HSBC vs. SAN
HSBC (HSBC Holdings plc) and SAN (Banco Santander, S.A.) are both stocks. Both operate in the Banks - Diversified industry within the Financial Services sector. Over the past 10 years, HSBC returned 18.39%/yr vs 16.85%/yr for SAN. A 0.61 correlation means they provide meaningful diversification when combined.
Performance
HSBC vs. SAN - Performance Comparison
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Returns By Period
In the year-to-date period, HSBC achieves a 21.78% return, which is significantly higher than SAN's 11.07% return. Over the past 10 years, HSBC has outperformed SAN with an annualized return of 18.39%, while SAN has yielded a comparatively lower 16.85% annualized return.
HSBC
- 1D
- 2.15%
- 1M
- 4.85%
- YTD
- 21.78%
- 6M
- 27.76%
- 1Y
- 64.27%
- 3Y*
- 43.81%
- 5Y*
- 32.55%
- 10Y*
- 18.39%
SAN
- 1D
- 2.47%
- 1M
- 9.63%
- YTD
- 11.07%
- 6M
- 14.69%
- 1Y
- 66.03%
- 3Y*
- 60.71%
- 5Y*
- 29.56%
- 10Y*
- 16.85%
HSBC vs. SAN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HSBC HSBC Holdings plc | 21.78% | 67.91% | 34.48% | 39.45% | 7.79% | 20.76% | -31.71% | 1.44% | -16.05% | 36.04% |
SAN Banco Santander, S.A. | 11.07% | 164.72% | 14.96% | 46.20% | -6.62% | 10.41% | -21.99% | -2.32% | -28.49% | 32.28% |
Correlation
The correlation between HSBC and SAN is 0.72, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 1999 | 0.61 |
The correlation between HSBC and SAN shifts across timeframes, from 0.61 (all time) to 0.72 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
HSBC:
$320.51B
SAN:
$188.90B
HSBC:
$6.38
SAN:
€1.06
HSBC:
14.52
SAN:
10.47
HSBC:
0.71
SAN:
0.55
HSBC:
2.52
SAN:
2.27
HSBC:
1.84
SAN:
1.54
HSBC:
$128.37B
SAN:
€74.92B
HSBC:
$65.42B
SAN:
€46.97B
HSBC:
$34.27B
SAN:
€21.14B
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Return for Risk
HSBC vs. SAN — Risk / Return Rank
HSBC
SAN
HSBC vs. SAN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for HSBC Holdings plc (HSBC) and Banco Santander, S.A. (SAN). 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.
| HSBC | SAN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.40 | ||
| Sortino ratioReturn per unit of downside risk | +0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.30 | +0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.80 | 3.13 | +0.67 |
| Martin ratioReturn relative to average drawdown | 13.41 | 9.63 | +3.78 |
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Drawdowns
HSBC vs. SAN - Drawdown Comparison
The maximum HSBC drawdown since its inception was -74.47%, smaller than the maximum SAN drawdown of -82.94%. Use the drawdown chart below to compare losses from any high point for HSBC and SAN.
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Drawdown Indicators
| HSBC | SAN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -74.47% | -82.94% | +8.47% |
Max Drawdown (1Y)Largest decline over 1 year | -16.28% | -20.29% | +4.01% |
Max Drawdown (3Y)Largest decline over 3 years | -21.83% | -20.29% | -1.54% |
Max Drawdown (5Y)Largest decline over 5 years | -31.80% | -41.99% | +10.19% |
Max Drawdown (10Y)Largest decline over 10 years | -62.26% | -73.84% | +11.58% |
Current DrawdownCurrent decline from peak | -2.67% | -1.37% | -1.30% |
Average DrawdownAverage peak-to-trough decline | -24.09% | -30.66% | +6.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.61% | 6.58% | -1.97% |
Volatility
HSBC vs. SAN - Volatility Comparison
HSBC Holdings plc (HSBC) and Banco Santander, S.A. (SAN) have volatilities of 10.18% and 10.68%, 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.
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Volatility by Period
| HSBC | SAN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.18% | 10.68% | -0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 22.25% | 27.49% | -5.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 27.11% | 33.65% | -6.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.95% | 33.89% | -7.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.62% | 35.85% | -10.23% |
Dividends
HSBC vs. SAN - Dividend Comparison
HSBC's dividend yield for the trailing twelve months is around 4.05%, more than SAN's 2.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HSBC HSBC Holdings plc | 4.05% | 4.19% | 8.29% | 6.54% | 4.33% | 3.65% | 4.05% | 6.52% | 6.20% | 4.94% | 6.35% | 6.33% |
SAN Banco Santander, S.A. | 2.17% | 2.11% | 4.63% | 3.58% | 3.83% | 2.71% | 0.00% | 6.20% | 5.83% | 4.60% | 3.29% | 7.06% |
Financials
HSBC vs. SAN - Financials Comparison
This section allows you to compare key financial metrics between HSBC Holdings plc and Banco Santander, S.A.. 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
HSBC vs. SAN - Profitability Comparison
HSBC - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, HSBC Holdings plc reported a gross profit of 16.93B and revenue of 32.92B. Therefore, the gross margin over that period was 51.4%.
SAN - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Banco Santander, S.A. reported a gross profit of 12.95B and revenue of 31.44B. Therefore, the gross margin over that period was 41.2%.
HSBC - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, HSBC Holdings plc reported an operating income of 9.36B and revenue of 32.92B, resulting in an operating margin of 28.4%.
SAN - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Banco Santander, S.A. reported an operating income of 5.11B and revenue of 31.44B, resulting in an operating margin of 16.3%.
HSBC - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, HSBC Holdings plc reported a net income of 7.33B and revenue of 32.92B, resulting in a net margin of 22.3%.
SAN - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Banco Santander, S.A. reported a net income of 5.54B and revenue of 31.44B, resulting in a net margin of 17.6%.
Frequently Asked Questions
HSBC and SAN have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SAN has higher volatility (10.68%) compared to HSBC (10.18%). In terms of maximum drawdown, HSBC dropped -74.47% vs SAN's -82.94%.
HSBC currently has the higher Sharpe Ratio (2.28 vs 1.89), 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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