NWG vs. HSBC

Last updated Apr 2, 2026

Compare and contrast key facts about NatWest Group plc (NWG) and HSBC Holdings plc (HSBC).

Performance

NWG vs. HSBC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in NatWest Group plc (NWG) and HSBC Holdings plc (HSBC). The values are adjusted to include any dividend payments, if applicable.

NWG vs. HSBC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NWG NatWest Group plc	-7.33%	81.29%	92.31%	-4.69%	11.23%	39.24%	-24.92%	29.18%	-26.25%	38.16%
HSBC HSBC Holdings plc	11.69%	67.91%	34.48%	39.45%	7.79%	20.76%	-31.71%	1.44%	-16.05%	36.04%

Fundamentals

Market Cap NWG : $62.97B HSBC : $300.97B
EPS NWG : $1.43 HSBC : $6.36
PE Ratio NWG : 10.90 HSBC : 13.45
PEG Ratio NWG : 0.19 HSBC : 0.66
PS Ratio NWG : 2.42 HSBC : 2.03
PB Ratio NWG : 1.48 HSBC : 1.70
Total Revenue (TTM) NWG : $26.26B HSBC : $147.86B
Gross Profit (TTM) NWG : $16.49B HSBC : $80.78B
EBITDA (TTM) NWG : $6.62B HSBC : $29.03B

Returns By Period

In the year-to-date period, NWG achieves a -7.33% return, which is significantly lower than HSBC's 11.69% return. Over the past 10 years, NWG has underperformed HSBC with an annualized return of 15.35%, while HSBC has yielded a comparatively higher 17.26% annualized return.

NWG

• 1D: 4.36%
• 1M: -0.26%
• YTD: -7.33%
• 6M: 13.73%
• 1Y: 37.75%
• 3Y*: 42.54%
• 5Y*: 31.33%
• 10Y*: 15.35%

HSBC

• 1D: 3.60%
• 1M: -2.08%
• YTD: 11.69%
• 6M: 23.99%
• 1Y: 57.09%
• 3Y*: 46.04%
• 5Y*: 31.66%
• 10Y*: 17.26%

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

Return for Risk

NWG vs. HSBC — Risk / Return Rank

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

NWG

NWG Risk / Return Rank: 73
NWG Sharpe Ratio Rank: 78
NWG Sortino Ratio Rank: 70
NWG Omega Ratio Rank: 69
NWG Calmar Ratio Rank: 71
NWG Martin Ratio Rank: 76

HSBC

HSBC Risk / Return Rank: 88
HSBC Sharpe Ratio Rank: 90
HSBC Sortino Ratio Rank: 86
HSBC Omega Ratio Rank: 88
HSBC Calmar Ratio Rank: 85
HSBC Martin Ratio Rank: 90

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.

NWG vs. HSBC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for NatWest Group plc (NWG) and HSBC Holdings plc (HSBC). 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.

	NWG	HSBC	Difference
Sharpe ratio Return per unit of total volatility	1.18	2.03	-0.86
Sortino ratio Return per unit of downside risk	1.66	2.51	-0.86
Omega ratio Gain probability vs. loss probability	1.22	1.37	-0.15
Calmar ratio Return relative to maximum drawdown	1.60	2.91	-1.30
Martin ratio Return relative to average drawdown	4.94	10.63	-5.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

NWG vs. HSBC - Sharpe Ratio Comparison

The current NWG Sharpe Ratio is 1.18, which is lower than the HSBC Sharpe Ratio of 2.03. The chart below compares the historical Sharpe Ratios of NWG and HSBC, 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

	NWG	HSBC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.18	2.03	-0.86
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.95	1.24	-0.30
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.40	0.68	-0.28
Sharpe Ratio (All Time) Calculated using the full available price history	-0.11	0.24	-0.35

Correlation

The correlation between NWG and HSBC is 0.64, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

NWG vs. HSBC - Dividend Comparison

NWG's dividend yield for the trailing twelve months is around 5.63%, more than HSBC's 4.39% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NWG NatWest Group plc	5.63%	3.69%	4.36%	9.42%	11.57%	2.74%	4.59%	9.75%	0.91%	0.00%	0.00%	0.00%
HSBC HSBC Holdings plc	4.39%	4.19%	8.29%	6.54%	4.33%	3.65%	4.05%	6.52%	6.20%	4.94%	6.35%	6.33%

Drawdowns

NWG vs. HSBC - Drawdown Comparison

The maximum NWG drawdown since its inception was -96.96%, which is greater than HSBC's maximum drawdown of -74.47%. Use the drawdown chart below to compare losses from any high point for NWG and HSBC.

Drawdown Indicators

	NWG	HSBC	Difference
Max Drawdown Largest peak-to-trough decline	-96.96%	-74.47%	-22.49%
Max Drawdown (1Y) Largest decline over 1 year	-24.03%	-19.48%	-4.55%
Max Drawdown (5Y) Largest decline over 5 years	-40.56%	-31.80%	-8.76%
Max Drawdown (10Y) Largest decline over 10 years	-67.34%	-62.26%	-5.08%
Current Drawdown Current decline from peak	-72.10%	-7.02%	-65.08%
Average Drawdown Average peak-to-trough decline	-86.36%	-24.26%	-62.10%
Ulcer Index Depth and duration of drawdowns from previous peaks	7.80%	5.33%	+2.47%

Volatility

NWG vs. HSBC - Volatility Comparison

NatWest Group plc (NWG) and HSBC Holdings plc (HSBC) have volatilities of 10.89% and 10.76%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	NWG	HSBC	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.89%	10.76%	+0.13%
Volatility (6M) Calculated over the trailing 6-month period	22.52%	20.67%	+1.85%
Volatility (1Y) Calculated over the trailing 1-year period	32.25%	28.22%	+4.03%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	33.26%	25.57%	+7.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	38.45%	25.49%	+12.96%

Financials

NWG vs. HSBC - Profitability Comparison

The chart below illustrates the profitability comparison between NatWest Group plc and HSBC Holdings plc over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

NWG - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, NatWest Group plc reported a gross profit of 4.19B and revenue of 4.19B. Therefore, the gross margin over that period was 100.0%.

HSBC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, HSBC Holdings plc reported a gross profit of 27.48B and revenue of 46.79B. Therefore, the gross margin over that period was 58.7%.

NWG - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, NatWest Group plc reported an operating income of 1.97B and revenue of 4.19B, resulting in an operating margin of 47.1%.

HSBC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, HSBC Holdings plc reported an operating income of 6.79B and revenue of 46.79B, resulting in an operating margin of 14.5%.

NWG - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, NatWest Group plc reported a net income of 1.48B and revenue of 4.19B, resulting in a net margin of 35.3%.

HSBC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, HSBC Holdings plc reported a net income of 4.94B and revenue of 46.79B, resulting in a net margin of 10.6%.