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Relative Intelligence · Banks

How Banco Santander (SAN) compares with the whole market and its popular alternatives

Built by QuantCommons' quantitative engine, this page is about relative opportunity, not data on SAN alone. It places SAN (Banco Santander, 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 SAN stands in the market, and of the alternatives worth a closer look.

Period covered: SAN's full trading record, from July 1987 through September 2026. All returns include reinvested dividends. Data as of October 20, 2026.

Data as of October 20, 2026. Full tables and charts read best on a larger screen.

Rank the market against SAN →Chart SAN vs. 25 alternatives →
On this page12 sections

Key findings

How much would $10,000 in SAN have grown?

This chart tracks a hypothetical $10,000 investment in SAN over the past 29 years, with dividends reinvested, alongside the same amount in the S&P 500, investments that ended ahead of SAN over the same span and SAN's popular alternatives, among those that traded for the entire period. A second view covers the past 5 years, the period the better options further down the page are judged on. It shows not only where each investment ended up but also how smooth or uneven the path was.

Choose a period

From the end of September 1997 to the end of September 2026. The scale is logarithmic, so equal steps up the chart are equal percentage gains. Hover over a fund in the key to pick out its line. 610 of the 1,042 stocks and funds worth at least $500 million that traded the whole period ended ahead of SAN; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$2,000$5,000$10,000$20,000$50,000$100,000$200,000199720022007201220172022$10,000$100,00019972004201120182025
  • BCH$210,582+2,006% total · +11.1% a year
  • JPM$189,407+1,794% total · +10.7% a year
  • AXP$184,080+1,741% total · +10.6% a year
  • BSAC$164,332+1,543% total · +10.1% a year
  • SPY (S&P 500)$132,907+1,229% total · +9.3% a year
  • BBVA$107,161+972% total · +8.5% a year
  • SAN$81,349+713% total · +7.5% a year
  • ING$45,632+356% total · +5.4% a year
  • MUFG$22,774+128% total · +2.9% a year
  • C$11,853+18.5% total · +0.6% a year
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From the end of September 2021 to the end of September 2026. Hover over a fund in the key to pick out its line. 157 of the 3,628 stocks and funds worth at least $500 million that traded the whole period ended ahead of SAN; the chart shows 5, closest alternatives first. The other 3 lines are popular alternatives, shown for context.

$0$10,000$20,000$30,000$40,000$50,000$60,000$70,000202120222023202420252026$0$20,000$40,000$60,000$80,000202120222023202420252026
  • BBVA$57,750+478% total · +42.0% a year
  • IBKR$56,308+463% total · +41.3% a year
  • HSBC$51,297+413% total · +38.7% a year
  • CAH$49,682+397% total · +37.8% a year
  • MFG$46,041+360% total · +35.7% a year
  • SAN$45,493+355% total · +35.4% a year
  • SMFG$44,827+348% total · +35.0% a year
  • MUFG$44,537+345% total · +34.8% a year
  • SPY (S&P 500)$19,000+90.0% total · +13.7% a year
  • MA$16,338+63.4% total · +10.3% a year
Change the dates or add tickers to this chart in EasyCompare

SAN 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. These figures serve as the baseline for every comparison that follows.

The company

Market value
$194B
Industry
Banks - Diversified
Price history from
July 1987

Returns

Past 1 year
+35.9%total return
Past 3 years
+305%+59.4% a year
Past 5 years
+295%+31.7% a year
Past 10 years
+332%+15.8% a year
Best calendar year
+165%2025
Worst calendar year
−52.3%2008
Losing years
12 of 29full calendar years

Risk

Volatility
33.9%typical yearly swing, 5 years
Sharpe ratio
0.99return per unit of risk, 5 years
Worst decline ever
−78.9%May 2008 to Sep 2020
From its all-time high
−12.8%below the peak

SAN against the whole market

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

How does SAN rank among all stocks?

This section ranks SAN on return, volatility, risk-adjusted return and worst decline against every stock worth at least $300 million with enough history. Where the comparisons with its popular alternatives show how SAN stacks up against its peers, these rankings show where it stands in the market as a whole.

Ranked against U.S.-listed stocks worth at least $300M that have enough history for each measure, so the count changes from row to row; smaller stocks are left out. Lower volatility and smaller declines rank higher.

MeasureSANRankStanding
1-year return+35.9%827 of 3,287top 25%
3-year return+305%216 of 3,017top 7%
5-year return+295%176 of 2,893top 6%
10-year return+332%516 of 2,202top 23%
Volatility, 5 years33.9%1,049 of 2,893top 36%
Sharpe ratio, 5 years0.99106 of 2,893top 4%
Worst decline, past 10 years−73.8%1,419 of 2,187bottom 36%

What has beaten SAN 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). SAN sits where the dashed lines cross. Anything in the green box above and to the left earned more than SAN with smaller swings, a better trade-off over this period on both counts. Past results are no promise, but a name in the box is worth a closer look.

Annual return is the annualized total return with dividends reinvested, and volatility the annualized swing in daily prices, both over 5 years. Labeled dots are the strongest picks from the table below and the names called out above, colored by how close they sit to SAN; faint dots are 4 more of the 10 in the green region (the strongest, one per fund family). 3,633 stocks and funds worth at least $500 million were screened. Hover over a dot for its figures.

15.0%20.0%25.0%30.0%35.0%40.0%45.0%50.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than SANMOG-A: +36.6% a year, volatility 32.0%TRGP: +41.8% a year, volatility 31.7%IMO: +34.3% a year, volatility 32.0%GE: +36.0% a year, volatility 31.0%SAN: +31.7% a year, volatility 33.9%SPY (S&P 500): +12.7% a year, volatility 17.1%MUFG: +33.2% a year, volatility 29.4%SMFG: +33.7% a year, volatility 29.4%HSBC: +33.1% a year, volatility 25.9%BBVA: +38.7% a year, volatility 33.3%MFG: +33.6% a year, volatility 30.6%RY: +17.3% a year, volatility 18.2%CIB: +32.9% a year, volatility 32.9%IBKR: +35.4% a year, volatility 35.4%NDAQ: +8.9% a year, volatility 24.7%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%MCK: +38.7% a year, volatility 25.0%MPC: +51.2% a year, volatility 33.4%AVGO: +48.3% a year, volatility 44.5%SMH: +33.4% a year, volatility 36.9%BLX: +31.4% a year, volatility 25.9%IOO: +15.7% a year, volatility 17.2%SANSPY (S&P 500)MUFGSMFGHSBCBBVARYIBKRNDAQCAHLLYMCKMPCAVGOBLXIOO10.0%20.0%30.0%40.0%50.0%0.0%10.0%20.0%30.0%40.0%50.0%60.0%Volatility over 5 years (annualized)Annual return over 5 yearsMore return, less volatility than SANMOG-A: +36.6% a year, volatility 32.0%TRGP: +41.8% a year, volatility 31.7%IMO: +34.3% a year, volatility 32.0%GE: +36.0% a year, volatility 31.0%SAN: +31.7% a year, volatility 33.9%SPY (S&P 500): +12.7% a year, volatility 17.1%MUFG: +33.2% a year, volatility 29.4%SMFG: +33.7% a year, volatility 29.4%HSBC: +33.1% a year, volatility 25.9%BBVA: +38.7% a year, volatility 33.3%MFG: +33.6% a year, volatility 30.6%RY: +17.3% a year, volatility 18.2%CIB: +32.9% a year, volatility 32.9%IBKR: +35.4% a year, volatility 35.4%NDAQ: +8.9% a year, volatility 24.7%CAH: +42.1% a year, volatility 24.7%LLY: +40.7% a year, volatility 32.8%MCK: +38.7% a year, volatility 25.0%MPC: +51.2% a year, volatility 33.4%AVGO: +48.3% a year, volatility 44.5%SMH: +33.4% a year, volatility 36.9%BLX: +31.4% a year, volatility 25.9%IOO: +15.7% a year, volatility 17.2%SANSPY (S&P 500)MUFGSMFGBBVARYIBKRNDAQCAHLLYMCKMPCAVGOIOO
  • Popular alternatives
  • Same and neighboring categories, and shared themes
  • The whole market
  • Others in the green region

Is there a better investment than SAN?

Investments that beat SAN over the past 5 years on return, volatility, drawdowns, consistency, crash losses or fees, from its popular alternatives out to the whole market.

How this works

The table below lists investments that beat SAN 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. It checks SAN's popular alternatives first, then the rest of its own and neighboring categories, then every stock and fund worth at least $500 million, and shows the strongest few in each group. The full list of those with a higher return and lower volatility than SAN follows the table.

Annual return is the annualized total return with dividends reinvested. Annual return, volatility and the Sharpe ratio cover 5 years; the worst decline covers the past 10 years. Green marks a better figure than SAN's. "On the frontier" means no other option shown or tested earned more with less volatility. Funds that hold the same thing are shown once. Beyond the popular alternatives, nothing with more than 1.5× SAN's volatility counts as better.

These figures cover the past 5 years. Green marks a better figure than SAN's.

Screen the whole market against SAN for any period in BetterThanSPYOpen these 18 in EasyCompare
InvestmentWhy it is betterPast 5 yearsDownsideLong runFit
Annual return?higher is betterVolatility?lower is calmerSharpe?return per unit of riskWorst decline?past 10 years10Y returntotalCorr. with SAN?lower diversifies moreExpenseper year
SANBanco Santander, S.A. · this page
+31.7%33.9%0.99−73.8%+332%1.00—
SPYState Street SPDR S&P 500 ETF · S&P 500
+12.7%17.1%0.79−33.7%+321%0.380.09%
Popular alternativesbest 4 shownThe investments people most often weigh against SAN. 4 of 24 passed at least one test.
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.2%29.4%1.13−54.9%+483%0.35—
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.7%29.4%1.14−47.6%+474%0.34—
HSBCHSBC Holdings plc · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst decline+33.1%25.9%1.24−62.3%+319%0.65—
BBVABanco Bilbao Vizcaya Argentaria, S.A. · Banks
Higher return, similar volatilityHigher return in most periods+38.7%33.3%1.16−69.6%+542%0.86—
Same and neighboring categories, and shared themesbest 5 shownEverything else in Banks and the categories next to it (Regional Banks, Capital Markets, Payment Processing, Asset Management), plus SAN's specific themes. 5 of 119 passed at least one test.
MFGMizuho Financial Group, Inc. · Banks
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+33.6%30.6%1.10−45.7%+345%0.34—
RYRoyal Bank of Canada · Banks
On the frontierSmaller losses in recent crashes+17.3%18.2%0.97−40.0%+352%0.58—
CIBGrupo Cibest S.A. · Banks
Higher return in most periods+32.9%32.9%1.03−70.4%+345%0.50—
IBKRInteractive Brokers Group, Inc. · Investment Banking & Brokerage
Higher return, similar volatility+35.4%35.4%1.04−55.1%+935%0.28—
NDAQNasdaq, Inc. · Capital Markets
Smaller losses in recent crashes+8.9%24.7%0.47−38.3%+407%0.15—
The whole marketbest 8 shownEvery other stock and fund worth at least $500 million. 94 of 3,490 passed at least one test.
CAHCardinal Health, Inc. · Health Care Distribution
On the frontierHigher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+42.1%24.7%1.55−46.1%+349%0.17—
LLYEli Lilly and Company · Pharmaceuticals
Higher return, similar volatilityHigher Sharpe, smaller worst declineHigher return in most periodsSmaller losses in recent crashes+40.7%32.8%1.21−34.5%+1,807%0.00—
MCKMcKesson Corporation · Health Care Distribution
Higher return, lower volatilityHigher Sharpe, smaller worst declineHigher return in most periods+38.7%25.0%1.44−38.1%+586%0.02—
MPCMarathon Petroleum Corporation · Oil & Gas
On the frontierHigher return, similar volatilityHigher return in most periods+51.2%33.4%1.41−79.7%+1,387%0.26—
AVGOBroadcom Inc. · Semiconductors
Higher Sharpe, smaller worst declineSmaller losses in recent crashes+48.3%44.5%1.11−48.3%+2,380%0.04—
SMHVanEck Semiconductor ETF · Semiconductors
Higher return in most periods+33.4%36.9%0.97−45.3%+1,665%0.250.35%
BLXBladex, Inc. · Banks - Regional
Similar return, lower volatilityHigher Sharpe, smaller worst decline+31.4%25.9%1.19−68.5%+290%0.56—
IOOiShares Global 100 ETF · Global Equity
On the frontierSmaller losses in recent crashes+15.7%17.2%0.94−31.4%+361%0.370.40%
What these numbers mean for SAN
Annual return
SAN returned 31.7% a year over the past 5 years with dividends reinvested, against 12.7% a year for the S&P 500. At that pace, $10,000 became about $39,500. Annual return is the steady yearly rate that would produce the same total result, so investments held over the same span compare fairly. Guide: What is performance and return? →
Volatility
SAN's volatility over the past 5 years was 33.9%, 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, SAN's return lands within 33.9% of its average, either way. The higher it is, the rougher the ride and the harder it is to hold through a slump. Guide: Understanding and measuring risk (volatility) →
Sharpe ratio
SAN's Sharpe ratio over the past 5 years was 0.99, against 0.79 for the S&P 500, so SAN 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. Guide: Balancing reward with risk (Sharpe ratio) →
Worst decline
SAN's worst fall from a peak to a low over the past 10 years was 73.8%, against 33.7% for the S&P 500. Losses and gains are not symmetric: climbing back from a 73.8% fall takes a 281% gain. Guide: Market crash risk and tail risk →
Correlation
Over the past 5 years, SAN's monthly returns had a correlation of 0.38 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against SAN instead: the lower it is, the more that option would diversify a SAN holding. Guide: Correlation and diversification →
Show all 10 stocks and funds worth at least $500 million that earned more than SAN with less volatility

Out of 3,633 tested over 5 years. Best first; funds that hold the same thing are listed once.

#InvestmentFound inAnnual returnVolatilitySharpeWorst decline10Y returnCorr. with SANExpense
1
CAHCardinal Health, Inc. · Health Care Distribution
Whole market+42.1%24.7%1.55−46.1%+349%0.17—
2
MCKMcKesson Corporation · Health Care Distribution
Whole market+38.7%25.0%1.44−38.1%+586%0.02—
3
MOG-AMoog Inc. · Aerospace & Defense
Whole market+36.6%32.0%1.14−63.7%+595%0.33—
4
MFGMizuho Financial Group, Inc. · Banks
Same or nearby category+33.6%30.6%1.10−45.7%+345%0.34—
5
MUFGMitsubishi UFJ Financial Group, Inc. · Banks
Popular alternative+33.2%29.4%1.13−54.9%+483%0.35—
6
SMFGSumitomo Mitsui Financial Group, Inc. · Banks
Popular alternative+33.7%29.4%1.14−47.6%+474%0.34—
7
TRGPTarga Resources Corp. · Oil & Gas Midstream
Whole market+41.8%31.7%1.27−90.8%+829%0.21—
8
IMOImperial Oil Limited · Integrated Oil & Gas
Whole market+34.3%32.0%1.09−77.1%+430%0.31—
9
HSBCHSBC Holdings plc · Banks
Popular alternative+33.1%25.9%1.24−62.3%+319%0.65—
10
GEGE Aerospace · Aerospace & Defense
Whole market+36.0%31.0%1.15−80.9%+139%0.54—

SAN against its popular alternatives

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

How do SAN'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. Investments toward the upper left earned more for a smoother ride, and those toward the lower right earned less for a rougher one. The dashed lines cross at SAN, which divides the map into what did better or worse on each measure.

Green points earned more than SAN with less volatility; red points earned less with more. Hover over a point for its figures. Total returns with dividends reinvested, annualized.

10.0%20.0%30.0%40.0%50.0%60.0%−5.0%0.0%5.0%10.0%15.0%20.0%25.0%30.0%35.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilitySAN: 31.6% a year, volatility 33.9%SPY (S&P 500): 12.7% a year, volatility 17.1%MUFG: 33.2% a year, volatility 29.4%SMFG: 33.7% a year, volatility 29.4%BBVA: 38.7% a year, volatility 33.3%MELI: 3.2% a year, volatility 49.5%HSBC: 33.1% a year, volatility 25.9%BBD: 11.1% a year, volatility 39.3%BSBR: −0.5% a year, volatility 34.4%BCS: 18.5% a year, volatility 34.1%DB: 22.1% a year, volatility 37.4%GGAL: 31.2% a year, volatility 58.3%MA: 12.4% a year, volatility 23.8%V: 12.8% a year, volatility 22.9%JPM: 17.3% a year, volatility 24.3%UBS: 25.4% a year, volatility 30.4%AXP: 13.5% a year, volatility 29.3%BMA: 35.7% a year, volatility 59.3%ITUB: 26.3% a year, volatility 33.8%BNS: 12.8% a year, volatility 19.9%ING: 24.7% a year, volatility 31.1%BSAC: 19.5% a year, volatility 29.0%C: 15.1% a year, volatility 29.4%LYG: 20.3% a year, volatility 32.1%BCH: 25.2% a year, volatility 28.2%BAC: 4.0% a year, volatility 26.6%SANSPY (S&P 500)MUFGSMFGBBVAMELIHSBCBBDBSBRBCSDBGGALMAJPMUBSAXPBMAITUBINGBSACCLYGBCHBAC10.0%20.0%30.0%40.0%50.0%60.0%−10.0%0.0%10.0%20.0%30.0%40.0%Volatility over 5 years (annualized)Annual return over 5 yearsHigher return, lower volatilityLower return, higher volatilitySAN: 31.6% a year, volatility 33.9%SPY (S&P 500): 12.7% a year, volatility 17.1%MUFG: 33.2% a year, volatility 29.4%SMFG: 33.7% a year, volatility 29.4%BBVA: 38.7% a year, volatility 33.3%MELI: 3.2% a year, volatility 49.5%HSBC: 33.1% a year, volatility 25.9%BBD: 11.1% a year, volatility 39.3%BSBR: −0.5% a year, volatility 34.4%BCS: 18.5% a year, volatility 34.1%DB: 22.1% a year, volatility 37.4%GGAL: 31.2% a year, volatility 58.3%MA: 12.4% a year, volatility 23.8%V: 12.8% a year, volatility 22.9%JPM: 17.3% a year, volatility 24.3%UBS: 25.4% a year, volatility 30.4%AXP: 13.5% a year, volatility 29.3%BMA: 35.7% a year, volatility 59.3%ITUB: 26.3% a year, volatility 33.8%BNS: 12.8% a year, volatility 19.9%ING: 24.7% a year, volatility 31.1%BSAC: 19.5% a year, volatility 29.0%C: 15.1% a year, volatility 29.4%LYG: 20.3% a year, volatility 32.1%BCH: 25.2% a year, volatility 28.2%BAC: 4.0% a year, volatility 26.6%SANSPY (S&P 500)MUFGBBVAMELIBBDBSBRBCSDBGGALJPMUBSBMAINGBSACCBAC
All figures
InvestmentAnnual returnVolatility
BBVA Banco Bilbao Vizcaya Argentaria, S.A.+38.7%33.3%
BMA Banco Macro S.A.+35.7%59.3%
SMFG Sumitomo Mitsui Financial Group, Inc.+33.7%29.4%
MUFG Mitsubishi UFJ Financial Group, Inc.+33.2%29.4%
HSBC HSBC Holdings plc+33.1%25.9%
SAN This pageBanco Santander, S.A.+31.6%33.9%
GGAL Grupo Financiero Galicia S.A.+31.2%58.3%
ITUB Itaú Unibanco Holding S.A.+26.3%33.8%
UBS UBS Group AG+25.4%30.4%
BCH Banco de Chile+25.2%28.2%
ING ING Groep N.V.+24.7%31.1%
DB Deutsche Bank AG+22.1%37.4%
LYG Lloyds Banking Group plc+20.3%32.1%
BSAC Banco Santander-Chile+19.5%29.0%
BCS Barclays PLC+18.5%34.1%
JPM JPMorgan Chase & Co.+17.3%24.3%
C Citigroup Inc.+15.1%29.4%
AXP American Express Company+13.5%29.3%
BNS The Bank of Nova Scotia+12.8%19.9%
V Visa Inc.+12.8%22.9%
SPY S&P 500State Street SPDR S&P 500 ETF+12.7%17.1%
MA Mastercard Incorporated+12.4%23.8%
BBD Banco Bradesco S.A.+11.1%39.3%
BAC Bank of America Corporation+4.0%26.6%
MELI MercadoLibre, Inc.+3.2%49.5%
BSBR Banco Santander (Brasil) S.A.−0.5%34.4%
Open these 26 in EasyCompare

Has SAN consistently beaten its popular alternatives?

This section compares SAN with the investments people most often weigh against it, checking each one over eight periods from one month to ten years. Counting how often an alternative earned more than SAN helps separate lasting outperformance from a single strong stretch.

A green cell means the alternative earned more than SAN over that period. "Qualified" marks those that did so in at least 3 of 5 short-term periods and 2 of 3 long-term periods.

InvestmentPeriods outperformed Short termLong termRisk · 5 yearsFund
1M3M6MYTD1Y3Y5Y10YVolatilitylower is calmerSharpehigher is betterWorst declinepast 10 yearsExpenseAssetsOverlapsame sectors
SAN Banco Santander, S.A. (this page)—−10.2%−1.4%+4.5%+9.8%+35.9%+305%+295%+332%33.9%0.99−73.8%—$194B—
MUFG QualifiedMitsubishi UFJ Financial Group, Inc.5/5 short2/3 long−6.9%+1.8%+19.6%+36.5%+41.3%+184%+319%+483%29.4%1.13−54.9%—$244B—
SMFG QualifiedSumitomo Mitsui Financial Group, Inc.4/5 short2/3 long−7.9%−1.3%+15.9%+28.3%+53.5%+181%+327%+474%29.4%1.14−47.6%—$94B—
BBVA QualifiedBanco Bilbao Vizcaya Argentaria, S.A.3/5 short2/3 long−10.4%+3.1%+11.7%+11.3%+35.2%+281%+413%+542%33.3%1.16−69.6%—$142B—
MA Financial - Credit ServicesMastercard Incorporated4/5 short1/3 long+9.5%+13.5%+20.5%+10.9%+10.3%+64.3%+79.2%+541%23.8%0.61−41.0%—$543B—
V Financial - Credit ServicesVisa Inc.4/5 short1/3 long+9.9%+13.0%+30.0%+18.0%+19.0%+78.2%+82.5%+429%22.9%0.64−36.4%—$759B—
JPM Banks - DiversifiedJPMorgan Chase & Co.3/5 short1/3 long−4.3%−0.6%+6.8%+5.0%+13.0%+150%+122%+537%24.3%0.78−43.6%—$891B—
MELI Specialty RetailMercadoLibre, Inc.2/5 short1/3 long+3.2%+2.6%+0.5%−4.8%−10.6%+60.7%+17.2%+1,002%49.5%0.31−69.1%—$95B—
UBS Banks - DiversifiedUBS Group AG2/5 short1/3 long−7.5%−8.3%+10.6%+2.9%+26.3%+116%+210%+374%30.4%0.90−59.8%—$145B—
HSBC Banks - DiversifiedHSBC Holdings plc2/5 short1/3 long−10.1%−5.9%+2.3%+19.8%+47.7%+201%+318%+319%25.9%1.24−62.3%—$324B—
AXP Financial - Credit ServicesAmerican Express Company1/5 short1/3 long+1.8%−9.3%−2.9%−13.8%−7.9%+133%+88.5%+446%29.3%0.58−49.6%—$215B—
BMA Banks - RegionalBanco Macro S.A.0/5 short1/3 long−15.8%−30.1%−22.1%−25.9%+25.7%+297%+360%+14.9%59.3%0.81−91.7%—$4.0B—
ITUB BanksItaú Unibanco Holding S.A.5/5 short0/3 long+14.8%+16.7%+5.8%+37.2%+46.3%+147%+221%+190%33.8%0.86−62.1%—$107B—
BNS Banks - DiversifiedThe Bank of Nova Scotia5/5 short0/3 long−2.3%+6.9%+22.4%+28.9%+50.0%+162%+83.1%+187%19.9%0.71−46.9%—$112B—
ING Banks - DiversifiedING Groep N.V.4/5 short0/3 long−10.7%+2.4%+14.0%+18.9%+42.5%+209%+201%+339%31.1%0.87−74.4%—$94B—
BSAC Banks - RegionalBanco Santander-Chile3/5 short0/3 long−4.1%+0.2%−2.0%+11.4%+24.0%+124%+144%+154%29.0%0.76−63.9%—$16B—
BBD Banks - RegionalBanco Bradesco S.A.3/5 short0/3 long+18.3%+15.9%+1.7%+29.1%+31.6%+90.7%+69.3%+35.5%39.3%0.47−67.7%—$43B—
BSBR Banks - RegionalBanco Santander (Brasil) S.A.2/5 short0/3 long−4.4%+6.0%−10.8%−6.8%+6.6%+18.6%−2.6%−1.2%34.4%0.16−70.6%—$42B—
NU Banks - RegionalNu Holdings Ltd.2/5 short0/3 long+7.3%+7.9%−0.1%−11.3%−2.1%+84.7%————−72.1%—$73B—
C Banks - DiversifiedCitigroup Inc.1/5 short0/3 long−9.3%−4.3%−7.0%+4.8%+26.0%+238%+102%+234%29.4%0.63−56.5%—$206B—
LYG Banks - RegionalLloyds Banking Group plc1/5 short0/3 long−8.1%−6.7%−2.5%+1.7%+22.4%+207%+152%+213%32.1%0.74−66.5%—$80B—
BCH Banks - RegionalBanco de Chile1/5 short0/3 long−4.6%−1.0%−3.7%+8.6%+25.2%+138%+208%+180%28.2%0.94−58.4%—$20B—
BAC Banks - DiversifiedBank of America Corporation0/5 short0/3 long−12.6%−15.8%−5.2%−8.0%−0.6%+107%+21.6%+282%26.6%0.28−49.0%—$354B—
BCS Banks - DiversifiedBarclays PLC0/5 short0/3 long−11.7%−17.1%−6.2%−13.3%+15.1%+242%+134%+238%34.1%0.67−66.0%—$75B—
DB Banks - RegionalDeutsche Bank AG0/5 short0/3 long−17.1%−8.6%−1.6%−17.0%−3.1%+244%+171%+165%37.4%0.72−72.7%—$60B—
GGAL Banks - RegionalGrupo Financiero Galicia S.A.0/5 short0/3 long−15.0%−28.7%−24.7%−31.9%+14.1%+254%+288%+48.4%58.3%0.75−91.7%—$6.0B—
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How did SAN do year by year?

This table shows each investment's total return in every full calendar year since 1997, along with where SAN ranked among its popular alternatives each year. Annual results reveal how consistently each one kept pace with SAN and how far its good and bad years diverged, detail that multiyear averages tend to smooth over.

Newest year first. Green marks a year in which the fund came out ahead of SAN; gray means the two finished within a fraction of a point. The rank row places SAN among the alternatives that traded the full year; dark green is the top quarter and red the bottom quarter.

InvestmentYears ahead of SAN20252024202320222021202020192018201720162015201420132012201120102009200820072006200520042003200220012000199919981997
SAN This pageBanco Santander, S.A.—+165%+14.9%+46.4%−6.8%+10.2%−19.6%−2.2%−28.5%+33.3%+12.3%−37.9%−0.4%+27.4%+22.8%−20.2%−30.2%+91.8%−52.3%+20.2%+47.1%+10.5%+6.8%+77.6%−11.3%−19.8%−7.6%+20.1%+23.7%+53.6%
Rank among alternativesTop quarter in 3 of 291 of 2617 of 268 of 2617 of 2614 of 2516 of 2520 of 2517 of 2513 of 2511 of 2523 of 2512 of 2514 of 2515 of 2514 of 2524 of 258 of 2411 of 234 of 222 of 199 of 1918 of 196 of 198 of 1811 of 1611 of 148 of 124 of 126 of 13
SPY S&P 500State Street SPDR S&P 500 ETF14 of 29+17.7%+24.9%+26.2%−18.2%+28.7%+18.3%+31.2%−4.6%+21.7%+12.0%+1.2%+13.5%+32.3%+16.0%+1.9%+15.1%+26.4%−36.8%+5.1%+15.9%+4.8%+10.7%+28.2%−21.6%−11.7%−9.8%+20.4%+28.7%+33.5%
MUFG Mitsubishi UFJ Financial Group, Inc.12 of 29+40.0%+39.7%+32.7%+26.2%+27.9%−13.7%+15.8%−31.3%+20.7%+2.5%+15.2%−14.6%+26.0%+33.1%−19.9%+13.3%−19.1%−32.3%−24.2%−8.6%+35.4%+31.3%+47.6%−16.0%−33.1%−30.0%+33.4%−24.8%−24.2%
SMFG Sumitomo Mitsui Financial Group, Inc.12 of 19+38.0%+54.8%+25.7%+24.5%+18.6%−10.9%+19.4%−22.2%+18.0%+5.2%+7.7%−28.7%+47.2%+38.4%−19.2%+30.0%−28.6%−43.6%−27.1%——————————
BBVA Banco Bilbao Vizcaya Argentaria, S.A.14 of 29+154%+14.2%+62.5%+10.0%+22.2%−6.4%+10.9%−35.0%+31.3%−1.5%−19.3%−20.6%+39.6%+18.2%−10.8%−39.7%+53.1%−45.6%+4.6%+39.4%+4.1%+32.9%+47.9%−19.3%−13.1%+8.9%−9.5%+51.7%+85.6%
MA Mastercard Incorporated14 of 19+9.0%+24.2%+23.4%−2.7%+1.2%+20.2%+59.2%+25.3%+47.7%+6.9%+13.8%+3.7%+70.7%+32.1%+66.7%−12.2%+79.8%−33.4%+119%——————————
V Visa Inc.12 of 17+11.8%+22.3%+26.3%−3.4%−0.3%+17.1%+43.3%+16.5%+47.2%+1.4%+19.1%+18.7%+48.0%+50.5%+45.4%−18.9%+68.0%————————————
JPM JPMorgan Chase & Co.15 of 29+37.3%+44.3%+30.6%−12.6%+27.8%−5.5%+47.3%−6.6%+26.8%+34.5%+8.4%+9.9%+36.7%+36.2%−19.9%+2.3%+34.4%−25.1%−6.9%+25.7%+5.7%+10.0%+60.5%−30.7%−17.4%−10.1%+11.7%+32.9%+25.5%
MELI MercadoLibre, Inc.12 of 18+18.4%+8.2%+85.7%−37.2%−19.5%+193%+95.3%−6.9%+102%+37.1%−10.1%+19.2%+38.0%−0.7%+19.9%+28.5%+216%−77.8%———————————
UBS UBS Group AG12 of 25+57.6%+0.7%+69.8%+7.4%+29.4%+19.5%+7.1%−29.9%+17.4%−14.4%+18.1%−10.2%+23.3%+34.3%−28.2%+6.2%+8.5%−68.9%−21.5%+32.5%+18.2%+27.9%+50.4%+1.7%−8.0%————
HSBC HSBC Holdings plc14 of 27+67.9%+34.5%+39.3%+7.8%+20.8%−31.7%+1.5%−16.1%+35.9%+9.9%−11.5%−10.2%+8.5%+45.9%−22.2%−7.5%+22.2%−38.0%−4.0%+18.9%−1.5%+12.6%+52.3%−5.2%−15.3%+6.5%——+15.8%
AXP American Express Company18 of 29+26.0%+60.3%+28.7%−8.5%+36.9%−1.1%+32.5%−2.6%+36.2%+8.6%−24.2%+3.7%+59.8%+23.6%+11.6%+7.8%+126%−63.7%−13.4%+19.1%+4.3%+17.6%+37.7%+0.2%−34.5%−0.3%+63.3%+15.7%+59.9%
BMA Banco Macro S.A.9 of 19−3.6%+266%+84.9%+26.5%−10.0%−57.0%−14.1%−60.7%+81.5%+12.2%+32.9%+86.4%+33.8%−7.0%−58.8%+74.0%+183%−54.5%−19.6%——————————
ITUB Itaú Unibanco Holding S.A.15 of 23+79.3%−24.2%+54.5%+30.0%−22.8%−30.5%+8.1%+13.6%+31.3%+76.8%−44.0%+9.9%−5.2%−6.8%−19.1%+8.8%+125%−38.8%+50.9%+57.9%+65.1%+61.5%+126%——————
BNS The Bank of Nova Scotia15 of 26+45.1%+17.5%+6.0%−28.8%+40.6%+1.7%+17.5%−19.2%+20.5%+43.7%−25.1%−4.2%+11.5%+21.0%−9.6%+27.1%+82.6%−44.4%+16.6%+16.8%+21.4%+40.4%+59.9%+232%+17.5%+25.4%———
ING ING Groep N.V.12 of 29+91.3%+12.2%+32.0%−4.4%+55.4%−21.6%+20.6%−39.4%+36.7%+11.1%+6.4%−7.4%+47.6%+32.5%−26.8%−0.2%−11.7%−69.6%−8.2%+31.9%+20.8%+36.1%+48.7%−31.3%−34.4%+35.1%+0.4%+49.9%+25.1%
BSAC Banco Santander-Chile16 of 29+74.3%+0.9%+31.6%+3.0%−11.0%−13.0%−19.9%−0.1%+49.4%+30.8%−5.8%−12.7%−13.9%+1.4%−16.0%+50.3%+96.2%−27.7%+9.8%+12.0%+39.6%+53.0%+35.1%−8.5%+23.0%−3.8%+56.4%−29.6%+1.1%
BBD Banco Bradesco S.A.11 of 24+96.9%−42.2%+34.8%−5.1%−25.4%−33.6%+15.7%+9.7%+33.6%+108%−55.3%+9.1%−19.5%+6.1%−16.2%+13.9%+124%−52.7%+58.7%+39.4%+133%+445%+78.3%−41.8%—————
BSBR Banco Santander (Brasil) S.A.6 of 16+62.5%−39.7%+23.0%+2.9%−34.2%−27.0%+14.0%+21.3%+12.2%+143%−20.0%−12.2%−15.3%−7.3%−37.5%+2.1%—————————————
NU Nu Holdings Ltd.2 of 4+61.6%+24.4%+105%−56.6%—————————————————————————
C Citigroup Inc.12 of 29+70.4%+41.9%+19.0%−22.1%+0.9%−19.7%+57.9%−28.5%+27.0%+15.9%−4.1%+3.9%+31.8%+50.5%−44.3%+42.9%−50.6%−75.9%−44.8%+19.6%+4.6%+2.8%+41.6%−20.4%+0.1%+23.6%+70.2%−6.8%+79.9%
LYG Lloyds Banking Group plc8 of 24+104%+20.2%+14.5%−9.7%+34.6%−36.5%+36.9%−28.4%+26.8%−25.9%−4.4%−12.7%+66.1%+104%−61.7%+25.4%−27.5%−77.5%−11.6%+42.9%−1.5%+22.5%+25.3%−33.0%—————
BCH Banco de Chile15 of 29+77.6%+3.9%+20.3%+39.2%−21.6%+1.1%−24.7%−6.9%+45.0%+25.9%−8.2%−16.5%−3.7%+24.0%−2.5%+72.4%+79.1%−25.6%−3.3%+37.0%+9.5%+43.4%+81.3%−6.8%+28.8%−18.8%+51.0%−35.4%−5.4%
BAC Bank of America Corporation16 of 29+28.0%+33.9%+4.9%−23.8%+49.6%−11.6%+46.1%−15.0%+35.7%+33.4%−4.8%+15.7%+34.5%+109%−58.1%−11.2%+7.6%−63.1%−18.9%+20.8%+2.4%+21.5%+20.1%+14.6%+42.7%−4.5%−14.0%+1.2%+27.3%
BCS Barclays PLC12 of 29+96.5%+76.2%+6.0%−21.9%+31.6%−12.8%+31.9%−29.3%+0.5%−12.8%−11.4%−14.9%+16.1%+61.7%−31.9%−4.7%+80.0%−73.6%−27.2%+44.2%−4.0%+31.1%+55.0%−23.6%+7.7%+16.0%+30.3%−16.6%+62.3%
DB Deutsche Bank AG11 of 29+133%+29.4%+21.4%−5.9%+14.7%+40.1%−2.9%−56.7%+6.4%−25.0%−17.7%−36.4%+10.9%+19.7%−26.1%−20.1%+75.4%−65.5%−0.6%+42.0%+12.3%+9.8%+83.6%−34.3%−22.1%0.0%+58.2%−16.7%+54.6%
GGAL Grupo Financiero Galicia S.A.11 of 25−11.4%+289%+92.3%+7.3%+9.5%−45.6%−40.4%−57.9%+145%−0.3%+70.8%+52.5%+58.8%+12.4%−61.1%+166%+155%−70.2%−20.7%+38.3%−19.4%+27.3%+234%−36.9%−78.4%————
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Risk and diversification

How SAN 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 SAN's worst declines?

A drawdown is the decline from a peak to the lowest point before a new high. This section presents SAN's five deepest drawdowns since it began trading in 1987, alongside the S&P 500's return over the same dates, and how long each took to recover. Together, these figures show how much an investor could have lost and how long it took to get back to even.

Green means SAN fell less than the S&P 500 over the same dates. Based on daily closing prices with dividends reinvested.

DuringSAN fellS&P 500, same datesPeakLowTime to the lowBack at the peakTime to recover
2008 financial crisis−78.9%+192%May 2008Sep 202012.3 yearsMar 20254.5 years
Dot-com bust−63.7%−30.6%Jul 1998Oct 20024.3 yearsJan 200415 months
No named crash−49.0%—Jan 1989Mar 19956.2 yearsJan 199722 months
No named crash−25.3%—Oct 1987Nov 19871 monthApr 19885 months
2008 financial crisis−24.8%−11.3%Dec 2007Feb 20082 monthsMay 20083 months

How did SAN do in stock market crashes?

This section measures how far SAN, the S&P 500 and each alternative fell from peak to trough during every major market crash since 2000. A smaller decline means an investment held up better, and comparing results across crashes shows whether that resilience was consistent or a one-off.

Newest crash first. Each figure is the fund's deepest fall within the crash window; green means a smaller fall than SAN.

InvestmentHeld up better2023 regional bank crisisMar 20232022 bear marketJan 2022Covid crashFeb 2020Late-2018 sell-offSep 2018February 2018 volatility shockFeb 20182015 China and oil sell-offAug 20152011 euro debt crisisJul 20112010 flash crashMay 20102008 financial crisisOct 2007Dot-com bustMar 2000
SAN This pageBanco Santander, S.A.—−11.4%−41.0%−48.1%−19.0%−6.0%−44.7%−33.2%−0.9%−76.1%−58.4%
SPY S&P 500State Street SPDR S&P 500 ETF7 of 10−3.4%−24.5%−33.7%−19.3%−6.5%−12.8%−17.9%−1.5%−55.2%−47.5%
MUFG Mitsubishi UFJ Financial Group, Inc.6 of 10−9.5%−33.4%−33.0%−27.0%−6.7%−45.1%−20.7%−0.3%−65.5%−65.1%
SMFG Sumitomo Mitsui Financial Group, Inc.7 of 9−9.2%−24.7%−32.2%−23.2%−4.5%−44.2%−19.8%−2.2%−70.9%—
BBVA Banco Bilbao Vizcaya Argentaria, S.A.5 of 10−10.9%−39.6%−47.9%−22.7%−5.4%−41.0%−32.7%0.0%−75.7%−55.9%
MA Mastercard Incorporated6 of 9−4.0%−28.2%−41.0%−21.9%−5.8%−20.4%−13.8%−3.1%−62.7%—
V Visa Inc.5 of 8−3.5%−24.1%−36.4%−19.1%−5.8%−15.8%−11.5%−0.8%——
JPM JPMorgan Chase & Co.7 of 10−5.4%−37.9%−42.5%−21.3%−5.6%−22.0%−32.1%−0.1%−67.7%−74.0%
MELI MercadoLibre, Inc.4 of 9−7.2%−51.6%−39.1%−30.3%−8.8%−31.9%−39.5%0.0%−89.5%—
UBS UBS Group AG4 of 9−9.5%−32.5%−42.3%−28.5%−8.2%−36.7%−39.7%−0.9%−87.5%—
HSBC HSBC Holdings plc10 of 10−7.3%−31.8%−20.5%−13.1%−4.6%−30.8%−25.1%0.0%−73.8%−41.4%
AXP American Express Company4 of 10−9.8%−31.6%−49.6%−20.7%−8.6%−36.6%−18.1%−4.5%−83.4%−59.1%
BMA Banco Macro S.A.1 of 9−11.1%−41.2%−55.7%−26.4%−6.3%−27.9%−48.1%−0.5%−77.5%—
ITUB Itaú Unibanco Holding S.A.7 of 9−8.1%−31.5%−46.3%−7.5%−5.8%−32.4%−30.1%−0.7%−69.2%—
BNS The Bank of Nova Scotia9 of 10−4.6%−35.4%−43.0%−17.7%−6.1%−24.3%−19.8%0.0%−63.8%−23.6%
ING ING Groep N.V.2 of 10−10.7%−43.4%−56.9%−24.1%−5.8%−35.4%−47.4%−3.6%−93.0%−66.4%
BSAC Banco Santander-Chile9 of 10−6.0%−37.0%−38.1%−12.4%−4.5%−22.6%−29.0%−1.2%−48.4%−28.0%
BBD Banco Bradesco S.A.5 of 9−6.9%−30.2%−54.5%−7.6%−6.3%−44.3%−25.1%−0.8%−69.0%—
BSBR Banco Santander (Brasil) S.A.5 of 8−8.6%−37.6%−50.4%−13.9%−6.2%−31.4%−30.5%−4.0%——
NU Nu Holdings Ltd.1 of 2−10.0%−67.5%————————
C Citigroup Inc.3 of 10−11.7%−39.2%−54.8%−33.1%−6.7%−40.3%−42.6%−1.0%−97.7%−52.7%
LYG Lloyds Banking Group plc3 of 9−7.8%−40.5%−53.4%−23.3%−4.3%−34.6%−41.6%−4.5%−94.8%—
BCH Banco de Chile9 of 10−2.1%−27.0%−29.8%−10.5%−2.7%−15.2%−25.4%−1.4%−57.6%−37.3%
BAC Bank of America Corporation3 of 10−12.4%−38.7%−47.8%−26.4%−6.9%−37.8%−45.2%−0.6%−93.4%−36.3%
BCS Barclays PLC3 of 10−10.2%−48.1%−57.1%−22.9%−4.1%−50.6%−44.9%−4.8%−93.9%−38.4%
DB Deutsche Bank AG1 of 10−11.6%−54.2%−48.6%−36.3%−9.3%−54.8%−46.8%0.0%−82.7%−64.9%
GGAL Grupo Financiero Galicia S.A.1 of 9−14.5%−44.7%−58.1%−27.3%−8.5%−22.1%−47.8%−1.5%−82.4%—
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How closely does SAN 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. An investment that captures more of the gains than the losses has compounded ahead of the market over time. This section compares SAN with its popular alternatives on both measures, and on beta (how strongly each has moved with the market), over the past 10 years.

Monthly total returns over the past 10 years, measured against SPY. 100% capture or a beta of 1.00 means moving in line with the S&P 500. Green marks a better figure than SAN's: more upside, less downside or a higher capture ratio. Sorted by capture ratio.

InvestmentUpside captureDownside captureCapture ratioBeta
SAN This pageBanco Santander, S.A.101%92%1.101.02
BCH Banco de Chile45%19%2.410.36
MUFG Mitsubishi UFJ Financial Group, Inc.84%42%2.010.66
SMFG Sumitomo Mitsui Financial Group, Inc.84%43%1.940.65
HSBC HSBC Holdings plc79%53%1.490.58
BBVA Banco Bilbao Vizcaya Argentaria, S.A.121%97%1.251.11
MELI MercadoLibre, Inc.135%111%1.211.44
MA Mastercard Incorporated105%88%1.200.95
V Visa Inc.93%79%1.180.87
ITUB Itaú Unibanco Holding S.A.66%58%1.150.65
JPM JPMorgan Chase & Co.117%103%1.141.09
AXP American Express Company117%113%1.031.16
BSAC Banco Santander-Chile66%65%1.010.66
UBS UBS Group AG116%120%0.971.18
ING ING Groep N.V.136%155%0.881.36
BAC Bank of America Corporation127%146%0.871.36
BCS Barclays PLC113%131%0.861.26
DB Deutsche Bank AG102%118%0.861.21
LYG Lloyds Banking Group plc106%130%0.821.20
BNS The Bank of Nova Scotia97%120%0.811.05
C Citigroup Inc.131%165%0.801.49
BBD Banco Bradesco S.A.62%103%0.600.72
GGAL Grupo Financiero Galicia S.A.140%234%0.601.52
BMA Banco Macro S.A.113%202%0.561.36
BSBR Banco Santander (Brasil) S.A.56%102%0.550.74
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What diversifies SAN?

Correlation measures how closely two investments move together, on a scale from 1 (in lockstep) through 0 (unrelated) to -1 (in opposite directions). This section lists large ETFs and stocks whose returns have had a low correlation with SAN's. Because such investments tend not to fall at the same time, pairing SAN with them can reduce a portfolio's overall swings.

Only ETFs with at least $1.0B in assets and stocks worth at least $10B, with a correlation below 0.5 over the past 5 years and a positive return, are included, ranked by Sharpe ratio; funds that hold the same thing are shown once. The year columns are the years in which SAN lost money. The last two columns show a portfolio that is 80% SAN and 20% the other investment, rebalanced monthly.

ETFs

InvestmentCorrelation5Y returnSharpe20222020201920182015201420112010200820022001200080/20 mix volatility80/20 mix annual return
SAN Banco Santander, S.A. (this page)1.00+295%0.99−6.8%−19.6%−2.2%−28.5%−37.9%−0.4%−20.2%−30.2%−52.3%−11.3%−19.8%−7.6%30.2%+35.4%
DXJ InternationalWisdomTree Japan Hedged Equity Fund0.33+225%1.34+6.0%+3.9%+18.9%−19.8%+7.7%+8.1%−16.1%−1.8%−20.8%———25.2%+34.5%
EMLP Broad MarketFirst Trust North American Energy Infrastructure Fund0.37+101%1.04+10.4%−13.4%+23.4%−8.7%−25.3%+23.8%——————25.4%+31.9%
SMH TechnologyVanEck Semiconductor ETF0.25+323%0.97−33.5%+55.5%+64.5%−9.1%−0.3%+30.2%+6.8%+19.0%−44.7%−47.0%−14.6%—26.8%+37.4%
GLD CommoditiesSPDR Gold Shares0.25+126%0.96−0.8%+24.8%+17.9%−1.9%−10.7%−2.2%+9.6%+29.3%+4.9%———25.3%+32.7%
SPMO Broad MarketInvesco S&P 500 Momentum ETF0.32+136%0.93−10.4%+28.2%+25.9%−0.9%————————25.8%+33.5%
XLE EnergyState Street Energy Select Sector SPDR ETF0.30+177%0.93+64.4%−32.7%+11.7%−18.2%−21.5%−8.7%+2.8%+21.9%−39.0%−14.8%−18.2%+24.4%26.2%+33.9%
VLUE Broad MarketiShares MSCI USA Value Factor ETF0.48+109%0.90−14.2%−0.2%+27.2%−11.1%−4.1%+12.8%——————26.4%+32.4%
EWT TechnologyiShares MSCI Taiwan ETF0.33+153%0.89−28.9%+31.5%+33.4%−9.9%−12.9%+7.0%−21.8%+22.8%−45.3%−24.4%+2.1%—26.3%+33.6%

Stocks

InvestmentCorrelation5Y returnSharpe20222020201920182015201420112010200820022001200080/20 mix volatility80/20 mix annual return
SAN Banco Santander, S.A. (this page)1.00+295%0.99−6.8%−19.6%−2.2%−28.5%−37.9%−0.4%−20.2%−30.2%−52.3%−11.3%−19.8%−7.6%30.2%+35.4%
CAH Medical - DistributionCardinal Health, Inc.0.17+479%1.55+54.1%+10.1%+18.0%−24.5%+12.6%+23.0%+8.1%+21.4%−39.6%−8.3%−2.5%+108%25.6%+37.2%
CLS Hardware, Equipment & PartsCelestica Inc.0.16+3,143%1.47+1.3%−2.4%−5.7%−16.3%−6.0%+12.9%−24.4%+2.8%−20.5%−65.1%−25.6%−2.3%28.5%+51.8%
FIX Engineering & ConstructionComfort Systems USA, Inc.0.15+1,636%1.46+17.0%+6.7%+15.1%+0.8%+67.7%−10.4%−17.0%+8.7%−15.2%−9.4%+73.7%−71.1%27.0%+47.3%
MCK Medical - DistributionMcKesson Corporation0.02+413%1.44+51.8%+27.1%+26.7%−28.4%−4.5%+29.3%+11.8%+13.8%−40.4%−27.2%+4.9%+61.2%24.8%+36.8%
MPC Oil & Gas Refining & MarketingMarathon Petroleum Corporation0.26+690%1.41+86.6%−27.4%+6.0%−8.2%+17.4%+0.4%——————26.6%+39.4%
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Common questions

What was SAN's worst drawdown?

SAN's deepest decline since it began trading in 1987 was 78.9%, from May 2008 to September 2020. It took about four years from the low to climb back to its old high.

What were SAN's best and worst years?

Over 29 full calendar years, SAN's best year was 2025, when it returned 165%. Its worst was 2008, with a return of -52.3%.

Is there a better investment than SAN?

Among SAN's popular alternatives, MUFG, SMFG and HSBC earned more than SAN with less volatility over the past 5 years. MUFG returned 33.2% a year at 29.4% volatility, against 31.7% a year at 33.9%. Looking beyond its popular alternatives, MFG (banks) earned more than SAN with less volatility over the past 5 years: 33.6% a year at 30.6% volatility, against 31.7% a year at 33.9%.

Is SAN more volatile than the S&P 500?

Yes. SAN's volatility over the past 5 years was 33.9%, 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, SAN's return lands within 33.9% 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 SAN's Sharpe ratio?

SAN's Sharpe ratio over the past 5 years was 0.99, against 0.79 for the S&P 500, so SAN 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 SAN with the S&P 500?

Over the past 5 years, SAN's monthly returns had a correlation of 0.38 with the S&P 500. Correlation runs from 1 (moving in lockstep) through 0 (unrelated) to −1 (moving in opposite directions). They are only loosely linked, which makes it a real diversifier next to an index fund. In the table, the correlation column measures each option against SAN instead: the lower it is, the more that option would diversify a SAN holding.

What are the best alternatives to SAN?

Of the 25 popular alternatives we compared, three outperformed SAN in at least 3 of 5 short-term and 2 of 3 long-term timeframes, with dividends reinvested: MUFG, SMFG and BBVA.

Did SAN outperform the S&P 500?

SAN finished ahead of the S&P 500 (SPY) in 13 of 29 full calendar years. In 2025, it returned +165%, against +17.7% for the index.

How did SAN do in stock market crashes?

SAN fell less than the S&P 500 (SPY) in one of the ten major crashes it has traded through, and further in seven. The clearest case was the 2015 China and oil sell-off, when SAN fell 44.7% and the S&P 500 fell 12.8%.

What diversifies SAN?

These had a low correlation with SAN over the past 5 years and still earned a positive 5-year return: among large ETFs, DXJ (correlation 0.33), EMLP (correlation 0.37) and SMH (correlation 0.25); among large stocks, CAH (correlation 0.17), CLS (correlation 0.16) and FIX (correlation 0.15). A correlation near zero means the two have moved largely independently.

How we measure

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Popular alternatives to SAN