MMYT vs. TCOM

Last updated Apr 1, 2026

Compare and contrast key facts about MakeMyTrip Limited (MMYT) and Trip.com Group Limited (TCOM).

Performance

MMYT vs. TCOM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in MakeMyTrip Limited (MMYT) and Trip.com Group Limited (TCOM). The values are adjusted to include any dividend payments, if applicable.

MMYT vs. TCOM - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
MMYT MakeMyTrip Limited	-54.59%	-26.86%	139.00%	70.40%	-0.51%	-6.16%	28.95%	-5.88%	-18.49%	34.46%
TCOM Trip.com Group Limited	-30.76%	5.24%	90.67%	4.68%	39.72%	-27.01%	0.57%	23.95%	-38.64%	10.25%

Fundamentals

Market Cap MMYT : $3.70B TCOM : $34.88B
EPS MMYT : $0.54 TCOM : $47.68
PE Ratio MMYT : 68.90 TCOM : 1.04
PEG Ratio MMYT : 0.25 TCOM : 0.01
PS Ratio MMYT : 3.76 TCOM : 0.56
Total Revenue (TTM) MMYT : $1.04B TCOM : $62.20B
Gross Profit (TTM) MMYT : $722.83M TCOM : $50.12B
EBITDA (TTM) MMYT : $187.83M TCOM : $34.17B

Returns By Period

In the year-to-date period, MMYT achieves a -54.59% return, which is significantly lower than TCOM's -30.76% return. Over the past 10 years, MMYT has outperformed TCOM with an annualized return of 7.56%, while TCOM has yielded a comparatively lower 1.10% annualized return.

MMYT

• 1D: 2.53%
• 1M: -33.96%
• YTD: -54.59%
• 6M: -60.16%
• 1Y: -61.95%
• 3Y*: 15.08%
• 5Y*: 3.06%
• 10Y*: 7.56%

TCOM

• 1D: 1.26%
• 1M: -5.38%
• YTD: -30.76%
• 6M: -33.79%
• 1Y: -21.69%
• 3Y*: 9.92%
• 5Y*: 4.50%
• 10Y*: 1.10%

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

Return for Risk

MMYT vs. TCOM — Risk / Return Rank

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

MMYT

MMYT Risk / Return Rank: 2
MMYT Sharpe Ratio Rank: 1
MMYT Sortino Ratio Rank: 2
MMYT Omega Ratio Rank: 2
MMYT Calmar Ratio Rank: 6
MMYT Martin Ratio Rank: 1

TCOM

TCOM Risk / Return Rank: 19
TCOM Sharpe Ratio Rank: 17
TCOM Sortino Ratio Rank: 18
TCOM Omega Ratio Rank: 18
TCOM Calmar Ratio Rank: 24
TCOM Martin Ratio Rank: 16

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.

MMYT vs. TCOM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for MakeMyTrip Limited (MMYT) and Trip.com Group Limited (TCOM). 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.

	MMYT	TCOM	Difference
Sharpe ratio Return per unit of total volatility	-1.27	-0.56	-0.71
Sortino ratio Return per unit of downside risk	-2.10	-0.58	-1.52
Omega ratio Gain probability vs. loss probability	0.73	0.92	-0.19
Calmar ratio Return relative to maximum drawdown	-0.94	-0.53	-0.41
Martin ratio Return relative to average drawdown	-2.15	-1.32	-0.83
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

MMYT vs. TCOM - Sharpe Ratio Comparison

The current MMYT Sharpe Ratio is -1.27, which is lower than the TCOM Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of MMYT and TCOM, 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

	MMYT	TCOM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.27	-0.56	-0.71
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.09	-0.03
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.14	0.02	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.31	-0.27

Correlation

The correlation between MMYT and TCOM is 0.31, 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.

Dividends

MMYT vs. TCOM - Dividend Comparison

Neither MMYT nor TCOM has paid dividends to shareholders.

	TTM	2025
MMYT MakeMyTrip Limited	0.00%	0.00%
TCOM Trip.com Group Limited	0.00%	0.42%

Drawdowns

MMYT vs. TCOM - Drawdown Comparison

The maximum MMYT drawdown since its inception was -73.45%, roughly equal to the maximum TCOM drawdown of -76.34%. Use the drawdown chart below to compare losses from any high point for MMYT and TCOM.

Drawdown Indicators

	MMYT	TCOM	Difference
Max Drawdown Largest peak-to-trough decline	-73.45%	-76.34%	+2.89%
Max Drawdown (1Y) Largest decline over 1 year	-67.94%	-38.59%	-29.35%
Max Drawdown (5Y) Largest decline over 5 years	-69.87%	-59.98%	-9.89%
Max Drawdown (10Y) Largest decline over 10 years	-73.45%	-71.96%	-1.49%
Current Drawdown Current decline from peak	-69.04%	-36.94%	-32.10%
Average Drawdown Average peak-to-trough decline	-36.05%	-27.76%	-8.29%
Ulcer Index Depth and duration of drawdowns from previous peaks	29.83%	15.63%	+14.20%

Volatility

MMYT vs. TCOM - Volatility Comparison

MakeMyTrip Limited (MMYT) has a higher volatility of 18.98% compared to Trip.com Group Limited (TCOM) at 7.42%. This indicates that MMYT's price experiences larger fluctuations and is considered to be riskier than TCOM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	MMYT	TCOM	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.98%	7.42%	+11.56%
Volatility (6M) Calculated over the trailing 6-month period	36.47%	27.18%	+9.29%
Volatility (1Y) Calculated over the trailing 1-year period	49.26%	38.97%	+10.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	48.57%	49.41%	-0.84%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	52.99%	44.41%	+8.58%

Financials

MMYT vs. TCOM - Profitability Comparison

The chart below illustrates the profitability comparison between MakeMyTrip Limited and Trip.com Group Limited over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

MMYT - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, MakeMyTrip Limited reported a gross profit of 167.69M and revenue of 295.69M. Therefore, the gross margin over that period was 56.7%.

TCOM - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Trip.com Group Limited reported a gross profit of 11.99B and revenue of 15.19B. Therefore, the gross margin over that period was 79.0%.

MMYT - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, MakeMyTrip Limited reported an operating income of 40.89M and revenue of 295.69M, resulting in an operating margin of 13.8%.

TCOM - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Trip.com Group Limited reported an operating income of 2.50B and revenue of 15.19B, resulting in an operating margin of 16.5%.

MMYT - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, MakeMyTrip Limited reported a net income of 7.25M and revenue of 295.69M, resulting in a net margin of 2.5%.

TCOM - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Trip.com Group Limited reported a net income of 4.22B and revenue of 15.19B, resulting in a net margin of 27.8%.