PAM vs. CEPU
PAM (Pampa Energía S.A.) and CEPU (Central Puerto S.A.) are both stocks. Both operate in the Utilities - Regulated Electric industry within the Utilities sector. Over the past 5 years, PAM returned 38.70%/yr vs 48.25%/yr for CEPU. A 0.68 correlation means they provide meaningful diversification when combined.
Performance
PAM vs. CEPU - Performance Comparison
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Returns By Period
In the year-to-date period, PAM achieves a -4.50% return, which is significantly higher than CEPU's -11.14% return.
PAM
- 1D
- -2.37%
- 1M
- 4.77%
- YTD
- -4.50%
- 6M
- -4.50%
- 1Y
- 19.39%
- 3Y*
- 26.22%
- 5Y*
- 38.70%
- 10Y*
- 12.41%
CEPU
- 1D
- -0.77%
- 1M
- 11.79%
- YTD
- -11.14%
- 6M
- -11.04%
- 1Y
- 32.91%
- 3Y*
- 36.44%
- 5Y*
- 48.25%
- 10Y*
- —
PAM vs. CEPU - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
PAM Pampa Energía S.A. | -4.50% | 0.65% | 77.58% | 55.04% | 51.30% | 53.19% | -16.13% | -48.35% | -54.24% |
CEPU Central Puerto S.A. | -11.14% | 20.77% | 60.75% | 71.30% | 95.14% | 15.93% | -44.44% | -45.56% | -42.82% |
Correlation
The correlation between PAM and CEPU is 0.77, 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 | 0.77 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.79 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.74 |
Correlation (All Time) Calculated using the full available price history since Feb 2, 2018 | 0.68 |
The correlation between PAM and CEPU shifts across timeframes, from 0.68 (all time) to 0.79 (3 years), reflecting how their relationship changes across market environments.
Fundamentals
PAM:
$4.60B
CEPU:
$2.34B
PAM:
$8.05
CEPU:
ARS 4.58K
PAM:
10.50
CEPU:
4.96
PAM:
0.11
CEPU:
0.01
PAM:
2.13
CEPU:
1.70
PAM:
1.22
CEPU:
1.28
PAM:
$2.16B
CEPU:
ARS 2.01T
PAM:
$682.00M
CEPU:
ARS 701.24B
PAM:
$1.22B
CEPU:
ARS 855.91B
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Return for Risk
PAM vs. CEPU — Risk / Return Rank
PAM
CEPU
PAM vs. CEPU - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Pampa Energía S.A. (PAM) and Central Puerto S.A. (CEPU). 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.
| PAM | CEPU | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.11 | ||
| Sortino ratioReturn per unit of downside risk | -0.48 | ||
| Omega ratioGain probability vs. loss probability | 1.12 | 1.16 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 0.62 | 0.81 | -0.19 |
| Martin ratioReturn relative to average drawdown | 1.52 | 1.95 | -0.43 |
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Drawdowns
PAM vs. CEPU - Drawdown Comparison
The maximum PAM drawdown since its inception was -87.41%, roughly equal to the maximum CEPU drawdown of -88.97%. Use the drawdown chart below to compare losses from any high point for PAM and CEPU.
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Drawdown Indicators
| PAM | CEPU | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -87.41% | -88.97% | +1.56% |
Max Drawdown (1Y)Largest decline over 1 year | -31.59% | -40.74% | +9.15% |
Max Drawdown (3Y)Largest decline over 3 years | -40.40% | -51.70% | +11.30% |
Max Drawdown (5Y)Largest decline over 5 years | -40.40% | -51.70% | +11.30% |
Max Drawdown (10Y)Largest decline over 10 years | -87.41% | — | — |
Current DrawdownCurrent decline from peak | -10.91% | -13.37% | +2.46% |
Average DrawdownAverage peak-to-trough decline | -42.43% | -54.88% | +12.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.77% | 16.88% | -4.11% |
Volatility
PAM vs. CEPU - Volatility Comparison
The current volatility for Pampa Energía S.A. (PAM) is 9.67%, while Central Puerto S.A. (CEPU) has a volatility of 13.00%. This indicates that PAM experiences smaller price fluctuations and is considered to be less risky than CEPU based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PAM | CEPU | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 9.67% | 13.00% | -3.33% |
Volatility (6M)Calculated over the trailing 6-month period | 24.56% | 31.78% | -7.22% |
Volatility (1Y)Calculated over the trailing 1-year period | 51.20% | 67.21% | -16.01% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 46.33% | 56.98% | -10.65% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 51.98% | 61.28% | -9.30% |
Dividends
PAM vs. CEPU - Dividend Comparison
Neither PAM nor CEPU has paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 |
|---|---|---|---|---|---|---|---|---|---|
CEPU Central Puerto S.A. | 0.00% | 0.00% | 0.64% | 8.91% | 2.78% | 0.00% | 0.00% | 2.44% | 3.70% |
PAM Pampa Energía S.A. | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials
PAM vs. CEPU - Financials Comparison
This section allows you to compare key financial metrics between Pampa Energía S.A. and Central Puerto 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
PAM vs. CEPU - Profitability Comparison
PAM - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Pampa Energía S.A. reported a gross profit of 193.00M and revenue of 573.00M. Therefore, the gross margin over that period was 33.7%.
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%.
PAM - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Pampa Energía S.A. reported an operating income of 107.00M and revenue of 573.00M, resulting in an operating margin of 18.7%.
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%.
PAM - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Pampa Energía S.A. reported a net income of 214.00M and revenue of 573.00M, resulting in a net margin of 37.4%.
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%.
Frequently Asked Questions
PAM and CEPU have a correlation of 0.77, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CEPU has higher volatility (13.00%) compared to PAM (9.67%). In terms of maximum drawdown, PAM dropped -87.41% vs CEPU's -88.97%.
CEPU currently has the higher Sharpe Ratio (0.49 vs 0.38), 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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