BBAR vs CAAP: Correlation
Measured on weekly returns over the past three years, Banco BBVA Argentina S.A. (BBAR) and Corporacion America Airports SA (CAAP) carry a correlation of 0.60, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBAR and CAAP?
Over the past 3 years, BBAR and CAAP moved with a correlation of 0.60, which is strong. The link has tightened recently: the 1-year correlation (0.83) runs above the 3-year figure (0.60). Over 5 years the correlation is 0.48, and the annualized covariance of weekly returns is 1438.3 %².
Within BBAR's tracked universe of 17 assets, CAAP comes in at #6 by 3-year correlation. Twelve-month performance is nearly a tie, at +20.6% for BBAR and +16.5% for CAAP. One caveat on sizing: BBAR is 2.1 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 CAAP: side by side
| BBAR (Banco BBVA Argentina S.A.) | CAAP (Corporacion America Airports SA) | |
|---|---|---|
| 1-year return | +20.6% | +16.5% |
| 5-year return | +356.0% | +323.5% |
| Volatility (ann.) | 70.3% | 33.9% |
| Beta vs S&P 500 | 1.06 | 0.91 |
| Max drawdown (3Y) | -66.3% | -26.6% |
| Market cap | $3.0B | $4.0B |
| P/E (trailing) | 15.9 | 14.0 |
| Dividend yield | 0.00% | 3.70% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BBAR | CAAP |
|---|---|---|
| 2022 | +34.6% | +51.3% |
| 2023 | +47.3% | +84.0% |
| 2024 | +315.7% | +16.2% |
| 2025 | -5.2% | +39.3% |
| 2026 | -17.7% | -7.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBAR and CAAP good diversifiers for each other?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between BBAR and CAAP?
Using weekly returns as of 2026-08-27: 0.60 over 3 years, with 0.83 over the last year and 0.48 over 5 years.
Is CAAP a good diversifier for BBAR?
To a limited degree. At 0.60 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.60 mean?
On the −1 to +1 scale, 0.60 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bbar-vs-caap.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bbar-vs-caap/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BBAR correlations · CAAP correlations
