SAN vs. BAP
SAN (Banco Santander, S.A.) and BAP (Credicorp Ltd.) are both stocks. Both are in the Financial Services sector — SAN in Banks - Diversified, BAP in Banks - Regional. Over the past 10 years, SAN returned 16.85%/yr vs 14.76%/yr for BAP. At a 0.32 correlation, their price movements are largely independent.
Performance
SAN vs. BAP - Performance Comparison
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Returns By Period
In the year-to-date period, SAN achieves a 11.07% return, which is significantly lower than BAP's 34.85% return. Over the past 10 years, SAN has outperformed BAP with an annualized return of 16.85%, while BAP has yielded a comparatively lower 14.76% annualized return.
SAN
- 1D
- 2.47%
- 1M
- 9.63%
- YTD
- 11.07%
- 6M
- 14.69%
- 1Y
- 66.03%
- 3Y*
- 60.71%
- 5Y*
- 29.56%
- 10Y*
- 16.85%
BAP
- 1D
- 0.32%
- 1M
- 22.35%
- YTD
- 34.85%
- 6M
- 36.98%
- 1Y
- 78.10%
- 3Y*
- 45.10%
- 5Y*
- 30.93%
- 10Y*
- 14.76%
SAN vs. BAP - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
BAP Credicorp Ltd. | 34.85% | 65.23% | 31.35% | 16.29% | 14.47% | -24.73% | -17.56% | -0.26% | 8.91% | 37.84% |
Correlation
The correlation between SAN and BAP is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.39 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.44 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Oct 25, 1995 | 0.32 |
The correlation between SAN and BAP shifts across timeframes, from 0.32 (all time) to 0.44 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
SAN:
$188.90B
BAP:
$27.79B
SAN:
€1.06
BAP:
PEN 90.36
SAN:
10.47
BAP:
3.87
SAN:
0.55
BAP:
0.21
SAN:
2.27
BAP:
0.97
SAN:
1.54
BAP:
0.72
SAN:
€74.92B
BAP:
PEN 28.76B
SAN:
€46.97B
BAP:
PEN 22.06B
SAN:
€21.14B
BAP:
PEN 11.19B
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Return for Risk
SAN vs. BAP — Risk / Return Rank
SAN
BAP
SAN vs. BAP - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Banco Santander, S.A. (SAN) and Credicorp Ltd. (BAP). 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.
| SAN | BAP | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.49 | ||
| Sortino ratioReturn per unit of downside risk | -0.44 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.43 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | 3.13 | 4.94 | -1.81 |
| Martin ratioReturn relative to average drawdown | 9.63 | 10.91 | -1.29 |
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Drawdowns
SAN vs. BAP - Drawdown Comparison
The maximum SAN drawdown since its inception was -82.94%, which is greater than BAP's maximum drawdown of -75.92%. Use the drawdown chart below to compare losses from any high point for SAN and BAP.
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Drawdown Indicators
| SAN | BAP | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.94% | -75.92% | -7.02% |
Max Drawdown (1Y)Largest decline over 1 year | -20.29% | -15.71% | -4.58% |
Max Drawdown (3Y)Largest decline over 3 years | -20.29% | -26.53% | +6.24% |
Max Drawdown (5Y)Largest decline over 5 years | -41.99% | -33.40% | -8.59% |
Max Drawdown (10Y)Largest decline over 10 years | -73.84% | -59.09% | -14.75% |
Current DrawdownCurrent decline from peak | -1.37% | 0.00% | -1.37% |
Average DrawdownAverage peak-to-trough decline | -30.66% | -23.93% | -6.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.58% | 7.09% | -0.51% |
Volatility
SAN vs. BAP - Volatility Comparison
The current volatility for Banco Santander, S.A. (SAN) is 10.68%, while Credicorp Ltd. (BAP) has a volatility of 15.39%. This indicates that SAN experiences smaller price fluctuations and is considered to be less risky than BAP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SAN | BAP | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.68% | 15.39% | -4.71% |
Volatility (6M)Calculated over the trailing 6-month period | 27.49% | 28.90% | -1.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.65% | 32.59% | +1.06% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.89% | 31.63% | +2.26% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.85% | 31.20% | +4.65% |
Dividends
SAN vs. BAP - Dividend Comparison
SAN's dividend yield for the trailing twelve months is around 2.17%, more than BAP's 0.42% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BAP Credicorp Ltd. | 3.86% | 3.78% | 6.65% | 4.52% | 2.84% | 0.99% | 5.37% | 3.95% | 1.94% | 4.16% | 1.47% | 2.25% |
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
SAN vs. BAP - Financials Comparison
This section allows you to compare key financial metrics between Banco Santander, S.A. and Credicorp Ltd.. 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
SAN vs. BAP - Profitability Comparison
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%.
BAP - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Credicorp Ltd. reported a gross profit of 6.01B and revenue of 7.74B. Therefore, the gross margin over that period was 77.7%.
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%.
BAP - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Credicorp Ltd. reported an operating income of 2.91B and revenue of 7.74B, resulting in an operating margin of 37.7%.
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%.
BAP - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Credicorp Ltd. reported a net income of 2.06B and revenue of 7.74B, resulting in a net margin of 26.6%.
Frequently Asked Questions
SAN and BAP have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BAP has higher volatility (15.39%) compared to SAN (10.68%). In terms of maximum drawdown, SAN dropped -82.94% vs BAP's -75.92%.
BAP currently has the higher Sharpe Ratio (2.38 vs 1.89), 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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