BIST 100 vs S&P 500 in Turkish lira: performance comparison
Over the 12 months to Oct 2, 2026, the BIST 100 returned +14.3% and the S&P 500 +35.0% (both in Turkish lira). This page puts the two side by side on the same dates — current prices, performance charts rebased to 100, returns from one month to five years, volatility, the deepest falls and how closely the two move together — recalculated daily from closing prices.
Performance, rebased to 100
Both lines start at 100 on the first shared date: a value of 150 means +50% since then.
- BIST 100+14.3%
- S&P 500+35.0%
- BIST 100+790.1%
- S&P 500+870.0%
Returns
| Period | BIST 100 | S&P 500 | Better |
|---|---|---|---|
| 1 month | -12.7% | +2.5% | S&P 500 |
| 3 months | -15.1% | +8.6% | S&P 500 |
| 6 months | -6.0% | +29.5% | S&P 500 |
| Year to date | +9.0% | +29.0% | S&P 500 |
| 1 year | +14.3% | +35.0% | S&P 500 |
| 3 years | +47.0% | +221.7% | S&P 500 |
| 5 years | +790.1% | +870.0% | S&P 500 |
Price returns between closing prices on the same dates for both assets; dividends and interest are not included. All figures are in Turkish lira: prices quoted in US dollars are converted at each day's USD/TRY close. Data to Oct 2, 2026.
Risk
| Measure | BIST 100 | S&P 500 |
|---|---|---|
| Volatility, 1 year (annualized) | 23.6% | 13.1% |
| Volatility, 5 years (annualized, weekly) | 29.3% | 26.9% |
| Deepest fall, 5 years | -21.2%Jul 2024 – Oct 2024 | -28.9%Dec 2021 – Dec 2021 |
| Correlation, 1 year (daily returns) | 0.22 | |
| Correlation, 5 years (weekly returns) | 0.22 | |
Volatility is the annualized standard deviation of returns — higher means bigger swings. The deepest fall is the largest drop from a previous high. Correlation runs from −1 (opposite moves) through 0 (unrelated) to +1 (in lockstep).
What the numbers say
Over five years (Oct 2021 to Oct 2026), the BIST 100 returned +790.1% and the S&P 500 +870.0%. The S&P 500 came out ahead over both one and five years.
Annualized volatility over the past year: BIST 100 23.6%, S&P 500 13.1% — the BIST 100 was about 1.8× as volatile. Deepest fall over the period: BIST 100 -21.2% (Jul 2024 – Oct 2024), S&P 500 -28.9% (Dec 2021 – Dec 2021).
The correlation of their daily returns over the past year was 0.22. That is a weak positive link. Over five years of weekly returns it was 0.22.
Past performance does not predict future returns.
Key differences
- Currency: the S&P 500 is converted to lira at each day's USD/TRY rate, so its line includes the dollar's rise against the lira. Measuring both in dollars instead would not change which one did better, because switching currency applies the same exchange rate to both.
- Economy: the BIST 100 reflects Turkish companies — banks, industrial holdings, airlines, steel and energy — while the S&P 500 is dominated by global US technology giants.
- Risk: Turkish stocks are exposed to inflation, interest-rate and lira swings and to domestic politics; the S&P 500 is a far larger, more diversified market.
- Dividends are not included for either index.
The two assets
BIST 100
The BIST 100 is Borsa Istanbul's main index of 100 large Turkish companies, priced in Turkish lira; banks and industrial holding companies carry heavy weights. Because it is quoted in lira, high inflation and lira depreciation push its nominal level up, so returns in lira and in dollars can differ widely.
BIST 100 chart and analysis →S&P 500
The S&P 500 tracks 500 large US companies weighted by market value and is the most-watched benchmark for US stocks. Corporate earnings, interest rates and economic growth drive it; the index level used here excludes dividends.
S&P 500 chart and analysis →Frequently asked questions
In Turkish lira, which performed better over the past year: the BIST 100 or the S&P 500?
The S&P 500. In the 12 months to Oct 2, 2026, the BIST 100 returned +14.3% and the S&P 500 +35.0% (both in Turkish lira), a difference of 20.7 percentage points. Past performance does not predict future returns.
In Turkish lira, which performed better over five years: the BIST 100 or the S&P 500?
The S&P 500. From Oct 2021 to Oct 2026, the BIST 100 returned +790.1% and the S&P 500 +870.0% (both in Turkish lira). Past performance does not predict future returns.
Which is more volatile, the BIST 100 or the S&P 500?
The BIST 100 — about 1.8 times as volatile as the S&P 500. Annualized volatility over the past year: BIST 100 23.6%, S&P 500 13.1%. Deepest fall over five years: BIST 100 -21.2%, S&P 500 -28.9%.
Do the BIST 100 and the S&P 500 move together?
A weak positive link. The correlation of their daily returns over the past year was 0.22, on a scale from −1 (opposite moves) to +1 (moving in lockstep). Over five years of weekly returns it was 0.22.
How we calculate
Both series are aligned on the trading days (or weeks) they share, so every return covers the same dates for both assets. Periods up to one year use daily closes; three and five years use weekly closes. Volatility is the annualized standard deviation of log returns, the deepest fall is measured on weekly closes, and correlation is the Pearson coefficient of returns over identical intervals. Data: Yahoo Finance and OKX, refreshed daily. All figures are in Turkish lira: prices quoted in US dollars are converted at each day's USD/TRY close.