CAIXY vs ING: Which Is the Better Buy in 2026?
Last updated October 2026
Short answer
CAIXY (CaixaBank, S.A.) and ING (ING Groep) share investment themes but are different businesses. The right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme.
CAIXY vs ING: the tie-breaker metrics
Same yardstick, side by side (as of October 2026). Valuation lined up like this is most meaningful for two names in the same corner of the market, which these are. Figures are approximate; verify before investing.
| Metric | CAIXY | ING | What it tells you |
|---|---|---|---|
| Market cap | $91.54B | $97.93B | Size. The larger name is the incumbent; the smaller has more room to grow and more to prove. |
| Forward P/E | 10.41 | 10.74 | Valuation on next year's expected earnings, the same yardstick for both. Lower is cheaper for that growth; higher means the market is paying up. |
| Trailing P/E | 13.30 | 13.13 | Valuation on the last 12 months. A big drop from trailing to forward means the market expects earnings to jump, so more growth is already in the price. |
| Beta | 0.13 | 0.90 | Volatility vs the market. Above 1 swings harder than the index; below 1 is steadier. Higher beta means bigger drawdowns to hold through. |
| Price vs 52-week range | 56% of range | 78% of range | Where today's price sits between the 52-week low and high. Near the high is momentum with less margin of safety; near the low is out of favor or a discount, depending on why. |
| Price / book | 2.11 | 1.70 | How much you pay over book value. Very high can signal an asset-light, high-return business or a rich price. |
Before you buy: how CAIXY and ING affect your concentration
The metrics above tell you which is the marginally better business. The bigger risk for most people is not picking the slightly worse stock, it is over-concentrating. CAIXY and ING share themes, so owning both, or adding either to what you already hold, can quietly push a large share of your portfolio into one bet.
This is the part a generic comparison page cannot answer, because it depends on what you own. Connect your brokerage and Walnut shows your real, combined CAIXY and ING exposure, flags overlap with your existing positions, and tells you if adding one would tip you past a concentration you are comfortable with, read-only by default, with your login staying at your broker. Walnut is not an investment adviser.
What does CaixaBank, S.A. (CAIXY) do?
CaixaBank, S.A. is a universal bank serving 20.9 million customers in Spain and Portugal through more than 4,500 branches (4,235 of them in Spain), about 12,200 ATMs and digital channels, with total assets of ~€693 billion at June 30, 2026. Most of its income is net interest income (NII), the spread between what it earns on loans and pays on deposits: €5.39 billion in the first half of 2026, up 2%. The second engine is what it calls revenues from services, €2.77 billion in the half and up 7.4%: wealth management (€1.09 billion, mutual funds, pension plans and savings insurance), protection insurance (€658 million, life and non-life policies sold through its insurer VidaCaixa and partners) and banking fees (€1.02 billion, down 1.1% because of customer loyalty programmes). The equity-accounted stakes and dividend portfolio added another €229 million. Group net profit for the half was €3.203 billion, up 8.5%.
What does ING Groep (ING) do?
ING Groep N.V. is one of Europe's largest banks, headquartered in Amsterdam and serving roughly 40 million customers across the Netherlands, Belgium, Germany, Poland, and other markets. It runs a universal banking model split into Retail Banking (current and savings accounts, mortgages, and consumer and business lending, with its home markets in the Benelux and a large digital retail presence in Germany) and Wholesale Banking (lending, structured and trade finance, and capital markets for corporate and institutional clients). Its US-listed security is an ADR trading on the NYSE under ING, while the ordinary shares trade on Euronext Amsterdam.
CAIXY vs ING: how do they differ?
Both fit overlapping themes, but they are not interchangeable. The useful comparison is which set of drivers and risks you want exposure to.
- CAIXY drivers: Volume growth replacing the rate tailwind; Wealth management and insurance fees.
- ING drivers: Net interest income and rate normalization; Capital returns (dividends and buybacks).
Which fits which kind of investor
A faster-growing, richer-valued name usually swings harder, so it suits a longer horizon and a higher tolerance for volatility; a steadier, more cash-generative business suits a more conservative or income-minded investor. The honest test is which set of risks you could hold through a drawdown: CaixaBank's earnings are tied to one economy and one interest-rate cycle: almost all of its income comes from Spain and Portugal, so a Spanish recession, a fall in house prices or rising unemployment would raise loan losses from today's unusually low cost of risk of 0.24%. For ING, as a deposit-funded lender, ING's earnings are sensitive to European Central Bank rate cuts, which compress net interest margins.
CAIXY or ING: which should you pick?
CAIXY vs ING: the full fundamentals
CAIXY. At ~€11.85 in Madrid, CaixaBank is valued at roughly €83 billion, or ~13.5x trailing twelve-month earnings per share of €0.88 and ~2.5x June 2026 tangible book value of €4.74 a share. Those multiples are high for a European bank, and they rest on returns that are also high: an 18% return on tangible equity supports a premium to book. The 2025 dividend of €0.50 is a ~4.2% gross yield before buybacks. First-half 2026 profit growth of 8.5% came mostly from fees, insurance and a lower tax charge, with net interest income up only 2%. For a CAIXY holder, every figure converts at the prevailing euro rate and divides by three per ADR.
ING. ING trades at a modest earnings multiple typical of large European banks, roughly 13 times trailing earnings, with a mid-single-digit dividend yield. The ADR traded near the low-30s USD in mid-2026, within a 52-week range of about $20 to $31. Valuation reflects a mature, capital-return-focused bank rather than a high-growth name.
Headline figures (approximate, October 2026): CAIXY shows net profit (fy 2025) €5.89B (+1.8%), net profit (h1 2026) €3.20B (+8.5%), return on tangible equity (12 months) ~18.0%, price / earnings (12-month eps €0.88) ~13.5x; ING shows revenue (ttm, total income) ~$24B (roughly 22-23B euros), net profit (ttm) ~$6-7B, q1 2026 total income ~$6.3B (~5.7B euros), market cap ~$88-93B.
The bottom line: CAIXY vs ING
CAIXY and ING are related but distinct: same themes, different businesses and risks. Neither wins in the abstract; the right pick is whichever thesis you actually believe, sized so you are not over-concentrated in one theme. Walnut can show your combined CAIXY and ING exposure against your real portfolio. It is not an investment adviser.
Wondering how CAIXY or ING fits the portfolio you already own? Walnut is an AI investing app that connects your brokerage read-only and answers questions like that about your actual holdings: overlap, concentration, and how each position tracks the S&P 500. Compare the best AI portfolio analyzers or see the best AI investing apps in 2026.
Investing in CaixaBank, S.A. with AI
Connect the broker you already use and ask Walnut's AI how CAIXY fits what you actually hold: whether you own it already through a fund, what it would do to your concentration, and how it has tracked the S&P 500. Read-only by default, and you approve anything before it reaches your broker.
FAQ
What is the difference between CAIXY and ING?
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CaixaBank, S.A. ING Groep N.V. They show up together because they share investment themes, but they are different businesses, so the better fit depends on which thesis you are expressing.
Is CAIXY or ING the better stock?
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Neither is universally better; they suit different views and risk levels. Walnut is informational, not investment advice. Compare what each does, the tie-breaker metrics above, and the risks, then decide which fits your thesis and what you already own.
Which is cheaper, CAIXY or ING?
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On forward P/E (as of October 2026), CAIXY trades at 10.41x and ING at 10.74x, so CAIXY is the cheaper of the two on next year's expected earnings. A lower multiple is not automatically the better buy: a richer valuation can be justified by faster growth, and a lower one can reflect real risk. Weigh the multiple against how fast each business is compounding.
Should you own both CAIXY and ING?
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Because they share themes, owning both concentrates you in that theme. That can be intentional (a focused bet) or accidental (less diversification than it looks). Walnut can show your combined exposure across both, and whether adding either over-concentrates you, before you buy.
What are the risks of CAIXY vs ING?
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CAIXY: CaixaBank's earnings are tied to one economy and one interest-rate cycle: almost all of its income comes from Spain and Portugal, so a Spanish recession, a fall in house prices or rising unemployment would raise loan losses from today's unusually low cost of risk of 0.24%. Net interest income is still about two-thirds of revenue, and further ECB rate cuts would pressure margins faster than loan growth can compensate. Spanish banks also carry political risk: a special tax on banks' net interest and fee income (the IMIC) cost CaixaBank €304 million in the first half of 2026 alone, against €296 million a year earlier, and governments can change such taxes again. Banking fees are already falling slightly because of loyalty programmes, and competition from Santander, BBVA, Sabadell and digital banks such as Revolut limits pricing on deposits and payments. The two largest shareholders together hold 49% of the shares; the FROB has long been expected to sell down its 18.0% stake, and large placements by it or by the "la Caixa" Foundation can weigh on the share price. At ~2.5x tangible book, the valuation assumes returns stay near 18% or higher. For ADR holders there are three further layers: the euro to dollar exchange rate moves the dollar value of both the shares and the dividends, Spain withholds 19% tax on dividends at source (US investors may be able to reclaim the excess over the 15% treaty rate or claim a foreign tax credit), and the OTC ADR can trade with wider spreads and lower volume than the Madrid line, with depositary fees deducted from payouts. ING: As a deposit-funded lender, ING's earnings are sensitive to European Central Bank rate cuts, which compress net interest margins. A weaker European economy could raise loan-loss provisions and slow credit demand across its home markets. Being euro-denominated, the ADR carries euro-to-dollar currency risk for US investors, so a stronger dollar can erode returns even when the bank performs well. It also faces stiff competition from larger European banks (BNP Paribas, Santander) and domestic rivals (ABN AMRO, Rabobank), plus ongoing regulatory, capital, and compliance requirements that can affect payouts and profitability.
Walnut is informational, not investment advice. This page is descriptive and not a recommendation to buy or sell CAIXY or ING; figures are approximate and dated (as of October 2026). Verify current data before investing.