DB vs SAN: Correlation
Deutsche Bank AG (DB) and Banco Santander, S.A. Sponsored ADR (Spain) (SAN) show a strong relationship: their 3-year correlation of weekly returns is 0.79.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DB and SAN?
Across a 3-year window, the weekly returns of DB and SAN correlate at 0.79, strong. The relationship has been stable: the 1-year correlation (0.87) sits close to the 3-year figure. Stretching to 5 years gives 0.76, with an annualized covariance of 758.2 %².
In DB's tracked universe of 11 assets, SAN sits right near the top at #1. Their recent paths diverged sharply: over the last 12 months SAN outperformed by 38.7 percentage points (+18.5% for DB against +57.2% for SAN).
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.
DB vs SAN: side by side
| DB (Deutsche Bank AG) | SAN (Banco Santander, S.A. Sponsored ADR (Spain)) | |
|---|---|---|
| 1-year return | +18.5% | +57.2% |
| 5-year return | +278.5% | +366.8% |
| Volatility (ann.) | 32.7% | 29.2% |
| Beta vs S&P 500 | 1.08 | 1.01 |
| Max drawdown (3Y) | -29.7% | -20.3% |
| Market cap | $75.3B | $211.5B |
| P/E (trailing) | 10.5 | 14.1 |
| Dividend yield | 2.49% | 0.85% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | DB | SAN |
|---|---|---|
| 2022 | -5.9% | -6.6% |
| 2023 | +21.3% | +46.2% |
| 2024 | +29.5% | +15.1% |
| 2025 | +132.4% | +161.6% |
| 2026 | +7.7% | +25.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DB and SAN good diversifiers for each other?
Only partially. A correlation of 0.79 means DB and SAN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between DB and SAN?
Using weekly returns as of 2026-08-27: 0.79 over 3 years, with 0.87 over the last year and 0.76 over 5 years.
Is SAN a good diversifier for DB?
Only partially. A correlation of 0.79 means DB and SAN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.79 mean?
On the −1 to +1 scale, 0.79 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/db-vs-san.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/db-vs-san/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: DB correlations · SAN correlations
