SAN drawdown: 34.1% below the all-time high
Banco Santander S.A. Sponsored ADR (Spain) (SAN) is 34.1% below its all-time high, set May 15, 2008 (as of market close, Aug 6, 2026). The chart shows every day as a percentage of the highest level reached up to that point: 100% means a fresh record, everything below is a drawdown. "All-time" means since our price data begins (1988).
- Below all-time high
- −34.1%
- 65.9% of ATH
- All-time high
- $22.24
- May 15, 2008
- Time below the high
- 18.2 yrs
- since May 15, 2008
- Worst-ever drawdown
- −92.0%
- Sep 23, 2020
- Longest underwater
- 18.2 yrs
- between all-time highs
- Today's level first reached
- Mar 1, 2006
- 20.4 yrs ago
- Last time this deep
- Oct 29, 2003
- in a previous episode
% of all-time high since 1988#
The classic underwater chart (drawdown curve), drawn as % of the all-time high — 100% is a fresh record, everything below it is time spent underwater.
% of all-time high on the price basis — the all-time high considers the full history of SAN, including years before the visible window. Dividends are excluded on this basis (the convention headlines use).
The deepest drawdowns on record#
Every decline of 15% or more from an all-time high (price basis), deepest first.
| Peak | Trough | Depth | Peak → trough | Recovered by | Underwater |
|---|---|---|---|---|---|
| May 15, 2008 | Sep 23, 2020 | −92.0% | 12.4 yrs | not yet | 18.2 yrs+ |
| Jul 20, 1998 | Oct 9, 2002 | −66.5% | 4.2 yrs | Jan 31, 2006 | 7.5 yrs |
| Jun 21, 1988 | Mar 10, 1995 | −48.8% | 6.7 yrs | Jan 9, 1997 | 8.6 yrs |
| Dec 10, 2007 | Feb 5, 2008 | −25.4% | 57 days | May 15, 2008 | 5 mo |
| Jun 24, 1997 | Nov 12, 1997 | −22.9% | 5 mo | Jan 2, 1998 | 6 mo |
| May 9, 2006 | Jun 13, 2006 | −15.7% | 35 days | Aug 16, 2006 | 3 mo |
| May 4, 1998 | Jun 15, 1998 | −15.1% | 42 days | Jul 13, 1998 | 2 mo |
Price basis (no dividends) — the convention crash histories use. With dividends reinvested, recoveries arrive years earlier; switch the basis on the chart above to see it.
Drawdown vs what came next#
One dot per month since 1988: how far SAN stood below its all-time high, and the total return over the following 1, 5 and 10 years.
Read this with survivorship bias in mind: SAN is on this chart precisely because it survived — the many stocks that fell this far and never recovered (or were delisted) aren't on anyone's chart, so past recoveries here say little about the odds ahead. Monthly windows also overlap heavily (they are not independent samples). Not investment advice.
FAQ
- How far is SAN from its all-time high?
- SAN is currently 34.1% below its all-time high, set May 15, 2008 (as of market close, Aug 6, 2026). Prices only, the convention headlines use; with dividends reinvested the gap is usually smaller.
- What was the biggest SAN drawdown ever?
- The deepest decline on record in our data (since 1988) took the stock 92.0% below its prior high, bottoming Sep 23, 2020. The table on this page lists every major episode with its peak, trough and recovery date.
Methodology & related#
Daily closing prices since 1988 (split-adjusted). "All-time" means since our price data begins — SAN may have traded earlier. For a 150-year index drawdown record see the S&P 500 drawdown page. The price basis excludes dividends; the total-return basis reinvests them; the real basis additionally deflates by CPI. See also returns by year, 150 years of returns and the rolling-returns explorer. Past performance does not predict future returns; not investment advice.