Banco Macro Correlations

BMA Stock

USD 105.32 3.44 3.16%

The current 90-days correlation between Banco Macro SA and BBVA Banco Frances is 0.87 (i.e., Very poor diversification). The correlation of Banco Macro is a statistical measure of how it moves in relation to other instruments. This measure is expressed in what is known as the correlation coefficient, which ranges between -1 and +1. A correlation greater than 0.8 is generally described as strong, whereas a correlation less than 0.5 is generally considered weak.

Banco Macro Correlation With Market

Good diversification

The correlation between Banco Macro SA and DJI is -0.12 (i.e., Good diversification) for selected investment horizon. Overlapping area represents the amount of risk that can be diversified away by holding Banco Macro SA and DJI in the same portfolio, assuming nothing else is changed.

Check out Trending Equities to better understand how to build diversified portfolios, which includes a position in Banco Macro SA. Also, note that the market value of any company could be closely tied with the direction of predictive economic indicators such as signals in population.

Moving together with Banco Stock

0.73	TECTP	Tectonic Financial	Pair Corr
0.69	EBTC	Enterprise Bancorp	Pair Corr
0.64	BANC-PF	Banc of California	Pair Corr
0.73	WSBCP	WesBanco	Pair Corr

Moving against Banco Stock

0.83	WF	Woori Financial Group	Pair Corr
0.82	TFC-PO	Truist Financial	Pair Corr
0.81	CFG-PE	Citizens Financial	Pair Corr
0.8	NU	Nu Holdings Aggressive Push	Pair Corr
0.78	VABK	Virginia National Earnings Call Tomorrow	Pair Corr
0.78	KEY-PJ	KeyCorp	Pair Corr
0.75	KB	KB Financial Group	Pair Corr
0.74	TFC-PR	Truist Financial	Pair Corr
0.74	EBMT	Eagle Bancorp Montana Fiscal Year End 28th of January 2025	Pair Corr
0.63	TFC-PI	Truist Financial	Pair Corr
0.62	VBNK	VersaBank	Pair Corr
0.6	CFG-PH	Citizens Financial Group,	Pair Corr
0.57	ECBK	ECB Bancorp Potential Growth	Pair Corr
0.45	VBTX	Veritex Holdings Fiscal Year End 28th of January 2025	Pair Corr
0.31	EGBN	Eagle Bancorp	Pair Corr
0.82	KEY-PK	KeyCorp	Pair Corr
0.72	WAFDP	Washington Federal	Pair Corr
0.7	WAFD	Washington Federal	Pair Corr
0.62	WASH	Washington Trust Bancorp	Pair Corr
0.6	WMPN	William Penn Bancorp	Pair Corr
0.55	FRCIL	First Republic Bank	Pair Corr
0.52	SBNYL	Signature Bank	Pair Corr
0.5	FRCCL	First Republic Bank	Pair Corr
0.5	FRCHL	First Republic Bank	Pair Corr
0.5	FRCKL	First Republic Bank	Pair Corr
0.5	FRCML	First Republic Bank	Pair Corr
0.46	FRCLL	First Republic Bank	Pair Corr
0.43	EQBK	Equity Bancshares,	Pair Corr
0.34	KEY-PL	KeyCorp	Pair Corr
0.31	WABC	Westamerica Bancorporation	Pair Corr

Related Correlations Analysis

	SUPV	BBAR	BBD	ITUB	GGAL	BBDO	AVAL	BSBR	LYG
SUPV		0.96	-0.89	-0.87	0.98	-0.82	0.72	-0.85	-0.5	SUPV
BBAR	0.96		-0.84	-0.78	0.96	-0.76	0.75	-0.8	-0.54	BBAR
BBD	-0.89	-0.84		0.94	-0.86	0.96	-0.57	0.95	0.65	BBD
ITUB	-0.87	-0.78	0.94		-0.82	0.96	-0.52	0.96	0.6	ITUB
GGAL	0.98	0.96	-0.86	-0.82		-0.77	0.72	-0.81	-0.46	GGAL
BBDO	-0.82	-0.76	0.96	0.96	-0.77		-0.48	0.97	0.7	BBDO
AVAL	0.72	0.75	-0.57	-0.52	0.72	-0.48		-0.49	-0.14	AVAL
BSBR	-0.85	-0.8	0.95	0.96	-0.81	0.97	-0.49		0.7	BSBR
LYG	-0.5	-0.54	0.65	0.6	-0.46	0.7	-0.14	0.7		LYG
	SUPV	BBAR	BBD	ITUB	GGAL	BBDO	AVAL	BSBR	LYG

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Correlation Matchups

Over a given time period, the two securities move together when the Correlation Coefficient is positive. Conversely, the two assets move in opposite directions when the Correlation Coefficient is negative. Determining your positions' relationship to each other is valuable for analyzing and projecting your portfolio's future expected return and risk.

High positive correlations

GGAL	+ 0.98	SUPV
BSBR	+ 0.97	BBDO
BBAR	+ 0.96	SUPV
GGAL	+ 0.96	BBAR
BBDO	+ 0.96	BBD
BBDO	+ 0.96	ITUB

High negative correlations

BBD	- 0.89	SUPV
ITUB	- 0.87	SUPV
GGAL	- 0.86	BBD
BSBR	- 0.85	SUPV
BBD	- 0.84	BBAR
GGAL	- 0.82	ITUB

Risk-Adjusted Indicators

There is a big difference between Banco Stock performing well and Banco Macro Company doing well as a business compared to the competition. There are so many exceptions to the norm that investors cannot definitively determine what's good or bad unless they analyze Banco Macro's multiple risk-adjusted performance indicators across the competitive landscape. These indicators are quantitative in nature and help investors forecast volatility and risk-adjusted expected returns across various positions.

	Mean Deviation	Jensen Alpha	Sortino Ratio	Treynor Ratio	Semi Deviation	Expected Shortfall	Potential Upside	Value @Risk	Maximum Drawdown
SUPV	2.96	1.38	0.40	(1.66)	2.40	(3.66)	8.61	(6.30)	23.59
BBAR	3.14	1.21	0.32	(3.34)	2.88	(3.66)	8.80	(5.39)	21.69
BBD	1.69	(0.40)	0.00	(1.23)	0.00	0.00	2.94	(4.29)	10.75
ITUB	1.44	(0.17)	0.00	(0.37)	0.00	0.00	2.63	(3.24)	10.18
GGAL	2.32	0.62	0.23	(0.97)	2.13	(2.81)	6.35	(3.60)	16.57
BBDO	1.69	(0.25)	0.00	(1.13)	0.00	0.00	2.84	(4.19)	11.42
AVAL	1.19	0.23	0.13	(2.39)	1.23	(1.47)	2.78	(2.82)	6.40
BSBR	1.81	(0.25)	0.00	(1.16)	0.00	0.00	3.66	(4.48)	10.10
LYG	1.43	(0.07)	0.00	(0.15)	0.00	0.00	2.60	(2.91)	10.88

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