SAN vs. HSBC
SAN (Banco Santander, S.A.) and HSBC (HSBC Holdings plc) are both stocks. Both operate in the Banks - Diversified industry within the Financial Services sector. Over the past 10 years, SAN returned 16.85%/yr vs 18.39%/yr for HSBC. A 0.61 correlation means they provide meaningful diversification when combined.
Performance
SAN vs. HSBC - 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 HSBC's 21.78% return. Over the past 10 years, SAN has underperformed HSBC with an annualized return of 16.85%, while HSBC has yielded a comparatively higher 18.39% 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%
HSBC
- 1D
- 2.15%
- 1M
- 4.85%
- YTD
- 21.78%
- 6M
- 27.76%
- 1Y
- 64.27%
- 3Y*
- 43.81%
- 5Y*
- 32.55%
- 10Y*
- 18.39%
SAN vs. HSBC - 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% |
HSBC HSBC Holdings plc | 21.78% | 67.91% | 34.48% | 39.45% | 7.79% | 20.76% | -31.71% | 1.44% | -16.05% | 36.04% |
Correlation
The correlation between SAN and HSBC 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 | 0.66 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.63 |
Correlation (All Time) Calculated using the full available price history since Jul 16, 1999 | 0.61 |
The correlation between SAN and HSBC shifts across timeframes, from 0.61 (all time) to 0.72 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
SAN:
$188.90B
HSBC:
$320.51B
SAN:
€1.06
HSBC:
$6.38
SAN:
10.47
HSBC:
14.52
SAN:
0.55
HSBC:
0.71
SAN:
2.27
HSBC:
2.52
SAN:
1.54
HSBC:
1.84
SAN:
€74.92B
HSBC:
$128.37B
SAN:
€46.97B
HSBC:
$65.42B
SAN:
€21.14B
HSBC:
$34.27B
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Return for Risk
SAN vs. HSBC — Risk / Return Rank
SAN
HSBC
SAN vs. HSBC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Banco Santander, S.A. (SAN) 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.
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 | HSBC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.40 | ||
| Sortino ratioReturn per unit of downside risk | -0.45 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 1.40 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 3.13 | 3.80 | -0.67 |
| Martin ratioReturn relative to average drawdown | 9.63 | 13.41 | -3.78 |
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Drawdowns
SAN vs. HSBC - Drawdown Comparison
The maximum SAN drawdown since its inception was -82.94%, which is greater than HSBC's maximum drawdown of -74.47%. Use the drawdown chart below to compare losses from any high point for SAN and HSBC.
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Drawdown Indicators
| SAN | HSBC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.94% | -74.47% | -8.47% |
Max Drawdown (1Y)Largest decline over 1 year | -20.29% | -16.28% | -4.01% |
Max Drawdown (3Y)Largest decline over 3 years | -20.29% | -21.83% | +1.54% |
Max Drawdown (5Y)Largest decline over 5 years | -41.99% | -31.80% | -10.19% |
Max Drawdown (10Y)Largest decline over 10 years | -73.84% | -62.26% | -11.58% |
Current DrawdownCurrent decline from peak | -1.37% | -2.67% | +1.30% |
Average DrawdownAverage peak-to-trough decline | -30.66% | -24.09% | -6.57% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.58% | 4.61% | +1.97% |
Volatility
SAN vs. HSBC - Volatility Comparison
Banco Santander, S.A. (SAN) and HSBC Holdings plc (HSBC) have volatilities of 10.68% and 10.18%, 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.
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Volatility by Period
| SAN | HSBC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.68% | 10.18% | +0.50% |
Volatility (6M)Calculated over the trailing 6-month period | 27.49% | 22.25% | +5.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.65% | 27.11% | +6.54% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.89% | 25.95% | +7.94% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.85% | 25.62% | +10.23% |
Dividends
SAN vs. HSBC - Dividend Comparison
SAN's dividend yield for the trailing twelve months is around 2.17%, less than HSBC's 4.05% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HSBC HSBC Holdings plc | 4.05% | 4.19% | 8.29% | 6.54% | 4.33% | 3.65% | 4.05% | 6.52% | 6.20% | 4.94% | 6.35% | 6.33% |
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. HSBC - Financials Comparison
This section allows you to compare key financial metrics between Banco Santander, S.A. and HSBC Holdings plc. 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. HSBC - 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%.
HSBC - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, HSBC Holdings plc reported a gross profit of 16.93B and revenue of 32.92B. Therefore, the gross margin over that period was 51.4%.
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%.
HSBC - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, HSBC Holdings plc reported an operating income of 9.36B and revenue of 32.92B, resulting in an operating margin of 28.4%.
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%.
HSBC - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, HSBC Holdings plc reported a net income of 7.33B and revenue of 32.92B, resulting in a net margin of 22.3%.
Frequently Asked Questions
SAN and HSBC 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 HSBC (10.18%). In terms of maximum drawdown, SAN dropped -82.94% vs HSBC's -74.47%.
HSBC currently has the higher Sharpe Ratio (2.28 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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