BBVA vs SAN: Correlation
How closely do Banco Bilbao Vizcaya Argentaria S.A. (BBVA) and Banco Santander, S.A. Sponsored ADR (Spain) (SAN) trade together? Their weekly returns over three years give a correlation of 0.83, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBVA and SAN?
On 3 years of weekly data the BBVA/SAN correlation comes out at 0.83, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.85 over 1 year against 0.83 over 3. The 5-year figure is 0.83, and annualized covariance runs at 724.3 %².
SAN is one of the assets that tracks BBVA most closely: it ranks #1 out of the 12 assets we track against BBVA. Over the last 12 months BBVA came out ahead by 10.6 percentage points (+67.8% against +57.2%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BBVA vs SAN: side by side
| BBVA (Banco Bilbao Vizcaya Argentaria S.A.) | SAN (Banco Santander, S.A. Sponsored ADR (Spain)) | |
|---|---|---|
| 1-year return | +67.8% | +57.2% |
| 5-year return | +503.8% | +366.8% |
| Volatility (ann.) | 29.9% | 29.2% |
| Beta vs S&P 500 | 0.88 | 1.01 |
| Max drawdown (3Y) | -22.1% | -20.3% |
| Market cap | $158.3B | $211.5B |
| P/E (trailing) | 13.2 | 14.1 |
| Dividend yield | 2.07% | 0.85% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BBVA | SAN |
|---|---|---|
| 2022 | +10.1% | -6.6% |
| 2023 | +62.5% | +46.2% |
| 2024 | +14.2% | +15.1% |
| 2025 | +154.0% | +161.6% |
| 2026 | +26.9% | +25.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBVA and SAN good diversifiers for each other?
No: a correlation of 0.83 means BBVA and SAN tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between BBVA and SAN?
Using weekly returns as of 2026-08-27: 0.83 over 3 years, with 0.85 over the last year and 0.83 over 5 years.
Is SAN a good diversifier for BBVA?
No: a correlation of 0.83 means BBVA and SAN tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.83 mean?
A reading of 0.83 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bbva-vs-san.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bbva-vs-san/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: BBVA correlations · SAN correlations
