BMA vs. CRESY

Last updated Jun 24, 2026

BMA (Banco Macro S.A.) and CRESY (Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria) are both stocks. BMA operates in Banks - Regional (Financial Services), while CRESY operates in Conglomerates (Industrials). Over the past 10 years, BMA returned 7.89%/yr vs 4.41%/yr for CRESY. At a 0.43 correlation, their price movements are largely independent.

Performance

BMA vs. CRESY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Banco Macro S.A. (BMA) and Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BMA achieves a 7.73% return, which is significantly higher than CRESY's -9.34% return. Over the past 10 years, BMA has outperformed CRESY with an annualized return of 7.89%, while CRESY has yielded a comparatively lower 4.41% annualized return.

BMA

• 1D: -3.36%
• 1M: 24.52%
• YTD: 7.73%
• 6M: 7.60%
• 1Y: 45.58%
• 3Y*: 69.62%
• 5Y*: 52.24%
• 10Y*: 7.89%

CRESY

• 1D: -1.04%
• 1M: 3.90%
• YTD: -9.34%
• 6M: -1.97%
• 1Y: 16.59%
• 3Y*: 23.06%
• 5Y*: 22.29%
• 10Y*: 4.41%

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

BMA vs. CRESY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BMA Banco Macro S.A.	7.73%	-3.55%	277.79%	91.62%	27.04%	-9.96%	-57.05%	-14.00%	-60.72%	81.54%
CRESY Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria	-9.34%	8.03%	46.53%	73.99%	45.48%	-1.46%	-31.96%	-40.52%	-42.64%	42.79%

Correlation

The correlation between BMA and CRESY is 0.68, 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	0.68
Correlation (3Y) Calculated over the trailing 3-year period	0.64
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Mar 27, 2006	0.43

Over the past year, BMA and CRESY have become more correlated (0.68) than their long-term average of 0.43, meaning their price movements have been converging.

Fundamentals

Market Cap BMA : $6.01B CRESY : $733.19M
EPS BMA : ARS 5.81K CRESY : ARS 2.87K
PE Ratio BMA : 23.64 CRESY : 5.82
PEG Ratio BMA : 0.04 CRESY : 0.00
PS Ratio BMA : 1.84 CRESY : 0.98
PB Ratio BMA : 1.50 CRESY : 0.82
Total Revenue (TTM) BMA : ARS 4.76T CRESY : ARS 1.11T
Gross Profit (TTM) BMA : ARS 2.84T CRESY : ARS 467.81B
EBITDA (TTM) BMA : ARS 751.84B CRESY : ARS 303.50B

Return for Risk

BMA vs. CRESY — Risk / Return Rank

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

BMA

BMA Risk / Return Rank: 64
BMA Sharpe Ratio Rank: 62
BMA Sortino Ratio Rank: 68
BMA Omega Ratio Rank: 65
BMA Calmar Ratio Rank: 63
BMA Martin Ratio Rank: 64

CRESY

CRESY Risk / Return Rank: 54
CRESY Sharpe Ratio Rank: 54
CRESY Sortino Ratio Rank: 55
CRESY Omega Ratio Rank: 51
CRESY Calmar Ratio Rank: 55
CRESY Martin Ratio Rank: 56

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. CRESY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Banco Macro S.A. (BMA) and Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BMA	CRESY	Difference
Sharpe ratio: Return per unit of total volatility	0.61	0.34	+0.28
Sortino ratio: Return per unit of downside risk	1.53	0.96	+0.57
Omega ratio: Gain probability vs. loss probability	1.19	1.11	+0.08
Calmar ratio: Return relative to maximum drawdown	0.97	0.58	+0.39
Martin ratio: Return relative to average drawdown	2.15	1.14	+1.01

BMA vs. CRESY - Sharpe Ratio Comparison

The current BMA Sharpe Ratio is 0.61, which is higher than the CRESY Sharpe Ratio of 0.34. The chart below compares the historical Sharpe Ratios of BMA and CRESY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BMA vs. CRESY - Drawdown Comparison

The maximum BMA drawdown since its inception was -91.66%, roughly equal to the maximum CRESY drawdown of -88.67%. Use the drawdown chart below to compare losses from any high point for BMA and CRESY.

Drawdown Indicators

	BMA	CRESY	Difference
Max Drawdown Largest peak-to-trough decline	-91.66%	-88.67%	-2.99%
Max Drawdown (1Y) Largest decline over 1 year	-47.38%	-28.70%	-18.68%
Max Drawdown (3Y) Largest decline over 3 years	-65.40%	-39.92%	-25.48%
Max Drawdown (5Y) Largest decline over 5 years	-65.40%	-55.88%	-9.52%
Max Drawdown (10Y) Largest decline over 10 years	-91.66%	-88.67%	-2.99%
Current Drawdown Current decline from peak	-13.22%	-18.85%	+5.63%
Average Drawdown Average peak-to-trough decline	-44.77%	-45.80%	+1.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	21.25%	14.58%	+6.67%

Volatility

BMA vs. CRESY - Volatility Comparison

Banco Macro S.A. (BMA) has a higher volatility of 17.97% compared to Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria (CRESY) at 15.30%. This indicates that BMA's price experiences larger fluctuations and is considered to be riskier than CRESY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BMA	CRESY	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.97%	15.30%	+2.67%
Volatility (6M) Calculated over the trailing 6-month period	39.49%	28.80%	+10.69%
Volatility (1Y) Calculated over the trailing 1-year period	74.66%	49.60%	+25.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.68%	50.45%	+9.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.38%	53.23%	+9.15%

Dividends

BMA vs. CRESY - Dividend Comparison

BMA's dividend yield for the trailing twelve months is around 5.09%, less than CRESY's 5.50% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BMA Banco Macro S.A.	5.09%	2.38%	6.10%	7.75%	7.28%	0.00%	0.00%	6.20%	5.05%	0.65%	1.53%
CRESY Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria	5.50%	4.98%	7.86%	7.32%	2.30%	0.00%	0.00%	0.00%	0.00%	1.95%	6.39%

Financials

BMA vs. CRESY - Profitability Comparison

The chart below illustrates the profitability comparison between Banco Macro S.A. and Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria 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%.

CRESY - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria reported a gross profit of 117.98B and revenue of 252.69B. Therefore, the gross margin over that period was 46.7%.

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%.

CRESY - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria reported an operating income of 45.85B and revenue of 252.69B, resulting in an operating margin of 18.2%.

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%.

CRESY - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Cresud Sociedad Anónima Comercial, Inmobiliaria, Financiera y Agropecuaria reported a net income of 40.19B and revenue of 252.69B, resulting in a net margin of 15.9%.

Frequently Asked Questions

Can I hold both BMA and CRESY in my portfolio?

BMA and CRESY have a correlation of 0.68, 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 CRESY?

BMA has higher volatility (17.97%) compared to CRESY (15.30%). In terms of maximum drawdown, BMA dropped -91.66% vs CRESY's -88.67%.

Which has better risk-adjusted returns?

BMA currently has the higher Sharpe Ratio (0.61 vs 0.34), 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.