KSPI vs. ^GSPC

Last updated Apr 1, 2026

Compare and contrast key facts about Joint Stock Company Kaspi.kz (KSPI) and S&P 500 Index (^GSPC).

Performance

KSPI vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Joint Stock Company Kaspi.kz (KSPI) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

KSPI vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KSPI Joint Stock Company Kaspi.kz	-5.20%	-17.51%	8.53%
^GSPC S&P 500 Index	-4.63%	16.39%	21.53%

Returns By Period

In the year-to-date period, KSPI achieves a -5.20% return, which is significantly lower than ^GSPC's -4.63% return.

KSPI

• 1D: 2.56%
• 1M: 4.93%
• YTD: -5.20%
• 6M: -9.32%
• 1Y: -20.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

^GSPC

• 1D: 2.91%
• 1M: -5.09%
• YTD: -4.63%
• 6M: -2.39%
• 1Y: 16.33%
• 3Y*: 16.69%
• 5Y*: 10.18%
• 10Y*: 12.16%

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

Return for Risk

KSPI vs. ^GSPC — Risk / Return Rank

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

KSPI

KSPI Risk / Return Rank: 18
KSPI Sharpe Ratio Rank: 18
KSPI Sortino Ratio Rank: 17
KSPI Omega Ratio Rank: 19
KSPI Calmar Ratio Rank: 16
KSPI Martin Ratio Rank: 19

^GSPC

^GSPC Risk / Return Rank: 74
^GSPC Sharpe Ratio Rank: 69
^GSPC Sortino Ratio Rank: 68
^GSPC Omega Ratio Rank: 76
^GSPC Calmar Ratio Rank: 73
^GSPC 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.

KSPI vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Joint Stock Company Kaspi.kz (KSPI) and S&P 500 Index (^GSPC). 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.

	KSPI	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	-0.53	0.90	-1.42
Sortino ratio Return per unit of downside risk	-0.60	1.39	-1.99
Omega ratio Gain probability vs. loss probability	0.93	1.21	-0.28
Calmar ratio Return relative to maximum drawdown	-0.72	1.40	-2.12
Martin ratio Return relative to average drawdown	-1.20	6.61	-7.81
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

KSPI vs. ^GSPC - Sharpe Ratio Comparison

The current KSPI Sharpe Ratio is -0.53, which is lower than the ^GSPC Sharpe Ratio of 0.90. The chart below compares the historical Sharpe Ratios of KSPI and ^GSPC, 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

	KSPI	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.53	0.90	-1.42
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.61	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.19	0.46	-0.64

Correlation

The correlation between KSPI and ^GSPC is 0.39, 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.

Drawdowns

KSPI vs. ^GSPC - Drawdown Comparison

The maximum KSPI drawdown since its inception was -48.05%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for KSPI and ^GSPC.

Drawdown Indicators

	KSPI	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-48.05%	-56.78%	+8.73%
Max Drawdown (1Y) Largest decline over 1 year	-29.55%	-12.14%	-17.41%
Max Drawdown (5Y) Largest decline over 5 years	—	-25.43%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.92%	—
Current Drawdown Current decline from peak	-44.10%	-6.45%	-37.65%
Average Drawdown Average peak-to-trough decline	-25.06%	-10.75%	-14.31%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.70%	2.57%	+15.13%

Volatility

KSPI vs. ^GSPC - Volatility Comparison

Joint Stock Company Kaspi.kz (KSPI) has a higher volatility of 11.35% compared to S&P 500 Index (^GSPC) at 5.34%. This indicates that KSPI's price experiences larger fluctuations and is considered to be riskier than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSPI	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.35%	5.34%	+6.01%
Volatility (6M) Calculated over the trailing 6-month period	23.47%	9.54%	+13.93%
Volatility (1Y) Calculated over the trailing 1-year period	38.62%	18.33%	+20.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.75%	16.91%	+21.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.75%	18.05%	+20.70%