BMA vs QQQ: Correlation
Measured on weekly returns over the past three years, Banco Macro S.A. ADR (representing Ten Class B (BMA) and Invesco QQQ Trust (QQQ) carry a correlation of 0.24, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMA and QQQ?
Across a 3-year window, the weekly returns of BMA and QQQ correlate at 0.24, weak. The relationship has been stable: the 1-year correlation (0.28) sits close to the 3-year figure. Stretching to 5 years gives 0.20, with an annualized covariance of 323.2 %².
By 3-year correlation, QQQ places #10 of the 16 assets tracked against BMA. On 12-month performance BMA holds a 12.8-point edge, +39.1% against +26.3%. Risk is not evenly split, since BMA carries 3.5 times the volatility of the other side.
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 QQQ: side by side
| BMA (Banco Macro S.A. ADR (representing Ten Class B) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +39.1% | +26.3% |
| 5-year return | +460.4% | +95.4% |
| Volatility (ann.) | 68.3% | 19.6% |
| Beta vs S&P 500 | 1.06 | 1.28 |
| Max drawdown (3Y) | -65.9% | -22.8% |
| Market cap | $4.9B | – |
| P/E (trailing) | 19.7 | – |
| Dividend yield | 0.00% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | BMA | QQQ |
|---|---|---|
| 2022 | +27.0% | -32.6% |
| 2023 | +91.6% | +54.9% |
| 2024 | +277.8% | +25.6% |
| 2025 | -6.2% | +20.8% |
| 2026 | -11.4% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMA and QQQ good diversifiers for each other?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between BMA and QQQ?
Using weekly returns as of 2026-08-27: 0.24 over 3 years, with 0.28 over the last year and 0.20 over 5 years.
Is QQQ a good diversifier for BMA?
A fair diversifier. At 0.24, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.24 mean?
On the −1 to +1 scale, 0.24 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 · QQQ correlations
