RGA vs. SAN
RGA (Reinsurance Group of America, Incorporated) and SAN (Banco Santander, S.A.) are both stocks. Both are in the Financial Services sector — RGA in Insurance - Reinsurance, SAN in Banks - Diversified. Over the past 10 years, RGA returned 9.26%/yr vs 14.86%/yr for SAN. At a 0.47 correlation, their price movements are largely independent.
Performance
RGA vs. SAN - Performance Comparison
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Returns By Period
In the year-to-date period, RGA achieves a -3.28% return, which is significantly lower than SAN's 4.95% return. Over the past 10 years, RGA has underperformed SAN with an annualized return of 9.26%, while SAN has yielded a comparatively higher 14.86% annualized return.
RGA
- 1D
- -1.64%
- 1M
- -7.20%
- YTD
- -3.28%
- 6M
- 3.95%
- 1Y
- -2.40%
- 3Y*
- 12.31%
- 5Y*
- 10.99%
- 10Y*
- 9.26%
SAN
- 1D
- -2.01%
- 1M
- 5.28%
- YTD
- 4.95%
- 6M
- 12.63%
- 1Y
- 57.67%
- 3Y*
- 58.16%
- 5Y*
- 28.04%
- 10Y*
- 14.86%
RGA vs. SAN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
RGA Reinsurance Group of America, Incorporated | -3.28% | -2.97% | 34.38% | 16.39% | 33.04% | -3.21% | -27.02% | 18.29% | -8.71% | 25.59% |
SAN Banco Santander, S.A. | 4.95% | 164.72% | 14.96% | 46.20% | -6.62% | 10.41% | -21.99% | -2.32% | -28.49% | 32.28% |
Correlation
The correlation between RGA and SAN is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.34 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.41 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.44 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2008 | 0.47 |
The correlation between RGA and SAN shifts across timeframes, from 0.29 (3 years) to 0.47 (all time), reflecting how their relationship changes across market environments.
Fundamentals
RGA:
$17.91
SAN:
$1.06
RGA:
10.89
SAN:
11.45
RGA:
0.41
SAN:
0.60
RGA:
0.54
SAN:
2.48
RGA:
$18.13B
SAN:
$74.92B
RGA:
$3.15B
SAN:
$46.97B
RGA:
$1.46B
SAN:
$21.14B
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Return for Risk
RGA vs. SAN — Risk / Return Rank
RGA
SAN
RGA vs. SAN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Reinsurance Group of America, Incorporated (RGA) 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.
| RGA | SAN | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | -0.10 | 1.76 | -1.87 |
Sortino ratioReturn per unit of downside risk | 0.02 | 2.40 | -2.38 |
Omega ratioGain probability vs. loss probability | 1.00 | 1.29 | -0.28 |
Calmar ratioReturn relative to maximum drawdown | -0.17 | 2.86 | -3.03 |
Martin ratioReturn relative to average drawdown | -0.37 | 8.88 | -9.25 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| RGA | SAN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.10 | 1.76 | -1.87 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.40 | 0.84 | -0.44 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.28 | 0.42 | -0.13 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.31 | 0.23 | +0.08 |
Drawdowns
RGA vs. SAN - Drawdown Comparison
The maximum RGA drawdown since its inception was -65.75%, smaller than the maximum SAN drawdown of -82.94%. Use the drawdown chart below to compare losses from any high point for RGA and SAN.
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Drawdown Indicators
| RGA | SAN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -65.75% | -82.94% | +17.19% |
Max Drawdown (1Y)Largest decline over 1 year | -14.06% | -20.29% | +6.23% |
Max Drawdown (3Y)Largest decline over 3 years | -27.11% | -20.29% | -6.82% |
Max Drawdown (5Y)Largest decline over 5 years | -27.11% | -43.63% | +16.52% |
Max Drawdown (10Y)Largest decline over 10 years | -65.75% | -73.84% | +8.09% |
Current DrawdownCurrent decline from peak | -13.56% | -6.81% | -6.75% |
Average DrawdownAverage peak-to-trough decline | -11.64% | -30.68% | +19.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.50% | 6.51% | -0.01% |
Volatility
RGA vs. SAN - Volatility Comparison
The current volatility for Reinsurance Group of America, Incorporated (RGA) is 5.85%, while Banco Santander, S.A. (SAN) has a volatility of 9.58%. This indicates that RGA 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
| RGA | SAN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.85% | 9.58% | -3.73% |
Volatility (6M)Calculated over the trailing 6-month period | 16.38% | 26.67% | -10.29% |
Volatility (1Y)Calculated over the trailing 1-year period | 23.30% | 32.93% | -9.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 27.83% | 33.76% | -5.93% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 32.92% | 35.85% | -2.93% |
Dividends
RGA vs. SAN - Dividend Comparison
RGA's dividend yield for the trailing twelve months is around 1.91%, less than SAN's 2.30% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
RGA Reinsurance Group of America, Incorporated | 1.91% | 1.79% | 1.63% | 2.04% | 2.15% | 2.61% | 2.42% | 1.59% | 1.57% | 1.17% | 1.24% | 1.64% |
SAN Banco Santander, S.A. | 2.30% | 2.11% | 4.63% | 3.58% | 3.83% | 2.71% | 0.00% | 6.20% | 5.83% | 4.60% | 3.29% | 7.06% |
Financials
RGA vs. SAN - Financials Comparison
This section allows you to compare key financial metrics between Reinsurance Group of America, Incorporated 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
RGA vs. SAN - Profitability Comparison
RGA - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Reinsurance Group of America, Incorporated reported a gross profit of 0.00 and revenue of 6.49M. Therefore, the gross margin over that period was 0.0%.
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%.
RGA - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Reinsurance Group of America, Incorporated reported an operating income of 441.00K and revenue of 6.49M, resulting in an operating margin of 6.8%.
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%.
RGA - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Reinsurance Group of America, Incorporated reported a net income of 331.00K and revenue of 6.49M, resulting in a net margin of 5.1%.
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
RGA and SAN have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SAN has higher volatility (9.58%) compared to RGA (5.85%). In terms of maximum drawdown, RGA dropped -65.75% vs SAN's -82.94%.
SAN currently has the higher Sharpe Ratio (1.76 vs -0.10), 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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