BMA vs. SGOV

Last updated Jun 4, 2026

BMA (Banco Macro S.A.) is a stock, while SGOV (iShares 0-3 Month Treasury Bond ETF) is Ultrashort Bond fund tracking the ICE 0-3 Month US Treasury Securities Index. Over the past 5 years, BMA returned 47.44%/yr vs 3.54%/yr for SGOV. At a correlation of -0.02, they often move in opposite directions.

Performance

BMA vs. SGOV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Banco Macro S.A. (BMA) and iShares 0-3 Month Treasury Bond ETF (SGOV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BMA achieves a -1.28% return, which is significantly lower than SGOV's 1.51% return.

BMA

• 1D: -3.20%
• 1M: 25.91%
• YTD: -1.28%
• 6M: 1.44%
• 1Y: 12.41%
• 3Y*: 83.19%
• 5Y*: 47.44%
• 10Y*: 7.34%

SGOV

• 1D: 0.01%
• 1M: 0.29%
• YTD: 1.51%
• 6M: 1.80%
• 1Y: 3.95%
• 3Y*: 4.72%
• 5Y*: 3.54%
• 10Y*: —

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

BMA vs. SGOV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
BMA Banco Macro S.A.	-1.28%	-3.55%	277.79%	91.62%	27.04%	-9.96%	-20.07%
SGOV iShares 0-3 Month Treasury Bond ETF	1.51%	4.24%	5.27%	5.12%	1.58%	0.04%	0.05%

Correlation

The correlation between BMA and SGOV is -0.22, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.22
Correlation (3Y) Calculated over the trailing 3-year period	-0.06
Correlation (5Y) Calculated over the trailing 5-year period	-0.05
Correlation (All Time) Calculated using the full available price history since May 29, 2020	-0.02

Over the past year, the inverse relationship between BMA and SGOV has strengthened: their correlation has moved from -0.02 to -0.22, meaning they now move in opposite directions more often than their long-term average.

Return for Risk

BMA vs. SGOV — Risk / Return Rank

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

BMA

BMA Risk / Return Rank: 48
BMA Sharpe Ratio Rank: 47
BMA Sortino Ratio Rank: 51
BMA Omega Ratio Rank: 49
BMA Calmar Ratio Rank: 46
BMA Martin Ratio Rank: 46

SGOV

SGOV Risk / Return Rank: 100
SGOV Sharpe Ratio Rank: 100
SGOV Sortino Ratio Rank: 100
SGOV Omega Ratio Rank: 100
SGOV Calmar Ratio Rank: 100
SGOV Martin Ratio Rank: 100

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. SGOV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Banco Macro S.A. (BMA) and iShares 0-3 Month Treasury Bond ETF (SGOV). 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	SGOV	Difference
Sharpe ratio: Return per unit of total volatility	0.17	20.28	-20.11
Sortino ratio: Return per unit of downside risk	0.89	275.69	-274.80
Omega ratio: Gain probability vs. loss probability	1.11	195.55	-194.45
Calmar ratio: Return relative to maximum drawdown	0.25	398.20	-397.94
Martin ratio: Return relative to average drawdown	0.56	4,462.00	-4,461.44
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. SGOV - Sharpe Ratio Comparison

The current BMA Sharpe Ratio is 0.17, which is lower than the SGOV Sharpe Ratio of 20.28. The chart below compares the historical Sharpe Ratios of BMA and SGOV, 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	SGOV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.17	20.28	-20.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.80	14.73	-13.93
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.12	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	12.48	-12.29

Drawdowns

BMA vs. SGOV - Drawdown Comparison

The maximum BMA drawdown since its inception was -91.66%, which is greater than SGOV's maximum drawdown of -0.03%. Use the drawdown chart below to compare losses from any high point for BMA and SGOV.

Drawdown Indicators

	BMA	SGOV	Difference
Max Drawdown Largest peak-to-trough decline	-91.66%	-0.03%	-91.63%
Max Drawdown (1Y) Largest decline over 1 year	-48.89%	-0.01%	-48.88%
Max Drawdown (3Y) Largest decline over 3 years	-65.40%	-0.01%	-65.39%
Max Drawdown (5Y) Largest decline over 5 years	-65.40%	-0.03%	-65.37%
Max Drawdown (10Y) Largest decline over 10 years	-91.66%	—	—
Current Drawdown Current decline from peak	-20.47%	0.00%	-20.47%
Average Drawdown Average peak-to-trough decline	-44.86%	-0.00%	-44.86%
Ulcer Index Depth and duration of drawdowns from previous peaks	23.24%	0.00%	+23.24%

Volatility

BMA vs. SGOV - Volatility Comparison

Banco Macro S.A. (BMA) has a higher volatility of 18.86% compared to iShares 0-3 Month Treasury Bond ETF (SGOV) at 0.05%. This indicates that BMA's price experiences larger fluctuations and is considered to be riskier than SGOV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BMA	SGOV	Difference
Volatility (1M) Calculated over the trailing 1-month period	18.86%	0.05%	+18.81%
Volatility (6M) Calculated over the trailing 6-month period	38.51%	0.13%	+38.38%
Volatility (1Y) Calculated over the trailing 1-year period	73.94%	0.20%	+73.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	59.43%	0.24%	+59.19%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	62.25%	0.24%	+62.01%

Dividends

BMA vs. SGOV - Dividend Comparison

BMA's dividend yield for the trailing twelve months is around 5.56%, more than SGOV's 3.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016
BMA Banco Macro S.A.	5.56%	2.38%	6.10%	7.75%	7.28%	0.00%	0.00%	6.20%	5.05%	0.65%	1.53%
SGOV iShares 0-3 Month Treasury Bond ETF	3.86%	4.10%	5.10%	4.87%	1.45%	0.03%	0.05%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both BMA and SGOV in my portfolio?

BMA and SGOV have a correlation of -0.22, 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 SGOV?

BMA has higher volatility (18.86%) compared to SGOV (0.05%). In terms of maximum drawdown, BMA dropped -91.66% vs SGOV's -0.03%.

Which has better risk-adjusted returns?

SGOV currently has the higher Sharpe Ratio (20.28 vs 0.17), 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.