Figures as of the Nov 13, 2026 close. Updated after each trading day. Not a recommendation or a forecast.
From Nov 12, 2021 to the Nov 13, 2026 close, $1,000 in Visa (V) became $2,081 and $1,000 in Mastercard (MA) became $1,874, with dividends reinvested.
From Nov 12, 2021 to Nov 13, 2026, Visa grew 15.8% a year and Mastercard grew 13.4%. The higher rate, Visa's, came with narrower daily swings. Volatility was 22.7% for Visa and 23.7% for Mastercard. The Sharpe ratio is the yearly return above a fixed 5% risk-free rate, per unit of volatility.
Sharpe ratios were 0.48 for Visa and 0.35 for Mastercard. Over the same dates, the price record shows deepest falls of 24.1% for Visa and 28.3% for Mastercard. From Nov 15, 2021 to Nov 13, 2026, betas to the S&P 500 were 0.78 for Visa and 0.85 for Mastercard.
The $1,000 in Visa and the $1,000 in Mastercard swapped places 6 times at month ends. The latest swap came at the end of Nov 2024. Since then, the $1,000 in Visa has been worth more at every month end. Across all 61 month ends, Visa's value was the higher one at 55 and Mastercard's at 6.
At the end of Jun 2026, $1,000 had become $1,674 in Visa and $1,451 in Mastercard. In relative terms, that was the widest gap between them at any month end. The $1,000 in Visa first doubled to $2,000 at a month end in Oct 2026. The $1,000 in Mastercard had not reached $2,000 by Nov 2026.
Every row ends at the Nov 13, 2026 close. The "a year" columns give the yearly rate from each start date. There is no 20-year row, because SmartFin's shared prices for Visa and Mastercard start on Mar 19, 2008. The yearly rates were furthest apart over the last year.
Over that span, Visa grew 27.4% a year and Mastercard grew 19.8%. The rates were closest over the full span since Mar 2008: 20.9% for Visa and 21.0% for Mastercard.
Visa's rate over the last year, 27.4%, was above its 10-year rate of 19.3%. Mastercard's last-year rate, 19.8%, was below its 10-year rate of 21.4%. In every row, $1,000 in Visa and $1,000 in Mastercard both ended above $1,000.
| Period | $1,000 in Visa | $1,000 in Mastercard | Visa a year | Mastercard a year |
|---|---|---|---|---|
| Since both startedfrom Mar 19, 2008 | $34,354 | $34,924 | 20.9% | 21.0% |
| Last 10 yearsfrom Nov 14, 2016 | $5,829 | $6,931 | 19.3% | 21.4% |
| Last 5 yearsfrom Nov 12, 2021 | $2,081 | $1,874 | 15.8% | 13.4% |
| Last yearfrom Nov 13, 2025 | $1,274 | $1,198 | 27.4% | 19.8% |
At the Nov 13, 2026 close, Visa and Mastercard were both at their highest month-end values so far. On daily closes, the deepest falls of Visa and Mastercard came in the same stretch. Visa fell 24.1% from Feb 2, 2022 to Sep 30, 2022. Mastercard fell 28.3% from Feb 2, 2022 to Oct 12, 2022.
Visa closed back at its old high on Apr 14, 2023, 6 months after the low. Mastercard closed back at its old high on Jul 3, 2023, 8 months after the low. Visa was 20% or more below its high at 1 of 61 month ends. Mastercard was 20% or more below its high at 1.
The S&P 500's 2022 fall ran from its Jan 3, 2022 high to its Oct 12, 2022 low. Over those dates, Visa fell 19.1% and Mastercard 23.2%.
The bars cover 4 full calendar years, 2022 to 2025. Visa rose in 3 of them and Mastercard in 3. Visa's yearly change was higher in 2 years and Mastercard's in 2. Both rose in 3 and both fell in 1. They never moved in opposite directions over a full year.
Both had their lowest year in 2022: Visa −3.4%, Mastercard −2.7%. Their highest years were 2023 for Visa (+26.3%) and 2024 for Mastercard (+24.2%). The widest one-year gap between Visa and Mastercard came in 2023, one of the years above. In 2025, the latest full year, Visa rose 11.8% and Mastercard rose 9.0%.
These counts cover 59 full months, Dec 2021 to Oct 2026. Visa rose in 33 of them and Mastercard in 34. Both rose in 29, both fell in 21, and in 9 one rose while the other fell. Both had their largest monthly fall in Sep 2022: Visa −10.6%, Mastercard −12.3%.
Visa's largest monthly rise was +16.6% in Oct 2022, and Mastercard's +15.9% in Oct 2026. Visa's longest run of falling months was 3, ending in Jun 2022. Mastercard's longest run of falling months was 3, ending in Jun 2024.
The latest cell is a part month, from the Oct 30, 2026 close to the Nov 13, 2026 close. Over those days, Visa changed +2.9% and Mastercard +3.6%.
| J | F | M | A | M | J | J | A | S | O | N | D | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | −8.2 | −0.3 | −5.6 | +9.1 | −0.8 | +5.1 | +6.7 | +3.8 | −5.3 | +15.1 | +2.9 | |
| 2025 | +8.2 | +6.3 | −3.4 | −1.4 | +5.9 | −2.8 | −2.7 | +2.0 | −3.0 | −0.2 | −1.7 | +4.9 |
| 2024 | +5.0 | +3.6 | −1.3 | −3.8 | +1.6 | −3.7 | +1.2 | +4.2 | −0.5 | +5.4 | +8.9 | +0.3 |
| 2023 | +10.8 | −4.3 | +2.5 | +3.2 | −4.8 | +7.4 | +0.1 | +3.5 | −6.4 | +2.2 | +9.4 | +1.4 |
| 2022 | +4.4 | −4.3 | +2.6 | −3.9 | −0.3 | −7.2 | +7.7 | −6.2 | −10.6 | +16.6 | +5.0 | −4.3 |
| 2021 | +11.8 |
| J | F | M | A | M | J | J | A | S | O | N | D | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | −5.5 | −4.0 | −3.4 | +0.8 | −1.8 | +4.0 | +11.8 | +2.8 | −6.4 | +15.9 | +3.6 | |
| 2025 | +5.6 | +3.8 | −4.9 | +0.1 | +6.8 | −4.0 | +0.9 | +5.1 | −4.4 | −2.8 | −0.3 | +3.7 |
| 2024 | +5.5 | +5.7 | +1.4 | −6.2 | −0.9 | −1.3 | +5.3 | +4.2 | +2.2 | +1.3 | +6.7 | −1.2 |
| 2023 | +6.7 | −4.1 | +2.3 | +4.7 | −3.9 | +7.7 | +0.4 | +4.7 | −4.1 | −4.8 | +10.0 | +3.1 |
| 2022 | +7.7 | −6.6 | −1.0 | +1.8 | −1.5 | −11.8 | +12.3 | −8.3 | −12.3 | +15.6 | +8.6 | −2.4 |
| 2021 | +14.1 |
The rolling 1-year return is the change over the 12 months to each month end. From Nov 2022 to Nov 2026, Visa's rolling 1-year return ran from −13.1% (12 months to Mar 2026) to +36.3% (to Jun 2025). Over the same months, Mastercard's ran from −15.1% (12 months to May 2026) to +40.1% (to Sep 2023).
Visa's 12-month change was below zero at 7 of those 49 month ends, and Mastercard's at 11. Visa's 12-month change was the higher one at 29 month ends and Mastercard's at 20.
These measures cover Nov 12, 2021 to Nov 13, 2026. Over those dates, volatility was 22.7% for Visa and 23.7% for Mastercard. The Sortino ratio counts only falling days as risk. Against the same 5% rate, Sortino ratios were 0.71 for Visa and 0.51 for Mastercard. The Calmar ratio is the yearly return divided by the deepest fall.
Calmar ratios were 0.65 for Visa and 0.47 for Mastercard.
Beta shows how much Visa and Mastercard tended to move on the days the S&P 500 (SPY) moved. A beta of 1 means moving by the same amount as the index. From Nov 15, 2021 to Nov 13, 2026, Visa's beta was 0.78 and Mastercard's 0.85. By that measure, both tended to move less than the index.
The correlation of Visa's and Mastercard's daily moves was 0.88, a close link. A correlation of 1 would mean they always moved together, 0 no link and −1 always opposite.
| Measure | Visa | Mastercard |
|---|---|---|
| Volatility, a year | 22.7% | 23.7% |
| Sharpe ratio | 0.48 | 0.35 |
| Sortino ratio | 0.71 | 0.51 |
| Calmar ratio | 0.65 | 0.47 |
| Deepest fall | 24.1% | 28.3% |
| Beta to the S&P 500from Nov 15, 2021 | 0.78 | 0.85 |
| Upside capturemonths from Dec 2016 | 99% | 111% |
| Downside capturemonths from Dec 2016 | 65% | 74% |
| Biggest one-day rise | +10.60%Jan 28, 2022 | +9.12%Jan 28, 2022 |
| Biggest one-day fall | −7.74%Apr 4, 2025 | −7.69%Apr 4, 2025 |
| Price against its 50-day average | +9.1% | +10.3% |
| Price against its 200-day average | +22.9% | +22.3% |
| Correlation of daily movesfrom Nov 15, 2021 | 0.88 | |
What Visa and Mastercard do, from each company's latest annual report filed with the US Securities and Exchange Commission.
Visa Inc. runs a payments network. Its annual report says it provides transaction processing services, mainly authorization, clearing and settlement, among consumers, issuing and acquiring financial institutions and sellers. The company calls this structure the four-party model. Its processing network is called VisaNet.
Financial institution clients use Visa-branded products to offer credit, debit, prepaid and cash access programs to individual, business and government account holders. The filing dates Visa's business to 1958. The company reports one segment, Payment Services. Visa Inc. is a Delaware corporation, and its principal executive offices are in San Francisco, California. Its fiscal year ends on September 30.
Source: 10-K (fiscal 2026, ended September 30, 2026), filed Nov 5, 2026 (SEC EDGAR)
Mastercard Incorporated describes itself as a technology company in the global payments industry. It operates a payments network that switches payment transactions, which the filing defines as authorizing, clearing and settling them. Its brands include Mastercard, Maestro and Cirrus.
It also processes automated clearing house transactions and sells services such as security solutions, business and market insights, and processing and gateway solutions. The company reports one operating segment, Payment Solutions. Mastercard Incorporated was incorporated in Delaware in May 2001. Its principal operating subsidiary, Mastercard International Incorporated, was formed in November 1966. The corporate headquarters is in Purchase, New York.
Its fiscal year ends on December 31.
Source: 10-K (fiscal 2025, ended December 31, 2025), filed Feb 11, 2026 (SEC EDGAR)
It depends on the period. Visa had the higher total return over the last 5 years and the last year. Mastercard had the higher total return over the full span since Mar 2008 and the last 10 years. From Mar 19, 2008 to the Nov 13, 2026 close, Visa returned +3,335% in total and Mastercard +3,392%.
Both include reinvested dividends, before taxes and fees. Over the last 10 years, Visa returned +483% and Mastercard +593%. Over the last 5 years, Visa returned +108% and Mastercard +87.4%. Over the last year, Visa returned +27.4% and Mastercard +19.8%. None of these Visa and Mastercard figures is a forecast.
SmartFin does not say which to buy. This page reports what Visa and Mastercard prices did. From Nov 12, 2021 to Nov 13, 2026, Visa grew 15.8% a year and Mastercard grew 13.4%. The record shows deepest falls of 24.1% for Visa and 28.3% for Mastercard. Past returns for Visa and Mastercard do not show what either will do next.
Yes. Every V and MA figure here uses closing prices adjusted for stock splits and dividends, so dividends count as reinvested. Taxes, fees and trading costs are left out of the Visa and Mastercard figures.
At the Nov 13, 2026 close, both Visa and Mastercard were at their highest month-end values. Visa's deepest fall on daily closes was 24.1%, from Feb 2022 to Sep 2022. Mastercard's deepest fall was 28.3%, from Feb 2022 to Oct 2022.
Compare Visa and Mastercard with your own amount and dates in Compare Two Stocks
Daily closing prices adjusted for stock splits, with dividends reinvested, before taxes and fees. Both amounts are invested at the same close and valued at the Nov 13, 2026 close. See also: What if you invested in Visa · What if you invested in Mastercard.
This page presents historical market data and calculated results for a defined period. It is not a recommendation to buy, sell, or hold the security, fund, or index shown. Past performance is not indicative of future results.