BMA vs SPY: Correlation
How closely do Banco Macro S.A. ADR (representing Ten Class B (BMA) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.22, which is weak.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMA and SPY?
On 3 years of weekly data the BMA/SPY correlation comes out at 0.22, weak. Recent behaviour matches the longer record: 0.22 over 1 year against 0.22 over 3. The 5-year figure is 0.23, and annualized covariance runs at 220.6 %².
By 3-year correlation, SPY places #11 of the 16 assets tracked against BMA. Correlation aside, the last 12 months split them widely, with BMA ahead by 18.5 points (+39.1% versus +20.6%). Note the risk asymmetry: BMA runs 4.7 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 SPY: side by side
| BMA (Banco Macro S.A. ADR (representing Ten Class B) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +39.1% | +20.6% |
| 5-year return | +460.4% | +82.4% |
| Volatility (ann.) | 68.3% | 14.5% |
| Beta vs S&P 500 | 1.06 | 1.00 |
| Max drawdown (3Y) | -65.9% | -18.8% |
| Market cap | $4.9B | – |
| P/E (trailing) | 19.7 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | BMA | SPY |
|---|---|---|
| 2022 | +27.0% | -18.2% |
| 2023 | +91.6% | +26.2% |
| 2024 | +277.8% | +24.9% |
| 2025 | -6.2% | +17.7% |
| 2026 | -11.4% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMA and SPY good diversifiers for each other?
Reasonably. At 0.22, BMA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between BMA and SPY?
Using weekly returns as of 2026-08-27: 0.22 over 3 years, with 0.22 over the last year and 0.23 over 5 years.
Is SPY a good diversifier for BMA?
Reasonably. At 0.22, BMA and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.22 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 · SPY correlations
