SAN vs. NWG
SAN (Banco Santander, S.A.) and NWG (NatWest Group plc) are both stocks. Both operate in the Banks - Diversified industry within the Financial Services sector. Over the past 10 years, SAN returned 15.55%/yr vs 15.97%/yr for NWG. A 0.65 correlation means they provide meaningful diversification when combined.
Performance
SAN vs. NWG - Performance Comparison
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Returns By Period
In the year-to-date period, SAN achieves a 4.95% return, which is significantly higher than NWG's -5.18% return. Both investments have delivered pretty close results over the past 10 years, with SAN having a 15.55% annualized return and NWG not far ahead at 15.97%.
SAN
- 1D
- 0.08%
- 1M
- -0.98%
- YTD
- 4.95%
- 6M
- 11.81%
- 1Y
- 55.12%
- 3Y*
- 58.01%
- 5Y*
- 28.22%
- 10Y*
- 15.55%
NWG
- 1D
- 0.76%
- 1M
- 0.51%
- YTD
- -5.18%
- 6M
- 0.44%
- 1Y
- 17.10%
- 3Y*
- 43.71%
- 5Y*
- 30.30%
- 10Y*
- 15.97%
SAN vs. NWG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
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% |
NWG NatWest Group plc | -5.18% | 81.29% | 92.31% | -4.69% | 11.23% | 39.24% | -24.92% | 29.18% | -26.25% | 38.16% |
Correlation
The correlation between SAN and NWG is 0.70, 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 | 0.70 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.67 |
Correlation (All Time) Calculated using the full available price history since Oct 19, 2007 | 0.65 |
The correlation between SAN and NWG has been stable across timeframes, ranging from 0.63 to 0.70 - a consistent structural relationship.
Fundamentals
SAN:
$178.48B
NWG:
$32.00B
SAN:
$1.06
NWG:
$2.95
SAN:
11.45
NWG:
5.39
SAN:
0.60
NWG:
0.20
SAN:
2.48
NWG:
1.09
SAN:
1.68
NWG:
0.73
SAN:
$74.92B
NWG:
$29.58B
SAN:
$46.97B
NWG:
$16.97B
SAN:
$21.14B
NWG:
$9.10B
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Return for Risk
SAN vs. NWG — Risk / Return Rank
SAN
NWG
SAN vs. NWG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Banco Santander, S.A. (SAN) and NatWest Group plc (NWG). 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.
| SAN | NWG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.13 | ||
| Sortino ratioReturn per unit of downside risk | +1.34 | ||
| Omega ratioGain probability vs. loss probability | 1.27 | 1.11 | +0.16 |
| Calmar ratioReturn relative to maximum drawdown | 2.73 | 0.71 | +2.02 |
| Martin ratioReturn relative to average drawdown | 8.45 | 1.80 | +6.65 |
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
| SAN | NWG | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.68 | 0.55 | +1.13 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | 0.91 | -0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.44 | 0.42 | +0.02 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.23 | -0.11 | +0.33 |
Drawdowns
SAN vs. NWG - Drawdown Comparison
The maximum SAN drawdown since its inception was -82.94%, smaller than the maximum NWG drawdown of -96.96%. Use the drawdown chart below to compare losses from any high point for SAN and NWG.
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Drawdown Indicators
| SAN | NWG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.94% | -96.96% | +14.02% |
Max Drawdown (1Y)Largest decline over 1 year | -20.29% | -24.03% | +3.74% |
Max Drawdown (3Y)Largest decline over 3 years | -20.29% | -34.62% | +14.33% |
Max Drawdown (5Y)Largest decline over 5 years | -43.63% | -40.56% | -3.07% |
Max Drawdown (10Y)Largest decline over 10 years | -73.84% | -67.34% | -6.50% |
Current DrawdownCurrent decline from peak | -6.81% | -71.45% | +64.64% |
Average DrawdownAverage peak-to-trough decline | -30.67% | -86.22% | +55.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.55% | 9.60% | -3.05% |
Volatility
SAN vs. NWG - Volatility Comparison
Banco Santander, S.A. (SAN) and NatWest Group plc (NWG) have volatilities of 8.71% and 8.65%, 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 | NWG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 8.71% | 8.65% | +0.06% |
Volatility (6M)Calculated over the trailing 6-month period | 26.85% | 23.92% | +2.93% |
Volatility (1Y)Calculated over the trailing 1-year period | 33.12% | 31.41% | +1.71% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 33.78% | 33.53% | +0.25% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 35.87% | 38.32% | -2.45% |
Dividends
SAN vs. NWG - Dividend Comparison
SAN's dividend yield for the trailing twelve months is around 2.30%, less than NWG's 5.51% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NWG NatWest Group plc | 5.51% | 3.69% | 4.36% | 9.42% | 11.57% | 2.74% | 4.59% | 9.75% | 0.91% | 0.00% | 0.00% | 0.00% |
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
SAN vs. NWG - Financials Comparison
This section allows you to compare key financial metrics between Banco Santander, S.A. and NatWest Group 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. NWG - 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%.
NWG - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, NatWest Group plc reported a gross profit of 4.36B and revenue of 7.39B. Therefore, the gross margin over that period was 59.0%.
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%.
NWG - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, NatWest Group plc reported an operating income of 2.03B and revenue of 7.39B, resulting in an operating margin of 27.5%.
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%.
NWG - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, NatWest Group plc reported a net income of 1.51B and revenue of 7.39B, resulting in a net margin of 20.4%.
Frequently Asked Questions
SAN and NWG have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SAN has higher volatility (8.71%) compared to NWG (8.65%). In terms of maximum drawdown, SAN dropped -82.94% vs NWG's -96.96%.
SAN currently has the higher Sharpe Ratio (1.68 vs 0.55), 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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