BMA vs TGS: Correlation
How closely do Banco Macro S.A. ADR (representing Ten Class B (BMA) and Transportadora de Gas del Sur SA TGS (TGS) trade together? Their weekly returns over three years give a correlation of 0.71, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BMA and TGS?
Across a 3-year window, the weekly returns of BMA and TGS correlate at 0.71, strong. Lately the two have moved closer together, with the 1-year correlation at 0.83 versus 0.71 over 3 years. Stretching to 5 years gives 0.68, with an annualized covariance of 2703.2 %².
By 3-year correlation, TGS places #4 of the 16 assets tracked against BMA. The last year tells two different stories: BMA led by 32.5 percentage points, +39.1% for BMA against +6.6% for TGS.
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 TGS: side by side
| BMA (Banco Macro S.A. ADR (representing Ten Class B) | TGS (Transportadora de Gas del Sur SA TGS) | |
|---|---|---|
| 1-year return | +39.1% | +6.6% |
| 5-year return | +460.4% | +412.6% |
| Volatility (ann.) | 68.3% | 55.6% |
| Beta vs S&P 500 | 1.06 | 0.33 |
| Max drawdown (3Y) | -65.9% | -39.5% |
| Market cap | $4.9B | $4.3B |
| P/E (trailing) | 19.7 | 12.4 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BMA | TGS |
|---|---|---|
| 2022 | +27.0% | +165.8% |
| 2023 | +91.6% | +27.9% |
| 2024 | +277.8% | +94.0% |
| 2025 | -6.2% | +6.2% |
| 2026 | -11.4% | -8.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BMA and TGS good diversifiers for each other?
To a limited degree. At 0.71 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 TGS?
Using weekly returns as of 2026-08-27: 0.71 over 3 years, with 0.83 over the last year and 0.68 over 5 years.
Is TGS a good diversifier for BMA?
To a limited degree. At 0.71 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 0.71 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 · TGS correlations
