HSBC vs SAN: Correlation
Measured on weekly returns over the past three years, HSBC Holdings, plc. (HSBC) and Banco Santander, S.A. Sponsored ADR (Spain) (SAN) carry a correlation of 0.63, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HSBC and SAN?
Over the past 3 years, HSBC and SAN moved with a correlation of 0.63, which is strong. The past 12 months show a tighter link (0.74) than the 3-year average (0.63). Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 407.3 %².
By 3-year correlation, SAN places #4 of the 13 assets tracked against HSBC. Over the last 12 months HSBC came out ahead by 9.4 percentage points (+66.6% 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.
HSBC vs SAN: side by side
| HSBC (HSBC Holdings, plc.) | SAN (Banco Santander, S.A. Sponsored ADR (Spain)) | |
|---|---|---|
| 1-year return | +66.6% | +57.2% |
| 5-year return | +420.9% | +366.8% |
| Volatility (ann.) | 22.1% | 29.2% |
| Beta vs S&P 500 | 0.68 | 1.01 |
| Max drawdown (3Y) | -21.8% | -20.3% |
| Market cap | $352.5B | $211.5B |
| P/E (trailing) | 14.8 | 14.1 |
| Dividend yield | 0.72% | 0.85% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HSBC | SAN |
|---|---|---|
| 2022 | +7.8% | -6.6% |
| 2023 | +39.4% | +46.2% |
| 2024 | +34.5% | +15.1% |
| 2025 | +67.9% | +161.6% |
| 2026 | +35.8% | +25.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HSBC and SAN good diversifiers for each other?
To a limited degree. At 0.63 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between HSBC and SAN?
As of 2026-08-27, the correlation of weekly returns between HSBC and SAN is 0.63 over 3 years, 0.74 over 1 year and 0.69 over 5 years.
Is SAN a good diversifier for HSBC?
To a limited degree. At 0.63 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.63 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hsbc-vs-san.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hsbc-vs-san/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HSBC correlations · SAN correlations
