BMA vs CWD: Correlation
How closely do Banco Macro S.A. ADR (representing Ten Class B (BMA) and CaliberCos Inc. (CWD) trade together? Their weekly returns over three years give a correlation of -0.26, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMA and CWD?
Across a 3-year window, the weekly returns of BMA and CWD correlate at -0.26, negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.32) sits close to the 3-year figure. Stretching to 5 years gives n/a, with an annualized covariance of -3478.1 %².
Out of 16 assets tracked against BMA, CWD lands near the bottom at #13. Their recent paths diverged sharply: over the last 12 months BMA outperformed by 105.6 percentage points (+39.1% for BMA against -66.5% for CWD). Note the risk asymmetry: CWD runs 2.8 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 CWD: side by side
| BMA (Banco Macro S.A. ADR (representing Ten Class B) | CWD (CaliberCos Inc.) | |
|---|---|---|
| 1-year return | +39.1% | -66.5% |
| 5-year return | +460.4% | n/a |
| Volatility (ann.) | 68.3% | 194.6% |
| Beta vs S&P 500 | 1.06 | 1.40 |
| Max drawdown (3Y) | -65.9% | -98.7% |
| Market cap | $4.9B | – |
| P/E (trailing) | 19.7 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMA | CWD |
|---|---|---|
| 2022 | +27.0% | – |
| 2023 | +91.6% | – |
| 2024 | +277.8% | -45.8% |
| 2025 | -6.2% | -91.1% |
| 2026 | -11.4% | -54.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMA and CWD good diversifiers for each other?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between BMA and CWD?
As of 2026-08-27, the correlation of weekly returns between BMA and CWD is -0.26 over 3 years, -0.32 over 1 year and n/a over 5 years.
Is CWD a good diversifier for BMA?
Yes: at -0.26, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.26 mean?
On the −1 to +1 scale, -0.26 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.
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Related comparisons
Hubs: BMA correlations · CWD correlations
