BMA vs PAM: Correlation
Banco Macro S.A. ADR (representing Ten Class B (BMA) and Pampa Energia S.A. (PAM) show a strong relationship: their 3-year correlation of weekly returns is 0.78.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMA and PAM?
On 3 years of weekly data the BMA/PAM correlation comes out at 0.78, strong. The relationship has been stable: the 1-year correlation (0.86) sits close to the 3-year figure. The 5-year figure is 0.75, and annualized covariance runs at 2421.3 %².
PAM is one of the assets that tracks BMA most closely: it ranks #2 out of the 16 assets we track against BMA. Their recent paths diverged sharply: over the last 12 months BMA outperformed by 16.7 percentage points (+39.1% for BMA against +22.4% for PAM). Note the risk asymmetry: BMA runs 1.5 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 PAM: side by side
| BMA (Banco Macro S.A. ADR (representing Ten Class B) | PAM (Pampa Energia S.A.) | |
|---|---|---|
| 1-year return | +39.1% | +22.4% |
| 5-year return | +460.4% | +339.3% |
| Volatility (ann.) | 68.3% | 45.3% |
| Beta vs S&P 500 | 1.06 | 0.38 |
| Max drawdown (3Y) | -65.9% | -40.4% |
| Market cap | $4.9B | $4.3B |
| P/E (trailing) | 19.7 | 7.3 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMA | PAM |
|---|---|---|
| 2022 | +27.0% | +51.3% |
| 2023 | +91.6% | +55.0% |
| 2024 | +277.8% | +77.6% |
| 2025 | -6.2% | +0.6% |
| 2026 | -11.4% | -8.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMA and PAM good diversifiers for each other?
To a limited degree. At 0.78 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 PAM?
As of 2026-08-27, the correlation of weekly returns between BMA and PAM is 0.78 over 3 years, 0.86 over 1 year and 0.75 over 5 years.
Is PAM a good diversifier for BMA?
To a limited degree. At 0.78 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 0.78 mean?
A reading of 0.78 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bma-vs-pam.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bma-vs-pam/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BMA correlations · PAM correlations
