CEPU vs. BMA

Last updated Jun 9, 2026

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

Performance

CEPU vs. BMA - Performance Comparison

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

Returns By Period

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

CEPU

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

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%

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

CEPU vs. BMA - Yearly Performance Comparison

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

Correlation

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

Fundamentals

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

Return for Risk

CEPU vs. BMA — Risk / Return Rank

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

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

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

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.

CEPU vs. BMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Central Puerto S.A. (CEPU) and Banco Macro S.A. (BMA). 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.

	CEPU	BMA	Difference
Sharpe ratio: Return per unit of total volatility	0.27	0.24	+0.03
Sortino ratio: Return per unit of downside risk	1.07	1.00	+0.08
Omega ratio: Gain probability vs. loss probability	1.12	1.12	-0.01
Calmar ratio: Return relative to maximum drawdown	0.44	0.36	+0.09
Martin ratio: Return relative to average drawdown	1.06	0.78	+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.

CEPU vs. BMA - Sharpe Ratio Comparison

The current CEPU Sharpe Ratio is 0.27, which is comparable to the BMA Sharpe Ratio of 0.24. The chart below compares the historical Sharpe Ratios of CEPU and BMA, 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

	CEPU	BMA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.27	0.24	+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	0.00	0.19	-0.19

Drawdowns

CEPU vs. BMA - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

CEPU vs. BMA - Volatility Comparison

The current volatility for Central Puerto S.A. (CEPU) is 14.25%, while Banco Macro S.A. (BMA) has a volatility of 16.39%. This indicates that CEPU experiences smaller price fluctuations and is considered to be less risky than BMA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

Dividends

CEPU vs. BMA - Dividend Comparison

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

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

CEPU vs. BMA - Profitability Comparison

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

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 - 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 - 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 - 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 - 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%.

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%.

Frequently Asked Questions

Can I hold both CEPU and BMA in my portfolio?

CEPU and BMA 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, CEPU or BMA?

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

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.