 5.65%
- 6M
- -2.60%
- 1Y
- -8.07%
- 3Y*
- 25.04%
- 5Y*
- —
- 10Y*
- —
KSPI
- 1D
- 2.56%
- 1M
- 4.93%
- YTD
- -5.20%
- 6M
- -9.32%
- 1Y
- -20.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
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Return for Risk
HEPS vs. KSPI — Risk / Return Rank
HEPS
KSPI
HEPS vs. KSPI - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi (HEPS) and Joint Stock Company Kaspi.kz (KSPI). 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.
| HEPS | KSPI | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.14 | -0.53 | +0.38 |
Sortino ratioReturn per unit of downside risk | 0.20 | -0.60 | +0.80 |
Omega ratioGain probability vs. loss probability | 1.03 | 0.93 | +0.10 |
Calmar ratioReturn relative to maximum drawdown | -0.33 | -0.72 | +0.39 |
Martin ratioReturn relative to average drawdown | -0.65 | -1.20 | +0.55 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| HEPS | KSPI | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.14 | -0.53 | +0.38 |
Sharpe Ratio (All Time)Calculated using the full available price history | -0.39 | -0.19 | -0.20 |
Correlation
The correlation between HEPS and KSPI is 0.19, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
HEPS vs. KSPI - Dividend Comparison
Neither HEPS nor KSPI has paid dividends to shareholders.
| TTM | 2025 | 2024 | |
|---|---|---|---|
HEPS D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi | 0.00% | 0.00% | 0.00% |
KSPI Joint Stock Company Kaspi.kz | 0.00% | 0.00% | 11.56% |
Drawdowns
HEPS vs. KSPI - Drawdown Comparison
The maximum HEPS drawdown since its inception was -95.74%, which is greater than KSPI's maximum drawdown of -48.05%. Use the drawdown chart below to compare losses from any high point for HEPS and KSPI.
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Drawdown Indicators
| HEPS | KSPI | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -95.74% | -48.05% | -47.69% |
Max Drawdown (1Y)Largest decline over 1 year | -28.52% | -29.55% | +1.03% |
Current DrawdownCurrent decline from peak | -81.63% | -44.10% | -37.53% |
Average DrawdownAverage peak-to-trough decline | -82.35% | -25.06% | -57.29% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.35% | 17.70% | -3.35% |
Volatility
HEPS vs. KSPI - Volatility Comparison
The current volatility for D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi (HEPS) is 9.66%, while Joint Stock Company Kaspi.kz (KSPI) has a volatility of 11.35%. This indicates that HEPS experiences smaller price fluctuations and is considered to be less risky than KSPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HEPS | KSPI | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.66% | 11.35% | -1.69% |
Volatility (6M)Calculated over the trailing 6-month period | 48.18% | 23.47% | +24.71% |
Volatility (1Y)Calculated over the trailing 1-year period | 57.36% | 38.62% | +18.74% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 74.64% | 38.75% | +35.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 74.64% | 38.75% | +35.89% |
Financials
HEPS vs. KSPI - Financials Comparison
This section allows you to compare key financial metrics between D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi and Joint Stock Company Kaspi.kz. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
HEPS vs. KSPI - Profitability Comparison
HEPS - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi reported a gross profit of 6.30B and revenue of 28.41B. Therefore, the gross margin over that period was 22.2%.
KSPI - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Joint Stock Company Kaspi.kz reported a gross profit of 819.91B and revenue of 1.11T. Therefore, the gross margin over that period was 73.9%.
HEPS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi reported an operating income of -812.36M and revenue of 28.41B, resulting in an operating margin of -2.9%.
KSPI - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Joint Stock Company Kaspi.kz reported an operating income of 344.41B and revenue of 1.11T, resulting in an operating margin of 31.1%.
HEPS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi reported a net income of -3.13B and revenue of 28.41B, resulting in a net margin of -11.0%.
KSPI - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Joint Stock Company Kaspi.kz reported a net income of 267.97B and revenue of 1.11T, resulting in a net margin of 24.2%.