TEO vs TGS: Correlation
Measured on weekly returns over the past three years, Telecom Argentina SA (TEO) and Transportadora de Gas del Sur SA TGS (TGS) carry a correlation of 0.73, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TEO and TGS?
Over the past 3 years, TEO and TGS moved with a correlation of 0.73, which is strong. Little has changed lately, as the 1-year reading of 0.82 lands near the 3-year figure. Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 2531.7 %².
In TEO's tracked universe of 10 assets, TGS sits right near the top at #2. Correlation aside, the last 12 months split them widely, with TEO ahead by 47.2 points (+53.8% versus +6.6%).
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.
TEO vs TGS: side by side
| TEO (Telecom Argentina SA) | TGS (Transportadora de Gas del Sur SA TGS) | |
|---|---|---|
| 1-year return | +53.8% | +6.6% |
| 5-year return | +180.0% | +412.6% |
| Volatility (ann.) | 62.0% | 55.6% |
| Beta vs S&P 500 | 0.67 | 0.33 |
| Max drawdown (3Y) | -54.0% | -39.5% |
| Market cap | – | $4.3B |
| P/E (trailing) | 10.9 | 12.4 |
| Dividend yield | 102.04% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TEO | TGS |
|---|---|---|
| 2022 | +14.3% | +165.8% |
| 2023 | +37.9% | +27.9% |
| 2024 | +79.3% | +94.0% |
| 2025 | -7.8% | +6.2% |
| 2026 | +12.2% | -8.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TEO and TGS good diversifiers for each other?
To a limited degree. At 0.73 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 TEO and TGS?
Using weekly returns as of 2026-08-27: 0.73 over 3 years, with 0.82 over the last year and 0.69 over 5 years.
Is TGS a good diversifier for TEO?
To a limited degree. At 0.73 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 0.73 mean?
On the −1 to +1 scale, 0.73 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/teo-vs-tgs.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: TEO correlations · TGS correlations
