LYG vs. SAN
LYG (Lloyds Banking Group plc) and SAN (Banco Santander, S.A.) are both stocks. Both are in the Financial Services sector — LYG in Banks - Regional, SAN in Banks - Diversified. Over the past 10 years, LYG returned 8.95%/yr vs 16.85%/yr for SAN. A 0.62 correlation means they provide meaningful diversification when combined.
Performance
LYG vs. SAN - Performance Comparison
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Returns By Period
In the year-to-date period, LYG achieves a 6.32% return, which is significantly lower than SAN's 11.07% return. Over the past 10 years, LYG has underperformed SAN with an annualized return of 8.95%, while SAN has yielded a comparatively higher 16.85% annualized return.
LYG
- 1D
- 1.48%
- 1M
- 6.18%
- YTD
- 6.32%
- 6M
- 11.80%
- 1Y
- 35.56%
- 3Y*
- 41.22%
- 5Y*
- 20.81%
- 10Y*
- 8.95%
SAN
- 1D
- 2.47%
- 1M
- 7.79%
- YTD
- 11.07%
- 6M
- 14.69%
- 1Y
- 63.16%
- 3Y*
- 60.71%
- 5Y*
- 29.56%
- 10Y*
- 16.85%
LYG vs. SAN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
LYG Lloyds Banking Group plc | 6.32% | 103.71% | 20.30% | 14.68% | -9.47% | 33.81% | -40.79% | 36.81% | -28.35% | 30.79% |
SAN Banco Santander, S.A. | 11.07% | 164.72% | 14.96% | 46.20% | -6.62% | 10.41% | -21.99% | -2.32% | -28.49% | 32.28% |
Correlation
The correlation between LYG and SAN is 0.72, 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 | 0.72 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.68 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.66 |
Correlation (All Time) Calculated using the full available price history since Nov 27, 2001 | 0.62 |
The correlation between LYG and SAN shifts across timeframes, from 0.62 (all time) to 0.72 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
LYG:
£0.45
SAN:
€1.06
LYG:
9.18
SAN:
10.47
LYG:
4.59
SAN:
0.55
LYG:
0.71
SAN:
2.27
LYG:
£65.49B
SAN:
€74.92B
LYG:
£65.49B
SAN:
€46.97B
LYG:
£7.17B
SAN:
€21.14B
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Return for Risk
LYG vs. SAN — Risk / Return Rank
LYG
SAN
LYG vs. SAN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Lloyds Banking Group plc (LYG) 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.
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.
| LYG | SAN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -0.71 | ||
| Omega ratioGain probability vs. loss probability | 1.22 | 1.30 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.57 | 3.13 | -1.56 |
| Martin ratioReturn relative to average drawdown | 4.30 | 9.63 | -5.33 |
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Drawdowns
LYG vs. SAN - Drawdown Comparison
The maximum LYG drawdown since its inception was -94.84%, which is greater than SAN's maximum drawdown of -82.94%. Use the drawdown chart below to compare losses from any high point for LYG and SAN.
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Drawdown Indicators
| LYG | SAN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -94.84% | -82.94% | -11.90% |
Max Drawdown (1Y)Largest decline over 1 year | -22.72% | -20.29% | -2.43% |
Max Drawdown (3Y)Largest decline over 3 years | -22.72% | -20.29% | -2.43% |
Max Drawdown (5Y)Largest decline over 5 years | -40.19% | -43.23% | +3.04% |
Max Drawdown (10Y)Largest decline over 10 years | -68.72% | -73.84% | +5.12% |
Current DrawdownCurrent decline from peak | -56.06% | -1.37% | -54.69% |
Average DrawdownAverage peak-to-trough decline | -63.40% | -30.66% | -32.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.29% | 6.58% | +1.71% |
Volatility
LYG vs. SAN - Volatility Comparison
The current volatility for Lloyds Banking Group plc (LYG) is 9.99%, while Banco Santander, S.A. (SAN) has a volatility of 10.68%. This indicates that LYG experiences smaller price fluctuations and is considered to be less risky than SAN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LYG | SAN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.99% | 10.68% | -0.69% |
Volatility (6M)Calculated over the trailing 6-month period | 22.50% | 27.49% | -4.99% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.61% | 33.65% | -5.04% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 32.16% | 33.89% | -1.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 36.49% | 35.85% | +0.64% |
Dividends
LYG vs. SAN - Dividend Comparison
LYG's dividend yield for the trailing twelve months is around 3.63%, more than SAN's 2.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LYG Lloyds Banking Group plc | 3.63% | 3.19% | 5.44% | 5.23% | 4.92% | 2.70% | 0.00% | 5.04% | 6.63% | 6.81% | 5.17% | 2.11% |
SAN Banco Santander, S.A. | 2.17% | 2.11% | 4.63% | 3.58% | 3.83% | 2.71% | 0.00% | 6.20% | 5.83% | 4.60% | 3.29% | 7.06% |
Financials
LYG vs. SAN - Financials Comparison
This section allows you to compare key financial metrics between Lloyds Banking Group plc and Banco Santander, S.A.. 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
LYG vs. SAN - Profitability Comparison
LYG - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Lloyds Banking Group plc reported a gross profit of 5.18B and revenue of 5.18B. Therefore, the gross margin over that period was 100.0%.
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%.
LYG - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Lloyds Banking Group plc reported an operating income of 2.03B and revenue of 5.18B, resulting in an operating margin of 39.1%.
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%.
LYG - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Lloyds Banking Group plc reported a net income of 1.53B and revenue of 5.18B, resulting in a net margin of 29.5%.
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
LYG and SAN have a correlation of 0.72, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SAN has higher volatility (10.68%) compared to LYG (9.99%). In terms of maximum drawdown, LYG dropped -94.84% vs SAN's -82.94%.
SAN currently has the higher Sharpe Ratio (1.89 vs 1.25), 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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