HEPS vs. KSPI
HEPS (D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi) and KSPI (Joint Stock Company Kaspi.kz) are both stocks. HEPS operates in Internet Retail (Consumer Cyclical), while KSPI operates in Software - Infrastructure (Technology). Over the past year, HEPS returned 12.60% vs 24.57% for KSPI. Their 0.18 correlation means their historical movements had little consistent relationship.
Performance
HEPS vs. KSPI - Performance Comparison
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Returns By Period
In the year-to-date period, HEPS achieves a 18.95% return, which is significantly lower than KSPI's 21.43% return.
HEPS
- 1D
- 1.03%
- 1M
- 0.34%
- 6M
- 5.73%
- YTD
- 18.95%
- 1Y
- 12.60%
- 3Y*
- 19.93%
- 5Y*
- -25.86%
- 10Y*
- —
- ALL TIME*
- -25.03%
KSPI
- 1D
- -0.29%
- 1M
- -1.16%
- 6M
- 24.55%
- YTD
- 21.43%
- 1Y
- 24.57%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 4.87%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $262.72K | $288.71K | $772.48K | |
| $26.22M | $25.93M | $35.11M |
HEPS vs. KSPI - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
HEPS D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi | 18.95% | -18.15% | 85.89% |
KSPI Joint Stock Company Kaspi.kz | 21.43% | -17.51% | 12.61% |
Correlation
The correlation between HEPS and KSPI is 0.11, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.11 |
Correlation (All Time) Calculated using the full available price history since Jan 19, 2024 | 0.18 |
Fundamentals
HEPS:
$935.81M
KSPI:
$16.87B
HEPS:
-TRY 18.72
KSPI:
KZT 5.48K
HEPS:
0.52
KSPI:
1.90
HEPS:
42.15
KSPI:
3.01
HEPS:
TRY 90.14B
KSPI:
KZT 4.21T
HEPS:
TRY 32.63B
KSPI:
KZT 2.98T
HEPS:
TRY 2.16B
KSPI:
KZT 1.56T
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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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| HEPS | KSPI | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.50 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.13 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.34 | 0.69 | -0.35 |
| Martin ratioReturn relative to average drawdown | 0.60 | 1.15 | -0.55 |
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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% |
Max Drawdown (3Y)Largest decline over 3 years | -40.76% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -95.65% | — | — |
Current DrawdownCurrent decline from peak | -79.31% | -28.40% | -50.91% |
Average DrawdownAverage peak-to-trough decline | -82.15% | -26.04% | -56.11% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.10% | 17.65% | -1.55% |
Volatility
HEPS vs. KSPI - Volatility Comparison
D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi (HEPS) has a higher volatility of 8.63% compared to Joint Stock Company Kaspi.kz (KSPI) at 6.25%. This indicates that HEPS's price experiences larger fluctuations and is considered to be riskier 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 | 8.63% | 6.25% | +2.38% |
Volatility (6M)Calculated over the trailing 6-month period | 21.72% | 26.28% | -4.56% |
Volatility (1Y)Calculated over the trailing 1-year period | 55.94% | 36.45% | +19.49% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 72.95% | 38.30% | +34.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 72.57% | 38.30% | +34.27% |
Dividends
HEPS vs. KSPI - Dividend Comparison
HEPS has not paid dividends to shareholders, while KSPI's dividend yield for the trailing twelve months is around 5.97%.
| Position | TTM | 2025 | 2024 |
|---|---|---|---|
HEPS D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi | 0.00% | 0.00% | 0.00% |
KSPI Joint Stock Company Kaspi.kz | 5.97% | 0.00% | 11.56% |
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 Aug 2026, D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi reported a gross profit of 8.50B and revenue of 23.14B. Therefore, the gross margin over that period was 36.7%.
KSPI - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Joint Stock Company Kaspi.kz reported a gross profit of 722.88B and revenue of 1.03T. Therefore, the gross margin over that period was 70.5%.
HEPS - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi reported an operating income of -439.57M and revenue of 23.14B, resulting in an operating margin of -1.9%.
KSPI - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Joint Stock Company Kaspi.kz reported an operating income of 305.82B and revenue of 1.03T, resulting in an operating margin of 29.8%.
HEPS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi reported a net income of -991.97M and revenue of 23.14B, resulting in a net margin of -4.3%.
KSPI - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Joint Stock Company Kaspi.kz reported a net income of 239.02B and revenue of 1.03T, resulting in a net margin of 23.3%.
Frequently Asked Questions
HEPS and KSPI have a correlation of 0.11, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HEPS has higher volatility (8.63%) compared to KSPI (6.25%). In terms of maximum drawdown, HEPS dropped -95.74% vs KSPI's -48.05%.
KSPI currently has the higher Sharpe Ratio (0.56 vs 0.17), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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