HBNC vs. BMA

Last updated Jun 3, 2026

HBNC (Horizon Bancorp, Inc.) and BMA (Banco Macro S.A.) are both stocks. Both operate in the Banks - Regional industry within the Financial Services sector. Over the past 10 years, HBNC returned 9.11%/yr vs 7.69%/yr for BMA. At a 0.16 correlation, their price movements are largely independent.

Performance

HBNC vs. BMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Horizon Bancorp, Inc. (HBNC) 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, HBNC achieves a 12.02% return, which is significantly higher than BMA's 1.99% return. Over the past 10 years, HBNC has outperformed BMA with an annualized return of 9.11%, while BMA has yielded a comparatively lower 7.69% annualized return.

HBNC

• 1D: 1.97%
• 1M: 1.75%
• YTD: 12.02%
• 6M: 10.14%
• 1Y: 30.96%
• 3Y*: 29.62%
• 5Y*: 4.77%
• 10Y*: 9.11%

BMA

• 1D: -2.23%
• 1M: 31.03%
• YTD: 1.99%
• 6M: 11.70%
• 1Y: 15.62%
• 3Y*: 85.19%
• 5Y*: 49.00%
• 10Y*: 7.69%

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

HBNC vs. BMA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HBNC Horizon Bancorp, Inc.	12.02%	9.76%	18.19%	0.43%	-25.26%	35.43%	-12.86%	23.69%	-13.14%	1.06%
BMA Banco Macro S.A.	1.99%	-3.55%	277.79%	91.62%	27.04%	-9.96%	-57.05%	-14.00%	-60.72%	81.54%

Correlation

The correlation between HBNC and BMA is 0.18, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.18
Correlation (3Y) Calculated over the trailing 3-year period	0.14
Correlation (5Y) Calculated over the trailing 5-year period	0.20
Correlation (10Y) Calculated over the trailing 10-year period	0.20
Correlation (All Time) Calculated using the full available price history since Mar 28, 2006	0.16

Fundamentals

Market Cap HBNC : $955.17M BMA : $5.69B
EPS HBNC : -$3.06 BMA : $5.81K
PB Ratio HBNC : 0.51 BMA : 0.00
Total Revenue (TTM) HBNC : -$1.82M BMA : $4.76T
Gross Profit (TTM) HBNC : -$97.09M BMA : $2.84T
EBITDA (TTM) HBNC : -$218.68M BMA : $751.84B

Return for Risk

HBNC vs. BMA — Risk / Return Rank

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

HBNC

HBNC Risk / Return Rank: 71
HBNC Sharpe Ratio Rank: 74
HBNC Sortino Ratio Rank: 68
HBNC Omega Ratio Rank: 67
HBNC Calmar Ratio Rank: 72
HBNC Martin Ratio Rank: 76

BMA

BMA Risk / Return Rank: 48
BMA Sharpe Ratio Rank: 48
BMA Sortino Ratio Rank: 52
BMA Omega Ratio Rank: 51
BMA Calmar Ratio Rank: 46
BMA Martin Ratio Rank: 46

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.

HBNC vs. BMA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Horizon Bancorp, Inc. (HBNC) 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.

	HBNC	BMA	Difference
Sharpe ratio Return per unit of total volatility	1.12	0.21	+0.91
Sortino ratio Return per unit of downside risk	1.66	0.96	+0.70
Omega ratio Gain probability vs. loss probability	1.21	1.12	+0.09
Calmar ratio Return relative to maximum drawdown	1.84	0.25	+1.59
Martin ratio Return relative to average drawdown	5.31	0.54	+4.77
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HBNC vs. BMA - Sharpe Ratio Comparison

The current HBNC Sharpe Ratio is 1.12, which is higher than the BMA Sharpe Ratio of 0.21. The chart below compares the historical Sharpe Ratios of HBNC 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

	HBNC	BMA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.12	0.21	+0.91
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.13	0.83	-0.70
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.12	+0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.35	0.20	+0.16

Drawdowns

HBNC vs. BMA - Drawdown Comparison

The maximum HBNC drawdown since its inception was -65.21%, smaller than the maximum BMA drawdown of -91.66%. Use the drawdown chart below to compare losses from any high point for HBNC and BMA.

Drawdown Indicators

	HBNC	BMA	Difference
Max Drawdown Largest peak-to-trough decline	-65.21%	-91.66%	+26.45%
Max Drawdown (1Y) Largest decline over 1 year	-16.65%	-51.10%	+34.45%
Max Drawdown (3Y) Largest decline over 3 years	-29.61%	-65.40%	+35.79%
Max Drawdown (5Y) Largest decline over 5 years	-65.21%	-65.40%	+0.19%
Max Drawdown (10Y) Largest decline over 10 years	-65.21%	-91.66%	+26.45%
Current Drawdown Current decline from peak	-3.70%	-17.84%	+14.14%
Average Drawdown Average peak-to-trough decline	-16.89%	-44.86%	+27.97%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.77%	23.34%	-17.57%

Volatility

HBNC vs. BMA - Volatility Comparison

The current volatility for Horizon Bancorp, Inc. (HBNC) is 6.52%, while Banco Macro S.A. (BMA) has a volatility of 18.30%. This indicates that HBNC 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

	HBNC	BMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.52%	18.30%	-11.78%
Volatility (6M) Calculated over the trailing 6-month period	18.26%	38.41%	-20.15%
Volatility (1Y) Calculated over the trailing 1-year period	27.78%	73.91%	-46.13%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	35.77%	59.43%	-23.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	36.87%	62.26%	-25.39%

Dividends

HBNC vs. BMA - Dividend Comparison

HBNC's dividend yield for the trailing twelve months is around 3.43%, less than BMA's 5.38% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BMA Banco Macro S.A.	5.38%	2.38%	6.10%	7.75%	7.28%	0.00%	0.00%	6.20%	5.05%	0.65%	1.53%	0.00%
HBNC Horizon Bancorp, Inc.	3.43%	3.77%	3.97%	4.47%	4.11%	2.54%	3.03%	2.32%	2.45%	1.73%	1.43%	1.54%

Financials

Frequently Asked Questions

Can I hold both HBNC and BMA in my portfolio?

HBNC and BMA have a correlation of 0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HBNC or BMA?

BMA has higher volatility (18.30%) compared to HBNC (6.52%). In terms of maximum drawdown, HBNC dropped -65.21% vs BMA's -91.66%.

Which has better risk-adjusted returns?

HBNC currently has the higher Sharpe Ratio (1.12 vs 0.21), 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.