BMA vs CI: Correlation
Banco Macro S.A. ADR (representing Ten Class B (BMA) and Cigna (CI) show a negative relationship: their 3-year correlation of weekly returns is -0.25.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMA and CI?
Across a 3-year window, the weekly returns of BMA and CI correlate at -0.25, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.52) than the 3-year average (-0.25). Stretching to 5 years gives -0.11, with an annualized covariance of -451.8 %².
Among the 16 assets we track against BMA, CI sits near the bottom by co-movement, at rank #12. The last year tells two different stories: BMA led by 44.5 percentage points, +39.1% for BMA against -5.4% for CI. Note the risk asymmetry: BMA runs 2.6 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 CI: side by side
| BMA (Banco Macro S.A. ADR (representing Ten Class B) | CI (Cigna) | |
|---|---|---|
| 1-year return | +39.1% | -5.4% |
| 5-year return | +460.4% | +46.7% |
| Volatility (ann.) | 68.3% | 26.7% |
| Beta vs S&P 500 | 1.06 | 0.22 |
| Max drawdown (3Y) | -65.9% | -32.1% |
| Market cap | $4.9B | $73.4B |
| P/E (trailing) | 19.7 | 11.6 |
| Dividend yield | 0.00% | 2.19% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | BMA | CI |
|---|---|---|
| 2022 | +27.0% | +46.7% |
| 2023 | +91.6% | -8.0% |
| 2024 | +277.8% | -6.3% |
| 2025 | -6.2% | +1.7% |
| 2026 | -11.4% | +2.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMA and CI good diversifiers for each other?
Yes. With a correlation of -0.25, BMA and CI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between BMA and CI?
The BMA/CI correlation stands at -0.25 on a 3-year window (1 year: -0.52, 5 years: -0.11), computed from weekly returns as of 2026-08-27.
Is CI a good diversifier for BMA?
Yes. With a correlation of -0.25, BMA and CI have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.25 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: BMA correlations · CI correlations
