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KSPI vs. HEPS
Performance
Return for Risk
Drawdowns
Volatility
Dividends
Financials

Performance

KSPI vs. HEPS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Joint Stock Company Kaspi.kz (KSPI) and D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi (HEPS). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, KSPI achieves a 12.00% return, which is significantly higher than HEPS's 3.23% return.


KSPI

1D
-3.40%
1M
0.26%
YTD
12.00%
6M
12.09%
1Y
5.99%
3Y*
5Y*
10Y*

HEPS

1D
-2.66%
1M
-8.24%
YTD
3.23%
6M
8.02%
1Y
-0.78%
3Y*
32.92%
5Y*
10Y*
*Multi-year figures are annualized to reflect compound growth (CAGR)

KSPI vs. HEPS - Yearly Performance Comparison


2026 (YTD)20252024
KSPI
Joint Stock Company Kaspi.kz
12.00%-17.51%8.53%
HEPS
D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi
3.23%-18.15%89.37%

Correlation

The correlation between KSPI and HEPS is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.


Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.12

Correlation (All Time)
Calculated using the full available price history since Jan 22, 2024

0.19

Fundamentals

Market Cap

KSPI:

$16.27B

HEPS:

$940.54M

EPS

KSPI:

$5.47K

HEPS:

-$18.86

PS Ratio

KSPI:

0.00

HEPS:

0.01

PB Ratio

KSPI:

0.01

HEPS:

0.77

Total Revenue (TTM)

KSPI:

$4.21T

HEPS:

$90.14B

Gross Profit (TTM)

KSPI:

$2.98T

HEPS:

$32.63B

EBITDA (TTM)

KSPI:

$1.56T

HEPS:

$2.16B

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Return for Risk

KSPI vs. HEPS — Risk / Return Rank

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

KSPI
KSPI Risk / Return Rank: 4444
Overall Rank
KSPI Sharpe Ratio Rank: 4747
Sharpe Ratio Rank
KSPI Sortino Ratio Rank: 4343
Sortino Ratio Rank
KSPI Omega Ratio Rank: 4141
Omega Ratio Rank
KSPI Calmar Ratio Rank: 4545
Calmar Ratio Rank
KSPI Martin Ratio Rank: 4444
Martin Ratio Rank

HEPS
HEPS Risk / Return Rank: 4040
Overall Rank
HEPS Sharpe Ratio Rank: 4040
Sharpe Ratio Rank
HEPS Sortino Ratio Rank: 4040
Sortino Ratio Rank
HEPS Omega Ratio Rank: 4242
Omega Ratio Rank
HEPS Calmar Ratio Rank: 3939
Calmar Ratio Rank
HEPS Martin Ratio Rank: 4040
Martin Ratio Rank
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. 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.


KSPIHEPSDifference

Sharpe ratio

Return per unit of total volatility

0.17

-0.01

+0.18

Sortino ratio

Return per unit of downside risk

0.57

0.41

+0.16

Omega ratio

Gain probability vs. loss probability

1.06

1.07

0.00

Calmar ratio

Return relative to maximum drawdown

0.20

-0.03

+0.23

Martin ratio

Return relative to average drawdown

0.34

-0.05

+0.39

KSPI vs. HEPS - Sharpe Ratio Comparison

The current KSPI Sharpe Ratio is 0.17, which is higher than the HEPS Sharpe Ratio of -0.01. The chart below compares the historical Sharpe Ratios of KSPI and HEPS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.


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Sharpe Ratios by Period


KSPIHEPSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.17

-0.01

+0.18

Sharpe Ratio (All Time)

Calculated using the full available price history

0.00

-0.39

+0.39

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.


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Drawdown Indicators


KSPIHEPSDifference

Max Drawdown

Largest 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%

Current Drawdown

Current decline from peak

-33.96%

-82.05%

+48.09%

Average Drawdown

Average peak-to-trough decline

-25.75%

-82.29%

+56.54%

Ulcer Index

Depth and duration of drawdowns from previous peaks

17.51%

15.59%

+1.92%

Volatility

KSPI vs. HEPS - Volatility Comparison

The current volatility for Joint Stock Company Kaspi.kz (KSPI) is 7.71%, while D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi (HEPS) has a volatility of 11.24%. This indicates that KSPI experiences smaller price fluctuations and is considered to be less risky than HEPS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.


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Volatility by Period


KSPIHEPSDifference

Volatility (1M)

Calculated over the trailing 1-month period

7.71%

11.24%

-3.53%

Volatility (6M)

Calculated over the trailing 6-month period

26.00%

48.00%

-22.00%

Volatility (1Y)

Calculated over the trailing 1-year period

36.45%

56.20%

-19.75%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

38.77%

73.55%

-34.78%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

38.77%

73.55%

-34.78%

Dividends

KSPI vs. HEPS - Dividend Comparison

KSPI's dividend yield for the trailing twelve months is around 2.06%, while HEPS has not paid dividends to shareholders.


PositionTTM20252024
HEPS
D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi
0.00%0.00%0.00%
KSPI
Joint Stock Company Kaspi.kz
2.06%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.


Quarterly
Annual

Total Revenue: Total amount of money received from sales and other business activities


0.00200.00B400.00B600.00B800.00B1.00T1.20TJulyOctober2022AprilJulyOctober2023AprilJulyOctober2024AprilJulyOctober2025AprilJulyOctober2026
1.03T
23.14B
(KSPI) Total Revenue
(HEPS) Total Revenue
Values in USD except per share items

KSPI vs. HEPS - Profitability Comparison

The chart below illustrates the profitability comparison between Joint Stock Company Kaspi.kz and D-MARKET Elektronik Hizmetler ve Ticaret Anonim Sirketi over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

Gross Margin
Operating Margin
Net Margin
Quarterly
Annual

20.0%40.0%60.0%80.0%100.0%JulyOctober2022AprilJulyOctober2023AprilJulyOctober2024AprilJulyOctober2025AprilJulyOctober2026
70.5%
36.7%
Portfolio components
KSPI - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 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 Jun 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 Jun 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 Jun 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 Jun 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 Jun 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 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HEPS has higher volatility (11.24%) compared to KSPI (7.71%). In terms of maximum drawdown, KSPI dropped -48.05% vs HEPS's -95.74%.

KSPI currently has the higher Sharpe Ratio (0.17 vs -0.01), 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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