KSPI vs. PYPL

Last updated Jun 4, 2026

KSPI (Joint Stock Company Kaspi.kz) and PYPL (PayPal Holdings, Inc.) are both stocks. KSPI operates in Software - Infrastructure (Technology), while PYPL operates in Credit Services (Financial Services). Over the past year, KSPI returned 5.99% vs -39.94% for PYPL. At a 0.31 correlation, their price movements are largely independent.

Performance

KSPI vs. PYPL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Joint Stock Company Kaspi.kz (KSPI) and PayPal Holdings, Inc. (PYPL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, KSPI achieves a 12.00% return, which is significantly higher than PYPL's -26.79% return.

KSPI

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

PYPL

• 1D: -4.31%
• 1M: -15.44%
• YTD: -26.79%
• 6M: -30.21%
• 1Y: -39.94%
• 3Y*: -12.51%
• 5Y*: -30.44%
• 10Y*: 1.12%

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

KSPI vs. PYPL - Yearly Performance Comparison

	2026 (YTD)	2025	2024
KSPI Joint Stock Company Kaspi.kz	12.00%	-17.51%	8.53%
PYPL PayPal Holdings, Inc.	-26.79%	-31.44%	29.67%

Correlation

The correlation between KSPI and PYPL is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (All Time) Calculated using the full available price history since Jan 22, 2024	0.31

Fundamentals

Market Cap KSPI : $16.27B PYPL : $39.20B
EPS KSPI : $5.47K PYPL : $5.31
PE Ratio KSPI : 0.02 PYPL : 8.03
PEG Ratio KSPI : 0.00 PYPL : 0.39
PS Ratio KSPI : 0.00 PYPL : 1.20
PB Ratio KSPI : 0.01 PYPL : 1.96
Total Revenue (TTM) KSPI : $4.21T PYPL : $33.73B
Gross Profit (TTM) KSPI : $2.98T PYPL : $15.56B
EBITDA (TTM) KSPI : $1.56T PYPL : $7.23B

Return for Risk

KSPI vs. PYPL — Risk / Return Rank

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

KSPI

KSPI Risk / Return Rank: 44
KSPI Sharpe Ratio Rank: 47
KSPI Sortino Ratio Rank: 43
KSPI Omega Ratio Rank: 41
KSPI Calmar Ratio Rank: 45
KSPI Martin Ratio Rank: 44

PYPL

PYPL Risk / Return Rank: 7
PYPL Sharpe Ratio Rank: 4
PYPL Sortino Ratio Rank: 7
PYPL Omega Ratio Rank: 6
PYPL Calmar Ratio Rank: 10
PYPL Martin Ratio Rank: 6

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. PYPL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Joint Stock Company Kaspi.kz (KSPI) and PayPal Holdings, Inc. (PYPL). 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	PYPL	Difference
Sharpe ratio Return per unit of total volatility	0.17	-1.03	+1.19
Sortino ratio Return per unit of downside risk	0.57	-1.32	+1.90
Omega ratio Gain probability vs. loss probability	1.06	0.81	+0.25
Calmar ratio Return relative to maximum drawdown	0.20	-0.80	+1.01
Martin ratio Return relative to average drawdown	0.34	-1.45	+1.80
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. PYPL - Sharpe Ratio Comparison

The current KSPI Sharpe Ratio is 0.17, which is higher than the PYPL Sharpe Ratio of -1.03. The chart below compares the historical Sharpe Ratios of KSPI and PYPL, 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

	KSPI	PYPL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.17	-1.03	+1.19
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.73	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.03	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.00	0.01	-0.01

Drawdowns

KSPI vs. PYPL - Drawdown Comparison

The maximum KSPI drawdown since its inception was -48.05%, smaller than the maximum PYPL drawdown of -87.30%. Use the drawdown chart below to compare losses from any high point for KSPI and PYPL.

Drawdown Indicators

	KSPI	PYPL	Difference
Max Drawdown Largest peak-to-trough decline	-48.05%	-87.30%	+39.25%
Max Drawdown (1Y) Largest decline over 1 year	-29.55%	-49.92%	+20.37%
Max Drawdown (3Y) Largest decline over 3 years	—	-57.34%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-87.30%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-87.30%	—
Current Drawdown Current decline from peak	-33.96%	-86.12%	+52.16%
Average Drawdown Average peak-to-trough decline	-25.75%	-35.63%	+9.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	17.51%	27.53%	-10.02%

Volatility

KSPI vs. PYPL - Volatility Comparison

The current volatility for Joint Stock Company Kaspi.kz (KSPI) is 7.71%, while PayPal Holdings, Inc. (PYPL) has a volatility of 9.62%. This indicates that KSPI experiences smaller price fluctuations and is considered to be less risky than PYPL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	KSPI	PYPL	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.71%	9.62%	-1.91%
Volatility (6M) Calculated over the trailing 6-month period	26.00%	31.64%	-5.64%
Volatility (1Y) Calculated over the trailing 1-year period	36.45%	39.02%	-2.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	38.77%	42.08%	-3.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.77%	38.76%	+0.01%

Dividends

KSPI vs. PYPL - Dividend Comparison

KSPI's dividend yield for the trailing twelve months is around 2.06%, more than PYPL's 0.66% yield.

Position	TTM	2025	2024
KSPI Joint Stock Company Kaspi.kz	2.06%	0.00%	11.56%
PYPL PayPal Holdings, Inc.	0.66%	0.24%	0.00%

Financials

KSPI vs. PYPL - Profitability Comparison

The chart below illustrates the profitability comparison between Joint Stock Company Kaspi.kz and PayPal Holdings, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

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%.

PYPL - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, PayPal Holdings, Inc. reported a gross profit of 3.81B and revenue of 8.35B. Therefore, the gross margin over that period was 45.6%.

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%.

PYPL - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, PayPal Holdings, Inc. reported an operating income of 1.49B and revenue of 8.35B, resulting in an operating margin of 17.8%.

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%.

PYPL - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, PayPal Holdings, Inc. reported a net income of 1.11B and revenue of 8.35B, resulting in a net margin of 13.3%.

Frequently Asked Questions

Can I hold both KSPI and PYPL in my portfolio?

KSPI and PYPL have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, KSPI or PYPL?

PYPL has higher volatility (9.62%) compared to KSPI (7.71%). In terms of maximum drawdown, KSPI dropped -48.05% vs PYPL's -87.30%.

Which has better risk-adjusted returns?

KSPI currently has the higher Sharpe Ratio (0.17 vs -1.03), 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.