ICAGY vs. SAN

Last updated Jun 4, 2026

ICAGY (International Consolidated Airlines Group, S.A.) and SAN (Banco Santander, S.A.) are both stocks. ICAGY operates in Airlines (Industrials), while SAN operates in Banks - Diversified (Financial Services). Over the past 10 years, ICAGY returned 0.96%/yr vs 14.86%/yr for SAN. At a 0.48 correlation, their price movements are largely independent.

Performance

ICAGY vs. SAN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in International Consolidated Airlines Group, S.A. (ICAGY) and Banco Santander, S.A. (SAN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, ICAGY achieves a 2.99% return, which is significantly lower than SAN's 4.95% return. Over the past 10 years, ICAGY has underperformed SAN with an annualized return of 0.96%, while SAN has yielded a comparatively higher 14.86% annualized return.

ICAGY

• 1D: 0.35%
• 1M: 13.61%
• YTD: 2.99%
• 6M: 8.72%
• 1Y: 29.26%
• 3Y*: 44.66%
• 5Y*: 16.30%
• 10Y*: 0.96%

SAN

• 1D: -2.01%
• 1M: 5.28%
• YTD: 4.95%
• 6M: 12.63%
• 1Y: 57.67%
• 3Y*: 58.16%
• 5Y*: 28.04%
• 10Y*: 14.86%

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

ICAGY vs. SAN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ICAGY International Consolidated Airlines Group, S.A.	2.99%	49.77%	97.26%	32.88%	-23.36%	-12.61%	-68.67%	18.14%	-8.00%	66.87%
SAN Banco Santander, S.A.	4.95%	164.72%	14.96%	46.20%	-6.62%	10.41%	-21.99%	-2.32%	-28.49%	32.28%

Correlation

The correlation between ICAGY and SAN is 0.51, 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	0.51
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (5Y) Calculated over the trailing 5-year period	0.51
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Jan 27, 2011	0.48

The correlation between ICAGY and SAN has been stable across timeframes, ranging from 0.47 to 0.51 - a consistent structural relationship.

Fundamentals

Market Cap ICAGY : $28.28B SAN : $178.48B
EPS ICAGY : $1.94 SAN : $1.06
PE Ratio ICAGY : 5.84 SAN : 11.45
PEG Ratio ICAGY : 0.05 SAN : 0.60
PS Ratio ICAGY : 0.65 SAN : 2.48
PB Ratio ICAGY : 3.73 SAN : 1.68
Total Revenue (TTM) ICAGY : $42.41B SAN : $74.92B
Gross Profit (TTM) ICAGY : $9.69B SAN : $46.97B
EBITDA (TTM) ICAGY : $9.31B SAN : $21.14B

Return for Risk

ICAGY vs. SAN — Risk / Return Rank

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

ICAGY

ICAGY Risk / Return Rank: 64
ICAGY Sharpe Ratio Rank: 66
ICAGY Sortino Ratio Rank: 61
ICAGY Omega Ratio Rank: 60
ICAGY Calmar Ratio Rank: 64
ICAGY Martin Ratio Rank: 66

SAN

SAN Risk / Return Rank: 82
SAN Sharpe Ratio Rank: 84
SAN Sortino Ratio Rank: 81
SAN Omega Ratio Rank: 77
SAN Calmar Ratio Rank: 81
SAN Martin Ratio Rank: 85

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.

ICAGY vs. SAN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for International Consolidated Airlines Group, S.A. (ICAGY) 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.

	ICAGY	SAN	Difference
Sharpe ratio Return per unit of total volatility	0.81	1.76	-0.95
Sortino ratio Return per unit of downside risk	1.32	2.40	-1.08
Omega ratio Gain probability vs. loss probability	1.17	1.29	-0.12
Calmar ratio Return relative to maximum drawdown	1.16	2.86	-1.70
Martin ratio Return relative to average drawdown	3.12	8.88	-5.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ICAGY vs. SAN - Sharpe Ratio Comparison

The current ICAGY Sharpe Ratio is 0.81, which is lower than the SAN Sharpe Ratio of 1.76. The chart below compares the historical Sharpe Ratios of ICAGY and SAN, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ICAGY	SAN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.81	1.76	-0.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.41	0.84	-0.43
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.02	0.42	-0.40
Sharpe Ratio (All Time) Calculated using the full available price history	0.10	0.23	-0.13

Drawdowns

ICAGY vs. SAN - Drawdown Comparison

The maximum ICAGY drawdown since its inception was -85.75%, roughly equal to the maximum SAN drawdown of -82.94%. Use the drawdown chart below to compare losses from any high point for ICAGY and SAN.

Drawdown Indicators

	ICAGY	SAN	Difference
Max Drawdown Largest peak-to-trough decline	-85.75%	-82.94%	-2.81%
Max Drawdown (1Y) Largest decline over 1 year	-25.39%	-20.29%	-5.10%
Max Drawdown (3Y) Largest decline over 3 years	-37.07%	-20.29%	-16.78%
Max Drawdown (5Y) Largest decline over 5 years	-63.50%	-43.63%	-19.87%
Max Drawdown (10Y) Largest decline over 10 years	-85.75%	-73.84%	-11.91%
Current Drawdown Current decline from peak	-19.68%	-6.81%	-12.87%
Average Drawdown Average peak-to-trough decline	-36.90%	-30.68%	-6.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.39%	6.51%	+2.88%

Volatility

ICAGY vs. SAN - Volatility Comparison

International Consolidated Airlines Group, S.A. (ICAGY) has a higher volatility of 14.62% compared to Banco Santander, S.A. (SAN) at 9.58%. This indicates that ICAGY's price experiences larger fluctuations and is considered to be riskier than SAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ICAGY	SAN	Difference
Volatility (1M) Calculated over the trailing 1-month period	14.62%	9.58%	+5.04%
Volatility (6M) Calculated over the trailing 6-month period	28.89%	26.67%	+2.22%
Volatility (1Y) Calculated over the trailing 1-year period	36.37%	32.93%	+3.44%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.26%	33.76%	+6.50%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	47.30%	35.85%	+11.45%

Dividends

ICAGY vs. SAN - Dividend Comparison

ICAGY's dividend yield for the trailing twelve months is around 2.20%, less than SAN's 2.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ICAGY International Consolidated Airlines Group, S.A.	2.20%	2.27%	0.89%	0.00%	0.00%	0.00%	15.07%	7.56%	3.77%	2.45%	1.86%	1.23%
SAN Banco Santander, S.A.	2.30%	2.11%	4.63%	3.58%	3.83%	2.71%	0.00%	6.20%	5.83%	4.60%	3.29%	7.06%

Financials

ICAGY vs. SAN - Profitability Comparison

The chart below illustrates the profitability comparison between International Consolidated Airlines Group, S.A. and Banco Santander, S.A. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

ICAGY - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, International Consolidated Airlines Group, S.A. reported a gross profit of 4.13B and revenue of 17.18B. Therefore, the gross margin over that period was 24.0%.

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%.

ICAGY - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, International Consolidated Airlines Group, S.A. reported an operating income of 3.07B and revenue of 17.18B, resulting in an operating margin of 17.9%.

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%.

ICAGY - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, International Consolidated Airlines Group, S.A. reported a net income of 2.03B and revenue of 17.18B, resulting in a net margin of 11.8%.

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

Can I hold both ICAGY and SAN in my portfolio?

ICAGY and SAN have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ICAGY or SAN?

ICAGY has higher volatility (14.62%) compared to SAN (9.58%). In terms of maximum drawdown, ICAGY dropped -85.75% vs SAN's -82.94%.

Which has better risk-adjusted returns?

SAN currently has the higher Sharpe Ratio (1.76 vs 0.81), 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.