BMA vs TEO: Correlation
Measured on weekly returns over the past three years, Banco Macro S.A. ADR (representing Ten Class B (BMA) and Telecom Argentina SA (TEO) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMA and TEO?
Over the past 3 years, BMA and TEO moved with a correlation of 0.68, which is strong. Little has changed lately, as the 1-year reading of 0.78 lands near the 3-year figure. Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 2897.6 %².
Among the 16 assets we track against BMA, TEO ranks #5 by 3-year correlation. On 12-month performance TEO holds a 14.7-point edge, +39.1% against +53.8%.
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 TEO: side by side
| BMA (Banco Macro S.A. ADR (representing Ten Class B) | TEO (Telecom Argentina SA) | |
|---|---|---|
| 1-year return | +39.1% | +53.8% |
| 5-year return | +460.4% | +180.0% |
| Volatility (ann.) | 68.3% | 62.0% |
| Beta vs S&P 500 | 1.06 | 0.67 |
| Max drawdown (3Y) | -65.9% | -54.0% |
| Market cap | $4.9B | – |
| P/E (trailing) | 19.7 | 10.9 |
| Dividend yield | 0.00% | 102.04% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMA | TEO |
|---|---|---|
| 2022 | +27.0% | +14.3% |
| 2023 | +91.6% | +37.9% |
| 2024 | +277.8% | +79.3% |
| 2025 | -6.2% | -7.8% |
| 2026 | -11.4% | +12.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMA and TEO good diversifiers for each other?
To a limited degree. At 0.68 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 TEO?
Using weekly returns as of 2026-08-27: 0.68 over 3 years, with 0.78 over the last year and 0.67 over 5 years.
Is TEO a good diversifier for BMA?
To a limited degree. At 0.68 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 0.68 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
$ curl https://www.pairbook.io/api/v1/pairs/bma-vs-teo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bma-vs-teo/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BMA correlations · TEO correlations
