# How Banco Bilbao Vizcaya Argentaria (BBVA) compares with the whole market and its popular alternatives

> Source: EasyCompare research, https://easycompare.io/research/bbva
> Data as of October 20, 2026. Total returns include reinvested dividends. Past performance does not predict future results; nothing here is investment advice.

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on BBVA alone. It places BBVA (Banco Bilbao Vizcaya Argentaria, S.A.) against 20+ popular alternatives, its neighboring categories and the entire market of over 10,000 U.S.-listed stocks and ETFs, and surfaces what has done better on consistent outperformance, return for the risk taken, behavior in real market crashes and diversification. The result is a clearer view of where BBVA stands in the market, and of the alternatives worth a closer look.

Period covered: BBVA's full trading record, from December 1988 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

## Key findings

- **Right now:** Its bank peers split over the past 6 months: BNS (Bank of Nova Scotia) rose 22.4%, while BAC (Bank of America) fell 5.2%. BBVA has edged past the market, rising 11.7% over the past 6 months against 9.1% for the S&P 500 and 11.2% for the Nasdaq 100.
- **Stock or market?:** BBVA held up far better than its industry: it rose 3.1% over the past 3 months while the banks ETF KBE (State Street SPDR S&P Bank ETF) fell 6.8%. The S&P 500 rose 3.9%. Its bank peers did not move as one over the past 3 months: ITUB (Itaú Unibanco Holding) rose 16.7%, while BAC (Bank of America) fell 15.8%.
- **Past 1 to 3 years:** Over the past year, BBVA rose 35.2% against 15.8% for the S&P 500 and 17.9% for the Nasdaq 100. The same gap shows up over 3 years (281% against 89.3%).
- **Long term:** BBVA turned $10,000 into $64,200 over the past decade, against $42,100 in the S&P 500. BBVA's 10-year return of 542% puts it ahead of 88% of the stocks worth at least $300 million with that much history. The S&P 500 returned 321%.
- **In a crash:** Across seven sell-offs, BBVA has typically fallen 1.7 times as far as the S&P 500.
- **Diversification:** Over 10 years, BBVA's beta versus the S&P 500 was 1.11: in the S&P 500's rising months it gained 1.2 times as much as the index, and in falling months it lost 1.0 times as much. Against the S&P 500, BBVA has a correlation of 0.42 over 5 years, more closely than 55% of stocks worth at least $300 million. Next to an index fund it is some diversification, but not a hedge.
- **Better options**
  - **Popular alternatives:** JPM (JPMorgan Chase & Co.) fell less than BBVA in each recent sell-off and kept up with it over the past decade.
  - **Nearby categories and themes:** IBKR (Interactive Brokers Group, investment banking & brokerage) fell less than BBVA in each recent sell-off and kept up with it over the past decade.
  - **Whole market:** Few investments have done better on both counts: only one of the 3,633 stocks and funds worth at least $500 million earned more than BBVA with less volatility over the past 5 years, among them CAH (Cardinal Health).

## How much would $10,000 in BBVA have grown?

This chart tracks a hypothetical $10,000 investment in BBVA over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of BBVA over the same span and BBVA's popular alternatives, among those that traded for the entire period.

- $10,000 invested in BBVA at the end of September 1997 would have grown to $107,161 by September 2026, less than the $132,907 it would have become in SPY, an S&P 500 fund.
- Five of the eight other investments on the chart ended ahead of BBVA, and RY finished highest, at $442,765.

## BBVA at a glance

This section summarizes the key facts about the stock, its returns over periods from one to ten years and the risk it has carried, with dividends reinvested throughout.

- BBVA's deepest decline since it began trading in 1988 was 80.1%, from December 2007 to September 2020. It took about four years from the low to climb back to its old high.
- Over 29 full calendar years, BBVA's best was 2025, when it returned 154%, and its worst was 2008, when it lost 45.6%. It lost money in 11 of those years.
- BBVA is 12.6% below its all-time high.

- Type: Stock, Financials (Banks - Diversified)
- Trading since: December 14, 1988
- Market value: $142B
- Volatility (5 years): 33.3%; Sharpe ratio: 1.16
- Worst decline ever: −80.1%, from December 10, 2007 to September 23, 2020; back at its high by March 7, 2024

| Period | BBVA total return |
| --- | --- |
| 1 month | −10.4% |
| 3 months | +3.1% |
| 6 months | +11.7% |
| year to date | +11.3% |
| 1 year | +35.2% |
| 3 years | +281% |
| 5 years | +413% |
| 10 years | +542% |

## BBVA against the whole market

Where BBVA ranks among every stock and fund, and what across the market has done better.

### How does BBVA rank among all stocks?

This section ranks BBVA on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history.

- On return for the risk taken (the Sharpe ratio), BBVA ranks in the top 1% of the 2,893 stocks worth at least $300 million.

| Measure | BBVA | Rank |
| --- | --- | --- |
| 1-year return | +35.2% | 846 of 3,287 (top 26%) |
| 3-year return | +281% | 253 of 3,017 (top 9%) |
| 5-year return | +413% | 98 of 2,893 (top 4%) |
| 10-year return | +542% | 271 of 2,202 (top 13%) |
| Volatility, 5 years | 33.3% | 1,014 of 2,893 (top 36%) |
| Sharpe ratio, 5 years | 1.16 | 31 of 2,893 (top 2%) |
| Worst decline, past 10 years | −69.6% | 1,279 of 2,187 (top 59%) |

### What has beaten BBVA on both return and risk?

Each dot is an investment, placed by how much it earned a year over the past 5 years (higher is better) and how much its price swung, its volatility (further left is calmer).

- One stock worth at least $500 million sit in the green region: each earned more than BBVA over the past 5 years with smaller price swings. That is fewer than 1% of the 3,633 screened. Few investments beat it on both counts.
- Among those with at least half BBVA's swings, CAH has the best return for its risk: 42.1% a year at 24.7% volatility, 26% less than BBVA's 33.3%, and a Sharpe ratio (return above cash per unit of volatility) of 1.55 against 1.16 for BBVA.

### Is there a better investment than BBVA?

The table below lists investments that beat BBVA over the past 5 years on at least one of these measures: a higher annual return with lower volatility, a higher annual return at similar volatility, a similar return with lower volatility, a higher Sharpe ratio with a smaller worst decline, a higher total return in most periods from 3 months to 10 years, or smaller losses in recent market crashes.

- Among BBVA's popular alternatives, JPM fell less than BBVA in each recent sell-off and kept up with it over the past decade.
- Looking beyond its popular alternatives, IBKR (investment banking & brokerage) fell less than BBVA in each recent sell-off and kept up with it over the past decade.
- Few investments have done better on both counts: only one of the 3,633 stocks and funds worth at least $500 million earned more than BBVA with less volatility over the past 5 years, among them CAH.

The 1 strongest of 1 investments that beat BBVA over the past 5 years, out of 3,633 stocks and funds worth at least $500 million.

| Investment | Group | Annual return (5 years) | Volatility | Sharpe | Worst decline (10 years) | 10Y return | Correlation with BBVA | Better on |
| --- | --- | --- | --- | --- | --- | --- | --- | --- |
| BBVA: Banco Bilbao Vizcaya Argentaria, S.A. (this page) |  | +38.7% | 33.3% | 1.16 | −69.6% | +542% |  |  |
| [CAH](https://easycompare.io/research/cah): Cardinal Health, Inc. | Health Care Distribution | +42.1% | 24.7% | 1.55 | −46.1% | +349% | 0.30 | Higher return, lower volatility; Higher Sharpe, smaller worst decline |

## BBVA against its popular alternatives

The investments people most often weigh against BBVA, compared period by period and year by year.

### How do BBVA's risk and return compare with its alternatives?

This map plots each investment's annual return over the past 5 years against its volatility, the size of its typical price swings.

- None of the 24 popular alternatives earned more than BBVA over the past 5 years with smaller price swings, so every higher return on the map came with a bumpier ride.
- Over the past 5 years, BBVA returned 38.7% a year, more than the S&P 500's 12.7%, with higher volatility (33.3% against 17.1%).

### Has BBVA consistently beaten its popular alternatives?

This section compares BBVA with the investments people most often weigh against it, checking each one over eight periods from one month to ten years.

- None of the 25 popular alternatives outperformed BBVA in at least 3 of 5 short-term and 2 of 3 long-term timeframes. The closest was CIB.
- HSBC earned more for the risk it took than BBVA (a higher Sharpe ratio) and fell less in its worst decline of the past 10 years.

| Investment | 1Y return | 3Y return | 5Y return | 10Y return | Periods ahead of BBVA | Verdict | Sharpe |
| --- | --- | --- | --- | --- | --- | --- | --- |
| BBVA: Banco Bilbao Vizcaya Argentaria, S.A. (this page) | +35.2% | +281% | +413% | +542% |  |  | 1.16 |
| CIB: Grupo Cibest S.A. | +81.1% | +398% | +314% | +345% | 5/5 short-term, 1/3 long-term |  | 1.03 |
| [MELI](https://easycompare.io/research/meli): MercadoLibre, Inc. | −10.6% | +60.7% | +17.2% | +1,002% | 1/5 short-term, 1/3 long-term |  | 0.31 |
| [SAN](https://easycompare.io/research/san): Banco Santander, S.A. | +35.9% | +305% | +295% | +332% | 0/5 short-term, 1/3 long-term |  | 0.99 |
| [BNS](https://easycompare.io/research/bns): The Bank of Nova Scotia | +50.0% | +162% | +83.1% | +187% | 5/5 short-term, 0/3 long-term |  | 0.71 |
| [MUFG](https://easycompare.io/research/mufg): Mitsubishi UFJ Financial Group, Inc. | +41.3% | +184% | +319% | +483% | 4/5 short-term, 0/3 long-term |  | 1.13 |
| [SMFG](https://easycompare.io/research/smfg): Sumitomo Mitsui Financial Group, Inc. | +53.5% | +181% | +327% | +474% | 4/5 short-term, 0/3 long-term |  | 1.14 |
| [V](https://easycompare.io/research/v): Visa Inc. | +19.0% | +78.2% | +82.5% | +429% | 4/5 short-term, 0/3 long-term |  | 0.64 |
| [ITUB](https://easycompare.io/research/itub): Itaú Unibanco Holding S.A. | +46.3% | +147% | +221% | +190% | 4/5 short-term, 0/3 long-term |  | 0.86 |
| [MA](https://easycompare.io/research/ma): Mastercard Incorporated | +10.3% | +64.3% | +79.2% | +541% | 3/5 short-term, 0/3 long-term |  | 0.61 |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | +39.2% | +173% | +122% | +352% | 3/5 short-term, 0/3 long-term |  | 0.97 |
| [ING](https://easycompare.io/research/ing): ING Groep N.V. | +42.5% | +209% | +201% | +339% | 3/5 short-term, 0/3 long-term |  | 0.87 |
| [BBD](https://easycompare.io/research/bbd): Banco Bradesco S.A. | +31.6% | +90.7% | +69.3% | +35.5% | 3/5 short-term, 0/3 long-term |  | 0.47 |
| [HSBC](https://easycompare.io/research/hsbc): HSBC Holdings plc | +47.7% | +201% | +318% | +319% | 2/5 short-term, 0/3 long-term |  | 1.24 |
| [NU](https://easycompare.io/research/nu): Nu Holdings Ltd. | −2.1% | +84.7% | — | — | 2/5 short-term, 0/3 long-term |  | — |
| [JPM](https://easycompare.io/research/jpm): JPMorgan Chase & Co. | +13.0% | +150% | +122% | +537% | 1/5 short-term, 0/3 long-term |  | 0.78 |
| [UBS](https://easycompare.io/research/ubs): UBS Group AG | +26.3% | +116% | +210% | +374% | 1/5 short-term, 0/3 long-term |  | 0.90 |
| [C](https://easycompare.io/research/c): Citigroup Inc. | +26.0% | +238% | +102% | +234% | 1/5 short-term, 0/3 long-term |  | 0.63 |
| [LYG](https://easycompare.io/research/lyg): Lloyds Banking Group plc | +22.4% | +207% | +152% | +213% | 1/5 short-term, 0/3 long-term |  | 0.74 |
| EWP: iShares MSCI Spain ETF | +19.8% | +141% | +140% | +196% | 1/5 short-term, 0/3 long-term |  | 0.97 |
| BCH: Banco de Chile | +25.2% | +138% | +208% | +180% | 1/5 short-term, 0/3 long-term |  | 0.94 |
| BSAC: Banco Santander-Chile | +24.0% | +124% | +144% | +154% | 1/5 short-term, 0/3 long-term |  | 0.76 |
| EWW: iShares MSCI Mexico ETF | +18.4% | +57.6% | +77.4% | +89.7% | 1/5 short-term, 0/3 long-term |  | 0.62 |
| [BAC](https://easycompare.io/research/bac): Bank of America Corporation | −0.6% | +107% | +21.6% | +282% | 0/5 short-term, 0/3 long-term |  | 0.28 |
| [BCS](https://easycompare.io/research/bcs): Barclays PLC | +15.1% | +242% | +134% | +238% | 0/5 short-term, 0/3 long-term |  | 0.67 |
| [DB](https://easycompare.io/research/db): Deutsche Bank AG | −3.1% | +244% | +171% | +165% | 0/5 short-term, 0/3 long-term |  | 0.72 |

### How did BBVA do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where BBVA ranked among its popular alternatives each year.

- BBVA finished ahead of the S&P 500 in 14 of its 29 full calendar years.
- Among its popular alternatives, MA came out ahead of BBVA most often, in 15 of the 19 years both traded.
- Ranked against its popular alternatives each year, BBVA finished in the top quarter in six of 29 years and in the bottom quarter in six. In 2025, it ranked 2 of 26.

| Year | BBVA | SPY |
| --- | --- | --- |
| 2025 | +154% | +17.7% |
| 2024 | +14.2% | +24.9% |
| 2023 | +62.5% | +26.2% |
| 2022 | +10.0% | −18.2% |
| 2021 | +22.2% | +28.7% |
| 2020 | −6.4% | +18.3% |
| 2019 | +10.9% | +31.2% |
| 2018 | −35.0% | −4.6% |
| 2017 | +31.3% | +21.7% |
| 2016 | −1.5% | +12.0% |

## Risk and diversification

How BBVA has fallen, how it held up in crashes beside the S&P 500 and its popular alternatives, and what moves independently of it.

### What were BBVA's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high.

- Not every decline was the market's doing: BBVA fell 80.1% from December 2007 to September 2020, while the S&P 500 rose 177%.
- The slowest recovery came after BBVA fell 80.1% from December 2007 to September 2020; it did not regain that peak until March 2024, four years later.

| Decline | Peak | Low | Back at the high | SPY over the same dates | Market event |
| --- | --- | --- | --- | --- | --- |
| −80.1% | December 10, 2007 | September 23, 2020 | March 7, 2024 | +177% | 2008 financial crisis |
| −62.3% | July 17, 1998 | October 9, 2002 | December 21, 2004 | −30.6% | dot-com bust |
| −35.2% | June 2, 1992 | November 11, 1992 | November 8, 1994 | — |  |
| −35.0% | July 16, 1990 | January 15, 1991 | June 2, 1992 | — |  |
| −27.8% | August 29, 1989 | April 3, 1990 | July 10, 1990 | — |  |

### How did BBVA do in stock market crashes?

This section measures how far BBVA, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000.

- BBVA fell further than the S&P 500 in eight of the ten crashes it has traded through. The clearest case was the 2015 China and oil sell-off, when BBVA fell 41.0% and the S&P 500 fell 12.8%.
- Among its popular alternatives, HSBC held up best, falling less than BBVA in nine of the ten crashes they both traded through.

| Crash | Dates | BBVA fall | SPY fall |
| --- | --- | --- | --- |
| Dot-com bust | March 10, 2000 to October 9, 2002 | −55.9% | −47.5% |
| Global financial crisis | October 9, 2007 to March 9, 2009 | −75.7% | −55.2% |
| Flash crash | May 6, 2010 to May 7, 2010 | 0.0% | −1.5% |
| Euro debt crisis | July 22, 2011 to October 3, 2011 | −32.7% | −17.9% |
| China devaluation & oil rout | August 10, 2015 to February 11, 2016 | −41.0% | −12.8% |
| Volmageddon | February 2, 2018 to February 9, 2018 | −5.4% | −6.5% |
| Q4 2018 selloff | September 21, 2018 to December 24, 2018 | −22.7% | −19.3% |
| COVID crash | February 19, 2020 to March 23, 2020 | −47.9% | −33.7% |
| 2022 bear market | January 4, 2022 to October 12, 2022 | −39.6% | −24.5% |
| SVB / regional bank stress | March 8, 2023 to March 13, 2023 | −10.9% | −3.4% |

### How closely does BBVA move with the S&P 500?

Upside capture measures how much of the S&P 500's gains an investment kept in the months the market rose, and downside capture how much of its losses it took in the months the market fell.

- Over the past 10 years, BBVA captured 121% of the S&P 500's gains in rising months and 97% of its losses in falling months, with a beta of 1.11. Its share of the market's gains was larger than its share of the losses.
- MA took just 88% of the S&P 500's losses, against 97% for BBVA, while still keeping 105% of its gains.
- Four of the 24 popular alternatives had a higher capture ratio (upside capture divided by downside capture) than BBVA's 1.25, led by BCH, MUFG and SMFG.

Measured over the past 10 years of monthly returns against SPY.

| Investment | Upside capture | Downside capture | Beta |
| --- | --- | --- | --- |
| BBVA: Banco Bilbao Vizcaya Argentaria, S.A. (this page) | 121% | 97.0% | 1.11 |
| CIB: Grupo Cibest S.A. | 119% | 133% | 0.99 |
| [MELI](https://easycompare.io/research/meli): MercadoLibre, Inc. | 135% | 111% | 1.44 |
| [SAN](https://easycompare.io/research/san): Banco Santander, S.A. | 101% | 92.0% | 1.02 |
| [BNS](https://easycompare.io/research/bns): The Bank of Nova Scotia | 97.0% | 120% | 1.05 |
| [MUFG](https://easycompare.io/research/mufg): Mitsubishi UFJ Financial Group, Inc. | 84.0% | 42.0% | 0.66 |
| [SMFG](https://easycompare.io/research/smfg): Sumitomo Mitsui Financial Group, Inc. | 84.0% | 43.0% | 0.65 |
| [V](https://easycompare.io/research/v): Visa Inc. | 93.0% | 79.0% | 0.87 |
| [ITUB](https://easycompare.io/research/itub): Itaú Unibanco Holding S.A. | 66.0% | 58.0% | 0.65 |
| [MA](https://easycompare.io/research/ma): Mastercard Incorporated | 105% | 88.0% | 0.95 |
| [RY](https://easycompare.io/research/ry): Royal Bank of Canada | 97.0% | 88.0% | 0.88 |
| [ING](https://easycompare.io/research/ing): ING Groep N.V. | 136% | 155% | 1.36 |
| [BBD](https://easycompare.io/research/bbd): Banco Bradesco S.A. | 62.0% | 103% | 0.72 |
| [HSBC](https://easycompare.io/research/hsbc): HSBC Holdings plc | 79.0% | 53.0% | 0.58 |
| [JPM](https://easycompare.io/research/jpm): JPMorgan Chase & Co. | 117% | 103% | 1.09 |
| [UBS](https://easycompare.io/research/ubs): UBS Group AG | 116% | 120% | 1.18 |
| [C](https://easycompare.io/research/c): Citigroup Inc. | 131% | 165% | 1.49 |
| [LYG](https://easycompare.io/research/lyg): Lloyds Banking Group plc | 106% | 130% | 1.20 |
| EWP: iShares MSCI Spain ETF | 81.0% | 83.0% | 0.81 |
| BCH: Banco de Chile | 45.0% | 19.0% | 0.36 |
| BSAC: Banco Santander-Chile | 66.0% | 65.0% | 0.66 |
| EWW: iShares MSCI Mexico ETF | 71.0% | 96.0% | 0.88 |
| [BAC](https://easycompare.io/research/bac): Bank of America Corporation | 127% | 146% | 1.36 |
| [BCS](https://easycompare.io/research/bcs): Barclays PLC | 113% | 131% | 1.26 |
| [DB](https://easycompare.io/research/db): Deutsche Bank AG | 102% | 118% | 1.21 |

### What diversifies BBVA?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions).

- Moving a fifth of the money in BBVA into MCK would have cut the portfolio's volatility by 18% over the past 5 years and raised its annual return (+42.0% for BBVA alone, +42.2% for the mix).
- Among large ETFs, DXJ, EMLP and SMH have moved largely independently of BBVA over the past 5 years, with correlations of 0.41 or lower, and each still earned a positive 5-year return.
- FIX made money in six of the 11 calendar years in which BBVA lost money.

| Investment | Correlation with BBVA | 5Y return | Volatility | Sharpe | Rose in BBVA's 11 down years |
| --- | --- | --- | --- | --- | --- |
| DXJ: WisdomTree Japan Hedged Equity Fund | 0.41 | +225% | 19.1% | 1.34 | 4 of 11 |
| EMLP: First Trust North American Energy Infrastructure Fund | 0.35 | +101% | 14.5% | 1.04 | 2 of 11 |
| [SMH](https://easycompare.io/research/smh): VanEck Semiconductor ETF | 0.16 | +323% | 36.9% | 0.97 | 5 of 11 |
| [GLD](https://easycompare.io/research/gld): SPDR Gold Shares | 0.17 | +126% | 18.9% | 0.96 | 5 of 11 |
| SPMO: Invesco S&P 500 Momentum ETF | 0.33 | +136% | 20.8% | 0.93 | 2 of 11 |
| [XLE](https://easycompare.io/research/xle): State Street Energy Select Sector SPDR ETF | 0.36 | +177% | 25.5% | 0.93 | 4 of 11 |
| VLUE: iShares MSCI USA Value Factor ETF | 0.47 | +109% | 18.4% | 0.90 | 2 of 11 |
| EWT: iShares MSCI Taiwan ETF | 0.21 | +153% | 24.2% | 0.89 | 5 of 11 |

## Common questions

### What was BBVA's worst drawdown?

BBVA's deepest decline since it began trading in 1988 was 80.1%, from December 2007 to September 2020. It took about four years from the low to climb back to its old high.

### What were BBVA's best and worst years?

Over 29 full calendar years, BBVA's best year was 2025, when it returned 154%. Its worst was 2008, with a return of -45.6%.

### Is there a better investment than BBVA?

Among BBVA's popular alternatives, JPM fell less than BBVA in each recent sell-off and kept up with it over the past decade. Looking beyond its popular alternatives, IBKR (investment banking & brokerage) fell less than BBVA in each recent sell-off and kept up with it over the past decade.

### Is BBVA more volatile than the S&P 500?

Yes. BBVA's volatility over the past 5 years was 33.3%, about twice the S&P 500's 17.1%. Volatility measures how widely returns swing around their average: in roughly two years out of three, BBVA's return lands within 33.3% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump.

### What is BBVA's Sharpe ratio?

BBVA's Sharpe ratio over the past 5 years was 1.16, against 0.79 for the S&P 500, so BBVA earned more for each unit of risk than an index fund did. The Sharpe ratio is the return earned above cash for each unit of volatility: two investments with the same return are not equal if one got there with far bigger swings.

### How correlated is BBVA with the S&P 500?

Over the past 5 years, BBVA's monthly returns had a correlation of 0.42 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They often move together: some diversification next to an index fund, but not a cushion. In the table, the correlation column measures each option against BBVA instead: the lower it is, the more that option would diversify a BBVA holding.

### What are the best alternatives to BBVA?

None of the 25 popular alternatives we compared outperformed BBVA in at least 3 of 5 short-term and 2 of 3 long-term timeframes, which says more about BBVA's strength than about its alternatives.

### Did BBVA outperform the S&P 500?

BBVA finished ahead of the S&P 500 (SPY) in 14 of 29 full calendar years. In 2025, it returned +154%, against +17.7% for the index.

### How did BBVA do in stock market crashes?

BBVA fell less than the S&P 500 (SPY) in two of the ten major crashes it has traded through, and further in eight. The clearest case was the 2015 China and oil sell-off, when BBVA fell 41.0% and the S&P 500 fell 12.8%.

### What diversifies BBVA?

These had a low correlation with BBVA over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.41), EMLP (correlation 0.35) and SMH (correlation 0.16); among large stocks, CAH (correlation 0.30), CLS (correlation 0.15) and FIX (correlation 0.16). A correlation near zero means the two have moved largely independently.

## More research

- [MercadoLibre (MELI) Performance, Alternatives and Market Rank](https://easycompare.io/research/meli)
- [Banco Santander (SAN) Performance, Alternatives and Market Rank](https://easycompare.io/research/san)
- [Bank of Nova Scotia (BNS) Performance, Alternatives and Market Rank](https://easycompare.io/research/bns)
- [Mitsubishi UFJ Financial Group (MUFG) Performance, Alternatives and Market Rank](https://easycompare.io/research/mufg)
- [Sumitomo Mitsui Financial Group (SMFG) Performance, Alternatives and Market Rank](https://easycompare.io/research/smfg)
- [Visa (V) Performance, Alternatives and Market Rank](https://easycompare.io/research/v)
- [Itaú Unibanco Holding (ITUB) Performance, Alternatives and Market Rank](https://easycompare.io/research/itub)
- [Mastercard (MA) Performance, Alternatives and Market Rank](https://easycompare.io/research/ma)
- [Royal Bank of Canada (RY) Performance, Alternatives and Market Rank](https://easycompare.io/research/ry)
- [ING Groep (ING) Performance, Alternatives and Market Rank](https://easycompare.io/research/ing)
- [Banco Bradesco (BBD) Performance, Alternatives and Market Rank](https://easycompare.io/research/bbd)
- [HSBC Performance, Alternatives and Market Rank](https://easycompare.io/research/hsbc)

## Explore further

- Full page with charts: https://easycompare.io/research/bbva
- All research pages: https://easycompare.io/llms.txt
- Compare the entire market against BBVA live: https://betterthanspy.com/?b=BBVA&utm_source=easycompare&utm_medium=research