TEO vs. TGS

Last updated Jun 9, 2026

TEO (Telecom Argentina S.A.) and TGS (Transportadora de Gas del Sur S.A.) are both stocks. TEO operates in Telecom Services (Communication Services), while TGS operates in Oil & Gas Midstream (Energy). Over the past 10 years, TEO returned 1.28%/yr vs 18.52%/yr for TGS. At a 0.37 correlation, their price movements are largely independent.

Performance

TEO vs. TGS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Telecom Argentina S.A. (TEO) and Transportadora de Gas del Sur S.A. (TGS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TEO achieves a 15.16% return, which is significantly higher than TGS's -5.05% return. Over the past 10 years, TEO has underperformed TGS with an annualized return of 1.28%, while TGS has yielded a comparatively higher 18.52% annualized return.

TEO

• 1D: 0.98%
• 1M: 13.11%
• YTD: 15.16%
• 6M: 8.70%
• 1Y: 37.27%
• 3Y*: 34.33%
• 5Y*: 19.13%
• 10Y*: 1.28%

TGS

• 1D: 0.03%
• 1M: 0.58%
• YTD: -5.05%
• 6M: -6.79%
• 1Y: 6.23%
• 3Y*: 32.47%
• 5Y*: 38.90%
• 10Y*: 18.52%

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

TEO vs. TGS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TEO Telecom Argentina S.A.	15.16%	-7.40%	79.33%	37.87%	6.86%	-15.34%	-39.38%	-17.25%	-54.46%	108.17%
TGS Transportadora de Gas del Sur S.A.	-5.05%	6.22%	93.97%	27.88%	165.77%	-14.62%	-27.48%	-45.44%	-28.91%	146.45%

Correlation

The correlation between TEO and TGS 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	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.53
Correlation (All Time) Calculated using the full available price history since Dec 9, 1994	0.37

Over the past year, TEO and TGS have become more correlated (0.61) than their long-term average of 0.37, meaning their price movements have been converging.

Fundamentals

Market Cap TEO : $5.76B TGS : $4.44B
EPS TEO : $875.85 TGS : $3.05K
PE Ratio TEO : 0.02 TGS : 0.01
PEG Ratio TEO : 0.00 TGS : 0.00
PS Ratio TEO : 0.00 TGS : 0.00
PB Ratio TEO : 0.00 TGS : 0.00
Total Revenue (TTM) TEO : $9.04T TGS : $1.82T
Gross Profit (TTM) TEO : $6.85T TGS : $985.40B
EBITDA (TTM) TEO : $3.30T TGS : $1.03T

Return for Risk

TEO vs. TGS — Risk / Return Rank

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

TEO

TEO Risk / Return Rank: 63
TEO Sharpe Ratio Rank: 62
TEO Sortino Ratio Rank: 65
TEO Omega Ratio Rank: 63
TEO Calmar Ratio Rank: 62
TEO Martin Ratio Rank: 64

TGS

TGS Risk / Return Rank: 47
TGS Sharpe Ratio Rank: 46
TGS Sortino Ratio Rank: 47
TGS Omega Ratio Rank: 46
TGS Calmar Ratio Rank: 47
TGS Martin Ratio Rank: 48

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.

TEO vs. TGS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Telecom Argentina S.A. (TEO) and Transportadora de Gas del Sur S.A. (TGS). 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.

	TEO	TGS	Difference
Sharpe ratio: Return per unit of total volatility	0.57	0.10	+0.47
Sortino ratio: Return per unit of downside risk	1.41	0.66	+0.76
Omega ratio: Gain probability vs. loss probability	1.17	1.08	+0.09
Calmar ratio: Return relative to maximum drawdown	0.98	0.19	+0.79
Martin ratio: Return relative to average drawdown	2.35	0.48	+1.88
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TEO vs. TGS - Sharpe Ratio Comparison

The current TEO Sharpe Ratio is 0.57, which is higher than the TGS Sharpe Ratio of 0.10. The chart below compares the historical Sharpe Ratios of TEO and TGS, 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

	TEO	TGS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.57	0.10	+0.47
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.36	0.71	-0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.03	0.34	-0.32
Sharpe Ratio (All Time) Calculated using the full available price history	0.03	0.22	-0.19

Drawdowns

TEO vs. TGS - Drawdown Comparison

The maximum TEO drawdown since its inception was -98.60%, roughly equal to the maximum TGS drawdown of -95.49%. Use the drawdown chart below to compare losses from any high point for TEO and TGS.

Drawdown Indicators

	TEO	TGS	Difference
Max Drawdown Largest peak-to-trough decline	-98.60%	-95.49%	-3.11%
Max Drawdown (1Y) Largest decline over 1 year	-38.26%	-32.96%	-5.30%
Max Drawdown (3Y) Largest decline over 3 years	-54.02%	-39.49%	-14.53%
Max Drawdown (5Y) Largest decline over 5 years	-54.02%	-39.49%	-14.53%
Max Drawdown (10Y) Largest decline over 10 years	-86.58%	-80.55%	-6.03%
Current Drawdown Current decline from peak	-49.54%	-16.42%	-33.12%
Average Drawdown Average peak-to-trough decline	-53.81%	-47.06%	-6.75%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.89%	13.08%	+2.81%

Volatility

TEO vs. TGS - Volatility Comparison

Telecom Argentina S.A. (TEO) has a higher volatility of 17.36% compared to Transportadora de Gas del Sur S.A. (TGS) at 12.90%. This indicates that TEO's price experiences larger fluctuations and is considered to be riskier than TGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TEO	TGS	Difference
Volatility (1M) Calculated over the trailing 1-month period	17.36%	12.90%	+4.46%
Volatility (6M) Calculated over the trailing 6-month period	35.49%	26.04%	+9.45%
Volatility (1Y) Calculated over the trailing 1-year period	65.57%	60.67%	+4.90%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	54.14%	55.48%	-1.34%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	49.86%	54.35%	-4.49%

Dividends

TEO vs. TGS - Dividend Comparison

TEO's dividend yield for the trailing twelve months is around 0.36%, while TGS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TEO Telecom Argentina S.A.	0.36%	0.42%	1.91%	3.43%	0.00%	8.90%	5.27%	12.36%	15.08%	3.33%	3.57%	5.28%
TGS Transportadora de Gas del Sur S.A.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	14.46%	5.04%	0.00%	0.34%	0.00%

Financials

TEO vs. TGS - Profitability Comparison

The chart below illustrates the profitability comparison between Telecom Argentina S.A. and Transportadora de Gas del Sur S.A. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

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%.

TGS - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Transportadora de Gas del Sur S.A. reported a gross profit of 282.03B and revenue of 484.20B. Therefore, the gross margin over that period was 58.3%.

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%.

TGS - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Transportadora de Gas del Sur S.A. reported an operating income of 249.34B and revenue of 484.20B, resulting in an operating margin of 51.5%.

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%.

TGS - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Transportadora de Gas del Sur S.A. reported a net income of 159.98B and revenue of 484.20B, resulting in a net margin of 33.0%.

Frequently Asked Questions

Can I hold both TEO and TGS in my portfolio?

TEO and TGS 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.

Which is riskier, TEO or TGS?

TEO has higher volatility (17.36%) compared to TGS (12.90%). In terms of maximum drawdown, TEO dropped -98.60% vs TGS's -95.49%.

Which has better risk-adjusted returns?

TEO currently has the higher Sharpe Ratio (0.57 vs 0.10), 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.