BMA vs. CEPU

Last updated Jun 9, 2026

BMA (Banco Macro S.A.) and CEPU (Central Puerto S.A.) are both stocks. BMA operates in Banks - Regional (Financial Services), while CEPU operates in Utilities - Regulated Electric (Utilities). Over the past 5 years, BMA returned 45.54%/yr vs 43.41%/yr for CEPU. A 0.65 correlation means they provide meaningful diversification when combined.

Performance

BMA vs. CEPU - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Banco Macro S.A. (BMA) and Central Puerto S.A. (CEPU). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BMA achieves a -3.84% return, which is significantly higher than CEPU's -16.69% return.

BMA

• 1D: -1.21%
• 1M: 15.77%
• YTD: -3.84%
• 6M: 1.16%
• 1Y: 17.30%
• 3Y*: 71.64%
• 5Y*: 45.54%
• 10Y*: 6.52%

CEPU

• 1D: -0.41%
• 1M: 3.33%
• YTD: -16.69%
• 6M: -13.32%
• 1Y: 17.87%
• 3Y*: 32.66%
• 5Y*: 43.41%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BMA vs. CEPU - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
BMA Banco Macro S.A.	-3.84%	-3.55%	277.79%	91.62%	27.04%	-9.96%	-57.05%	-14.00%	-56.49%
CEPU Central Puerto S.A.	-16.69%	20.77%	60.75%	71.30%	95.14%	15.93%	-44.44%	-45.56%	-42.82%

Correlation

The correlation between BMA and CEPU is 0.74, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.74
Correlation (3Y) Calculated over the trailing 3-year period	0.72
Correlation (5Y) Calculated over the trailing 5-year period	0.69
Correlation (All Time) Calculated using the full available price history since Feb 2, 2018	0.65

The correlation between BMA and CEPU has been stable across timeframes, ranging from 0.65 to 0.74 - a consistent structural relationship.

Fundamentals

Market Cap BMA : $5.37B CEPU : $2.19B
EPS BMA : $5.81K CEPU : $4.58K
PE Ratio BMA : 0.01 CEPU : 0.00
PEG Ratio BMA : 0.00 CEPU : 0.00
PS Ratio BMA : 0.00 CEPU : 0.00
PB Ratio BMA : 0.00 CEPU : 0.00
Total Revenue (TTM) BMA : $4.76T CEPU : $2.01T
Gross Profit (TTM) BMA : $2.84T CEPU : $701.24B
EBITDA (TTM) BMA : $751.84B CEPU : $855.91B

Return for Risk

BMA vs. CEPU — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BMA

BMA Risk / Return Rank: 52
BMA Sharpe Ratio Rank: 51
BMA Sortino Ratio Rank: 55
BMA Omega Ratio Rank: 53
BMA Calmar Ratio Rank: 51
BMA Martin Ratio Rank: 51

CEPU

CEPU Risk / Return Rank: 54
CEPU Sharpe Ratio Rank: 52
CEPU Sortino Ratio Rank: 57
CEPU Omega Ratio Rank: 53
CEPU Calmar Ratio Rank: 53
CEPU Martin Ratio Rank: 54

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BMA vs. CEPU - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Banco Macro S.A. (BMA) and Central Puerto S.A. (CEPU). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	BMA	CEPU	Difference
Sharpe ratio: Return per unit of total volatility	0.24	0.27	-0.03
Sortino ratio: Return per unit of downside risk	1.00	1.07	-0.08
Omega ratio: Gain probability vs. loss probability	1.12	1.12	+0.01
Calmar ratio: Return relative to maximum drawdown	0.36	0.44	-0.09
Martin ratio: Return relative to average drawdown	0.78	1.06	-0.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BMA vs. CEPU - Sharpe Ratio Comparison

The current BMA Sharpe Ratio is 0.24, which is comparable to the CEPU Sharpe Ratio of 0.27. The chart below compares the historical Sharpe Ratios of BMA and CEPU, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BMA	CEPU	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.24	0.27	-0.03
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.77	0.77	+0.01
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.11	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.00	+0.19

Drawdowns

BMA vs. CEPU - Drawdown Comparison

The maximum BMA drawdown since its inception was -91.66%, roughly equal to the maximum CEPU drawdown of -88.97%. Use the drawdown chart below to compare losses from any high point for BMA and CEPU.

Drawdown Indicators

	BMA	CEPU	Difference
Max Drawdown Largest peak-to-trough decline	-91.66%	-88.97%	-2.69%
Max Drawdown (1Y) Largest decline over 1 year	-48.89%	-40.74%	-8.15%
Max Drawdown (3Y) Largest decline over 3 years	-65.40%	-51.70%	-13.70%
Max Drawdown (5Y) Largest decline over 5 years	-65.40%	-51.70%	-13.70%
Max Drawdown (10Y) Largest decline over 10 years	-91.66%	—	—
Current Drawdown Current decline from peak	-22.54%	-18.77%	-3.77%
Average Drawdown Average peak-to-trough decline	-44.84%	-55.09%	+10.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.09%	16.91%	+5.18%

Volatility

BMA vs. CEPU - Volatility Comparison

Banco Macro S.A. (BMA) has a higher volatility of 16.39% compared to Central Puerto S.A. (CEPU) at 14.25%. This indicates that BMA's price experiences larger fluctuations and is considered to be riskier than CEPU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BMA	CEPU	Difference
Volatility (1M) Calculated over the trailing 1-month period	16.39%	14.25%	+2.14%
Volatility (6M) Calculated over the trailing 6-month period	38.04%	31.51%	+6.53%
Volatility (1Y) Calculated over the trailing 1-year period	73.76%	67.44%	+6.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.42%	57.11%	+2.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.27%	61.34%	+0.93%

Dividends

BMA vs. CEPU - Dividend Comparison

BMA's dividend yield for the trailing twelve months is around 5.70%, while CEPU has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BMA Banco Macro S.A.	5.70%	2.38%	6.10%	7.75%	7.28%	0.00%	0.00%	6.20%	5.05%	0.65%	1.53%
CEPU Central Puerto S.A.	0.00%	0.00%	0.64%	8.91%	2.78%	0.00%	0.00%	2.44%	3.70%	0.00%	0.00%

Financials

BMA vs. CEPU - Profitability Comparison

The chart below illustrates the profitability comparison between Banco Macro S.A. and Central Puerto S.A. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

BMA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Banco Macro S.A. reported a gross profit of 1.17T and revenue of 1.91T. Therefore, the gross margin over that period was 61.1%.

CEPU - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Central Puerto S.A. reported a gross profit of 415.00B and revenue of 1.16T. Therefore, the gross margin over that period was 35.7%.

BMA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Banco Macro S.A. reported an operating income of 212.69B and revenue of 1.91T, resulting in an operating margin of 11.2%.

CEPU - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Central Puerto S.A. reported an operating income of 310.62B and revenue of 1.16T, resulting in an operating margin of 26.7%.

BMA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Banco Macro S.A. reported a net income of 140.24B and revenue of 1.91T, resulting in a net margin of 7.4%.

CEPU - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Central Puerto S.A. reported a net income of 440.08B and revenue of 1.16T, resulting in a net margin of 37.8%.

Frequently Asked Questions

Can I hold both BMA and CEPU in my portfolio?

BMA and CEPU have a correlation of 0.74, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BMA or CEPU?

BMA has higher volatility (16.39%) compared to CEPU (14.25%). In terms of maximum drawdown, BMA dropped -91.66% vs CEPU's -88.97%.

Which has better risk-adjusted returns?

CEPU currently has the higher Sharpe Ratio (0.27 vs 0.24), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.