BBAR vs BMA: Correlation
Banco BBVA Argentina S.A. (BBAR) and Banco Macro S.A. ADR (representing Ten Class B (BMA) show a very strong relationship: their 3-year correlation of weekly returns is 0.93.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBAR and BMA?
On 3 years of weekly data the BBAR/BMA correlation comes out at 0.93, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.98 over 1 year against 0.93 over 3. The 5-year figure is 0.91, and annualized covariance runs at 4439.0 %².
BMA is one of the assets that tracks BBAR most closely: it ranks #1 out of the 17 assets we track against BBAR. Their recent paths diverged sharply: over the last 12 months BMA outperformed by 18.5 percentage points (+20.6% for BBAR against +39.1% for BMA).
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.
BBAR vs BMA: side by side
| BBAR (Banco BBVA Argentina S.A.) | BMA (Banco Macro S.A. ADR (representing Ten Class B) | |
|---|---|---|
| 1-year return | +20.6% | +39.1% |
| 5-year return | +356.0% | +460.4% |
| Volatility (ann.) | 70.3% | 68.3% |
| Beta vs S&P 500 | 1.06 | 1.06 |
| Max drawdown (3Y) | -66.3% | -65.9% |
| Market cap | $3.0B | $4.9B |
| P/E (trailing) | 15.9 | 19.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BBAR | BMA |
|---|---|---|
| 2022 | +34.6% | +27.0% |
| 2023 | +47.3% | +91.6% |
| 2024 | +315.7% | +277.8% |
| 2025 | -5.2% | -6.2% |
| 2026 | -17.7% | -11.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBAR and BMA good diversifiers for each other?
No. With a correlation of 0.93, BBAR and BMA move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between BBAR and BMA?
The BBAR/BMA correlation stands at 0.93 on a 3-year window (1 year: 0.98, 5 years: 0.91), computed from weekly returns as of 2026-08-27.
Is BMA a good diversifier for BBAR?
No. With a correlation of 0.93, BBAR and BMA move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.93 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: BBAR correlations · BMA correlations
