BBAR vs TGS: Correlation
How closely do Banco BBVA Argentina S.A. (BBAR) and Transportadora de Gas del Sur SA TGS (TGS) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBAR and TGS?
On 3 years of weekly data the BBAR/TGS correlation comes out at 0.70, strong. Lately the two have moved closer together, with the 1-year correlation at 0.85 versus 0.70 over 3 years. The 5-year figure is 0.67, and annualized covariance runs at 2724.0 %².
By 3-year correlation, TGS places #4 of the 17 assets tracked against BBAR. Over the last 12 months BBAR came out ahead by 14.0 percentage points (+20.6% against +6.6%).
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 TGS: side by side
| BBAR (Banco BBVA Argentina S.A.) | TGS (Transportadora de Gas del Sur SA TGS) | |
|---|---|---|
| 1-year return | +20.6% | +6.6% |
| 5-year return | +356.0% | +412.6% |
| Volatility (ann.) | 70.3% | 55.6% |
| Beta vs S&P 500 | 1.06 | 0.33 |
| Max drawdown (3Y) | -66.3% | -39.5% |
| Market cap | $3.0B | $4.3B |
| P/E (trailing) | 15.9 | 12.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BBAR | TGS |
|---|---|---|
| 2022 | +34.6% | +165.8% |
| 2023 | +47.3% | +27.9% |
| 2024 | +315.7% | +94.0% |
| 2025 | -5.2% | +6.2% |
| 2026 | -17.7% | -8.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBAR and TGS good diversifiers for each other?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BBAR and TGS?
As of 2026-08-27, the correlation of weekly returns between BBAR and TGS is 0.70 over 3 years, 0.85 over 1 year and 0.67 over 5 years.
Is TGS a good diversifier for BBAR?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.70 mean?
A reading of 0.70 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BBAR correlations · TGS correlations
