HQY vs. MA

Last updated Apr 1, 2026

Compare and contrast key facts about HealthEquity, Inc. (HQY) and Mastercard Inc (MA).

Performance

HQY vs. MA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in HealthEquity, Inc. (HQY) and Mastercard Inc (MA). The values are adjusted to include any dividend payments, if applicable.

HQY vs. MA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HQY HealthEquity, Inc.	-8.78%	-4.52%	44.72%	7.56%	39.33%	-36.54%	-5.89%	24.17%	27.84%	15.15%
MA Mastercard Inc	-12.34%	9.04%	24.17%	23.40%	-2.66%	1.16%	20.19%	59.16%	25.31%	47.69%

Fundamentals

Market Cap HQY : $7.21B MA : $448.69B
EPS HQY : $2.46 MA : $16.56
PE Ratio HQY : 33.92 MA : 30.18
PEG Ratio HQY : 0.24 MA : 1.39
PS Ratio HQY : 5.56 MA : 13.77
PB Ratio HQY : 3.42 MA : 57.93
Total Revenue (TTM) HQY : $1.31B MA : $32.79B
Gross Profit (TTM) HQY : $913.12M MA : $27.36B
EBITDA (TTM) HQY : $447.44M MA : $20.19B

Returns By Period

In the year-to-date period, HQY achieves a -8.78% return, which is significantly higher than MA's -12.34% return. Over the past 10 years, HQY has underperformed MA with an annualized return of 12.83%, while MA has yielded a comparatively higher 18.66% annualized return.

HQY

• 1D: 2.57%
• 1M: 9.26%
• YTD: -8.78%
• 6M: -11.82%
• 1Y: -5.43%
• 3Y*: 12.49%
• 5Y*: 4.18%
• 10Y*: 12.83%

MA

• 1D: 1.15%
• 1M: -3.39%
• YTD: -12.34%
• 6M: -11.91%
• 1Y: -8.31%
• 3Y*: 11.85%
• 5Y*: 7.19%
• 10Y*: 18.66%

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

Return for Risk

HQY vs. MA — Risk / Return Rank

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

HQY

HQY Risk / Return Rank: 35
HQY Sharpe Ratio Rank: 35
HQY Sortino Ratio Rank: 31
HQY Omega Ratio Rank: 31
HQY Calmar Ratio Rank: 38
HQY Martin Ratio Rank: 38

MA

MA Risk / Return Rank: 26
MA Sharpe Ratio Rank: 26
MA Sortino Ratio Rank: 23
MA Omega Ratio Rank: 23
MA Calmar Ratio Rank: 31
MA Martin Ratio Rank: 27

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.

HQY vs. MA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for HealthEquity, Inc. (HQY) and Mastercard Inc (MA). 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.

	HQY	MA	Difference
Sharpe ratio Return per unit of total volatility	-0.15	-0.35	+0.20
Sortino ratio Return per unit of downside risk	0.05	-0.32	+0.37
Omega ratio Gain probability vs. loss probability	1.01	0.96	+0.05
Calmar ratio Return relative to maximum drawdown	-0.11	-0.37	+0.26
Martin ratio Return relative to average drawdown	-0.21	-0.91	+0.70
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HQY vs. MA - Sharpe Ratio Comparison

The current HQY Sharpe Ratio is -0.15, which is higher than the MA Sharpe Ratio of -0.35. The chart below compares the historical Sharpe Ratios of HQY and MA, 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

	HQY	MA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.15	-0.35	+0.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.11	0.30	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.70	-0.41
Sharpe Ratio (All Time) Calculated using the full available price history	0.32	0.84	-0.52

Correlation

The correlation between HQY and MA is 0.31, 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

HQY vs. MA - Dividend Comparison

HQY has not paid dividends to shareholders, while MA's dividend yield for the trailing twelve months is around 0.63%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HQY HealthEquity, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
MA Mastercard Inc	0.63%	0.53%	0.50%	0.53%	0.56%	0.49%	0.45%	0.44%	0.53%	0.58%	0.74%	0.66%

Drawdowns

HQY vs. MA - Drawdown Comparison

The maximum HQY drawdown since its inception was -60.65%, roughly equal to the maximum MA drawdown of -62.67%. Use the drawdown chart below to compare losses from any high point for HQY and MA.

Drawdown Indicators

	HQY	MA	Difference
Max Drawdown Largest peak-to-trough decline	-60.65%	-62.67%	+2.02%
Max Drawdown (1Y) Largest decline over 1 year	-35.25%	-18.92%	-16.33%
Max Drawdown (5Y) Largest decline over 5 years	-53.29%	-28.25%	-25.04%
Max Drawdown (10Y) Largest decline over 10 years	-60.65%	-41.00%	-19.65%
Current Drawdown Current decline from peak	-27.02%	-16.34%	-10.68%
Average Drawdown Average peak-to-trough decline	-22.92%	-9.76%	-13.16%
Ulcer Index Depth and duration of drawdowns from previous peaks	18.27%	7.71%	+10.56%

Volatility

HQY vs. MA - Volatility Comparison

HealthEquity, Inc. (HQY) has a higher volatility of 7.27% compared to Mastercard Inc (MA) at 6.83%. This indicates that HQY's price experiences larger fluctuations and is considered to be riskier than MA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HQY	MA	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.27%	6.83%	+0.44%
Volatility (6M) Calculated over the trailing 6-month period	24.20%	16.10%	+8.10%
Volatility (1Y) Calculated over the trailing 1-year period	37.30%	24.21%	+13.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.33%	23.87%	+15.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	44.36%	26.79%	+17.57%

Financials

HQY vs. MA - Profitability Comparison

The chart below illustrates the profitability comparison between HealthEquity, Inc. and Mastercard Inc over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

HQY - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, HealthEquity, Inc. reported a gross profit of 309.15M and revenue of 334.59M. Therefore, the gross margin over that period was 92.4%.

MA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Mastercard Inc reported a gross profit of 8.81B and revenue of 8.81B. Therefore, the gross margin over that period was 100.0%.

HQY - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, HealthEquity, Inc. reported an operating income of 67.37M and revenue of 334.59M, resulting in an operating margin of 20.1%.

MA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Mastercard Inc reported an operating income of 4.91B and revenue of 8.81B, resulting in an operating margin of 55.8%.

HQY - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, HealthEquity, Inc. reported a net income of 49.74M and revenue of 334.59M, resulting in a net margin of 14.9%.

MA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Mastercard Inc reported a net income of 4.06B and revenue of 8.81B, resulting in a net margin of 46.1%.