BMA vs. TEO
BMA (Banco Macro S.A.) and TEO (Telecom Argentina S.A.) are both stocks. BMA operates in Banks - Regional (Financial Services), while TEO operates in Telecom Services (Communication Services). Over the past 10 years, BMA returned 8.26%/yr vs 1.45%/yr for TEO. A 0.51 correlation means they provide meaningful diversification when combined.
Performance
BMA vs. TEO - Performance Comparison
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Returns By Period
In the year-to-date period, BMA achieves a 11.48% return, which is significantly lower than TEO's 13.61% return. Over the past 10 years, BMA has outperformed TEO with an annualized return of 8.26%, while TEO has yielded a comparatively lower 1.45% annualized return.
BMA
- 1D
- -4.33%
- 1M
- 28.85%
- YTD
- 11.48%
- 6M
- 10.64%
- 1Y
- 47.75%
- 3Y*
- 71.56%
- 5Y*
- 53.21%
- 10Y*
- 8.26%
TEO
- 1D
- -4.07%
- 1M
- 11.21%
- YTD
- 13.61%
- 6M
- 17.35%
- 1Y
- 47.98%
- 3Y*
- 28.61%
- 5Y*
- 22.44%
- 10Y*
- 1.45%
BMA vs. TEO - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BMA Banco Macro S.A. | 11.48% | -3.55% | 277.79% | 91.62% | 27.04% | -9.96% | -57.05% | -14.00% | -60.72% | 81.54% |
TEO Telecom Argentina S.A. | 13.61% | -7.40% | 79.33% | 37.87% | 6.86% | -15.34% | -39.38% | -17.25% | -54.46% | 108.17% |
Correlation
The correlation between BMA and TEO is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.62 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Mar 27, 2006 | 0.51 |
The correlation between BMA and TEO shifts across timeframes, from 0.51 (all time) to 0.62 (3 years), reflecting how their relationship changes across market environments.
Fundamentals
BMA:
$6.22B
TEO:
$5.68B
BMA:
ARS 5.81K
TEO:
ARS 875.85
BMA:
24.49
TEO:
22.03
BMA:
0.04
TEO:
0.01
BMA:
1.91
TEO:
0.92
BMA:
1.55
TEO:
1.03
BMA:
ARS 4.76T
TEO:
ARS 9.04T
BMA:
ARS 2.84T
TEO:
ARS 6.85T
BMA:
ARS 751.84B
TEO:
ARS 3.30T
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Return for Risk
BMA vs. TEO — Risk / Return Rank
BMA
TEO
BMA vs. TEO - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Banco Macro S.A. (BMA) and Telecom Argentina S.A. (TEO). 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 | TEO | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.06 | ||
| Omega ratioGain probability vs. loss probability | 1.19 | 1.19 | 0.00 |
| Calmar ratioReturn relative to maximum drawdown | 1.01 | 1.26 | -0.25 |
| Martin ratioReturn relative to average drawdown | 2.25 | 3.11 | -0.85 |
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Drawdowns
BMA vs. TEO - Drawdown Comparison
The maximum BMA drawdown since its inception was -91.66%, smaller than the maximum TEO drawdown of -98.60%. Use the drawdown chart below to compare losses from any high point for BMA and TEO.
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Drawdown Indicators
| BMA | TEO | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -91.66% | -98.60% | +6.94% |
Max Drawdown (1Y)Largest decline over 1 year | -47.38% | -38.26% | -9.12% |
Max Drawdown (3Y)Largest decline over 3 years | -65.40% | -54.02% | -11.38% |
Max Drawdown (5Y)Largest decline over 5 years | -65.40% | -54.02% | -11.38% |
Max Drawdown (10Y)Largest decline over 10 years | -91.66% | -86.58% | -5.08% |
Current DrawdownCurrent decline from peak | -10.20% | -50.22% | +40.02% |
Average DrawdownAverage peak-to-trough decline | -44.77% | -53.79% | +9.02% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 21.24% | 15.49% | +5.75% |
Volatility
BMA vs. TEO - Volatility Comparison
The current volatility for Banco Macro S.A. (BMA) is 18.80%, while Telecom Argentina S.A. (TEO) has a volatility of 21.92%. This indicates that BMA experiences smaller price fluctuations and is considered to be less risky than TEO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BMA | TEO | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 18.80% | 21.92% | -3.12% |
Volatility (6M)Calculated over the trailing 6-month period | 40.03% | 38.29% | +1.74% |
Volatility (1Y)Calculated over the trailing 1-year period | 74.72% | 66.57% | +8.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 59.67% | 54.44% | +5.23% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 62.40% | 50.09% | +12.31% |
Dividends
BMA vs. TEO - Dividend Comparison
BMA's dividend yield for the trailing twelve months is around 4.92%, more than TEO's 0.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BMA Banco Macro S.A. | 4.92% | 2.38% | 6.10% | 7.75% | 7.28% | 0.00% | 0.00% | 6.20% | 5.05% | 0.65% | 1.53% | 0.00% |
TEO Telecom Argentina S.A. | 0.37% | 0.42% | 1.91% | 3.43% | 0.00% | 8.90% | 5.27% | 12.36% | 15.08% | 3.33% | 3.57% | 5.28% |
Financials
BMA vs. TEO - Financials Comparison
This section allows you to compare key financial metrics between Banco Macro S.A. and Telecom Argentina S.A.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
BMA vs. TEO - Profitability Comparison
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%.
TEO - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Telecom Argentina S.A. reported a gross profit of 1.80T and revenue of 2.36T. Therefore, the gross margin over that period was 76.4%.
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%.
TEO - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Telecom Argentina S.A. reported an operating income of 823.75B and revenue of 2.36T, resulting in an operating margin of 34.9%.
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%.
TEO - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Telecom Argentina S.A. reported a net income of 636.68B and revenue of 2.36T, resulting in a net margin of 27.0%.
Frequently Asked Questions
BMA and TEO have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TEO has higher volatility (21.92%) compared to BMA (18.80%). In terms of maximum drawdown, BMA dropped -91.66% vs TEO's -98.60%.
TEO currently has the higher Sharpe Ratio (0.73 vs 0.64), 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.
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