ING vs SAN: Correlation
Measured on weekly returns over the past three years, ING Group, N.V. (ING) and Banco Santander, S.A. Sponsored ADR (Spain) (SAN) carry a correlation of 0.72, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ING and SAN?
Across a 3-year window, the weekly returns of ING and SAN correlate at 0.72, strong. The link has tightened recently: the 1-year correlation (0.90) runs above the 3-year figure (0.72). Stretching to 5 years gives 0.77, with an annualized covariance of 581.4 %².
By 3-year correlation, SAN places #4 of the 16 assets tracked against ING. Their 12-month results are close: +52.5% for ING 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.
ING vs SAN: side by side
| ING (ING Group, N.V.) | SAN (Banco Santander, S.A. Sponsored ADR (Spain)) | |
|---|---|---|
| 1-year return | +52.5% | +57.2% |
| 5-year return | +269.9% | +366.8% |
| Volatility (ann.) | 27.5% | 29.2% |
| Beta vs S&P 500 | 0.94 | 1.01 |
| Max drawdown (3Y) | -19.9% | -20.3% |
| Market cap | $100.1B | $211.5B |
| P/E (trailing) | 13.2 | 14.1 |
| Dividend yield | 3.19% | 0.85% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ING | SAN |
|---|---|---|
| 2022 | -4.2% | -6.6% |
| 2023 | +31.9% | +46.2% |
| 2024 | +12.2% | +15.1% |
| 2025 | +88.3% | +161.6% |
| 2026 | +30.9% | +25.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ING and SAN good diversifiers for each other?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ING and SAN?
The ING/SAN correlation stands at 0.72 on a 3-year window (1 year: 0.90, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is SAN a good diversifier for ING?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.72 mean?
A reading of 0.72 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/ing-vs-san.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ing-vs-san/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ING correlations · SAN correlations
