BMA vs LOMA: Correlation
How closely do Banco Macro S.A. ADR (representing Ten Class B (BMA) and Loma Negra Compania Industrial Argentina Sociedad Anonima (LOMA) trade together? Their weekly returns over three years give a correlation of 0.76, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMA and LOMA?
Over the past 3 years, BMA and LOMA moved with a correlation of 0.76, which is strong. The link has tightened recently: the 1-year correlation (0.88) runs above the 3-year figure (0.76). Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 2451.1 %².
LOMA is one of the assets that tracks BMA most closely: it ranks #3 out of the 16 assets we track against BMA. Their recent paths diverged sharply: over the last 12 months BMA outperformed by 36.1 percentage points (+39.1% for BMA against +3.0% for LOMA).
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 LOMA: side by side
| BMA (Banco Macro S.A. ADR (representing Ten Class B) | LOMA (Loma Negra Compania Industrial Argentina Sociedad Anonima) | |
|---|---|---|
| 1-year return | +39.1% | +3.0% |
| 5-year return | +460.4% | +76.0% |
| Volatility (ann.) | 68.3% | 47.1% |
| Beta vs S&P 500 | 1.06 | 0.64 |
| Max drawdown (3Y) | -65.9% | -48.3% |
| Market cap | $4.9B | $1.1B |
| P/E (trailing) | 19.7 | 38.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMA | LOMA |
|---|---|---|
| 2022 | +27.0% | +26.6% |
| 2023 | +91.6% | +21.0% |
| 2024 | +277.8% | +68.4% |
| 2025 | -6.2% | +8.5% |
| 2026 | -11.4% | -25.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMA and LOMA good diversifiers for each other?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BMA and LOMA?
As of 2026-08-27, the correlation of weekly returns between BMA and LOMA is 0.76 over 3 years, 0.88 over 1 year and 0.71 over 5 years.
Is LOMA a good diversifier for BMA?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.76 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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Related comparisons
Hubs: BMA correlations · LOMA correlations
