BMA vs CAAP: Correlation
How closely do Banco Macro S.A. ADR (representing Ten Class B (BMA) and Corporacion America Airports SA (CAAP) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMA and CAAP?
Across a 3-year window, the weekly returns of BMA and CAAP correlate at 0.64, strong. The past 12 months show a tighter link (0.82) than the 3-year average (0.64). Stretching to 5 years gives 0.51, with an annualized covariance of 1475.1 %².
Among the 16 assets we track against BMA, CAAP ranks #6 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months BMA outperformed by 22.6 percentage points (+39.1% for BMA against +16.5% for CAAP). One caveat on sizing: BMA is 2.0 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.
BMA vs CAAP: side by side
| BMA (Banco Macro S.A. ADR (representing Ten Class B) | CAAP (Corporacion America Airports SA) | |
|---|---|---|
| 1-year return | +39.1% | +16.5% |
| 5-year return | +460.4% | +323.5% |
| Volatility (ann.) | 68.3% | 33.9% |
| Beta vs S&P 500 | 1.06 | 0.91 |
| Max drawdown (3Y) | -65.9% | -26.6% |
| Market cap | $4.9B | $4.0B |
| P/E (trailing) | 19.7 | 14.0 |
| Dividend yield | 0.00% | 3.70% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMA | CAAP |
|---|---|---|
| 2022 | +27.0% | +51.3% |
| 2023 | +91.6% | +84.0% |
| 2024 | +277.8% | +16.2% |
| 2025 | -6.2% | +39.3% |
| 2026 | -11.4% | -7.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMA and CAAP good diversifiers for each other?
To a limited degree. At 0.64 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 BMA and CAAP?
The BMA/CAAP correlation stands at 0.64 on a 3-year window (1 year: 0.82, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is CAAP a good diversifier for BMA?
To a limited degree. At 0.64 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 0.64 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.
Use this data
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Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bma-vs-caap/)
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Related comparisons
Hubs: BMA correlations · CAAP correlations
