KSPI vs. HEPS
KSPI (Joint Stock Company Kaspi.kz) and HEPS (D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi) are both stocks. KSPI operates in Software - Infrastructure (Technology), while HEPS operates in Internet Retail (Consumer Cyclical). Over the past year, KSPI returned 16.30% vs 5.34% for HEPS. At a 0.17 correlation, their price movements are largely independent.
Performance
KSPI vs. HEPS - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, KSPI achieves a 21.28% return, which is significantly higher than HEPS's 19.35% return.
KSPI
- 1D
- -1.12%
- 1M
- 10.07%
- 6M
- 18.28%
- YTD
- 21.28%
- 1Y
- 16.30%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
HEPS
- 1D
- -0.34%
- 1M
- 5.71%
- 6M
- 4.23%
- YTD
- 19.35%
- 1Y
- 5.34%
- 3Y*
- 22.25%
- 5Y*
- -25.67%
- 10Y*
- —
KSPI vs. HEPS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
KSPI Joint Stock Company Kaspi.kz | 21.28% | -17.51% | 12.61% |
HEPS D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi | 19.35% | -18.15% | 85.89% |
Correlation
The correlation between KSPI and HEPS is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.08 |
Correlation (All Time) Calculated using the full available price history since Jan 19, 2024 | 0.17 |
Fundamentals
KSPI:
$16.85B
HEPS:
$938.99M
KSPI:
KZT 5.48K
HEPS:
-TRY 18.72
KSPI:
1.90
HEPS:
0.51
KSPI:
3.01
HEPS:
41.83
KSPI:
KZT 4.21T
HEPS:
TRY 90.14B
KSPI:
KZT 2.98T
HEPS:
TRY 32.63B
KSPI:
KZT 1.56T
HEPS:
TRY 2.16B
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
KSPI vs. HEPS — Risk / Return Rank
KSPI
HEPS
KSPI vs. HEPS - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Joint Stock Company Kaspi.kz (KSPI) and D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi (HEPS). 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.
| KSPI | HEPS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.35 | ||
| Sortino ratioReturn per unit of downside risk | +0.43 | ||
| Omega ratioGain probability vs. loss probability | 1.11 | 1.10 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | 0.55 | 0.19 | +0.37 |
| Martin ratioReturn relative to average drawdown | 0.92 | 0.34 | +0.59 |
Loading charts...
Drawdowns
KSPI vs. HEPS - Drawdown Comparison
The maximum KSPI drawdown since its inception was -48.05%, smaller than the maximum HEPS drawdown of -95.74%. Use the drawdown chart below to compare losses from any high point for KSPI and HEPS.
Loading charts...
Drawdown Indicators
| KSPI | HEPS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -48.05% | -95.74% | +47.69% |
Max Drawdown (1Y)Largest decline over 1 year | -29.55% | -28.52% | -1.03% |
Max Drawdown (3Y)Largest decline over 3 years | — | -40.76% | — |
Max Drawdown (5Y)Largest decline over 5 years | — | -95.66% | — |
Current DrawdownCurrent decline from peak | -28.49% | -79.24% | +50.75% |
Average DrawdownAverage peak-to-trough decline | -25.97% | -82.18% | +56.21% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 17.67% | 15.96% | +1.71% |
Volatility
KSPI vs. HEPS - Volatility Comparison
Joint Stock Company Kaspi.kz (KSPI) has a higher volatility of 8.75% compared to D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi (HEPS) at 6.26%. This indicates that KSPI's price experiences larger fluctuations and is considered to be riskier than HEPS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| KSPI | HEPS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.75% | 6.26% | +2.49% |
Volatility (6M)Calculated over the trailing 6-month period | 26.87% | 21.29% | +5.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 37.12% | 55.74% | -18.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 38.60% | 73.00% | -34.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 38.60% | 72.88% | -34.28% |
Dividends
KSPI vs. HEPS - Dividend Comparison
KSPI's dividend yield for the trailing twelve months is around 5.98%, while HEPS has not paid dividends to shareholders.
| 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 | 5.98% | 0.00% | 11.56% |
Financials
KSPI vs. HEPS - Financials Comparison
This section allows you to compare key financial metrics between Joint Stock Company Kaspi.kz and D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi. 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
KSPI vs. HEPS - Profitability Comparison
KSPI - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 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 - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jul 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 - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 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 - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jul 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 - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 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%.
HEPS - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jul 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%.
Frequently Asked Questions
KSPI and HEPS have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
KSPI has higher volatility (8.75%) compared to HEPS (6.26%). In terms of maximum drawdown, KSPI dropped -48.05% vs HEPS's -95.74%.
KSPI currently has the higher Sharpe Ratio (0.44 vs 0.10), 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.
Find the right allocation for KSPI and HEPS
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer