TGS vs. BMA

Last updated Jun 9, 2026

TGS (Transportadora de Gas del Sur S.A.) and BMA (Banco Macro S.A.) are both stocks. TGS operates in Oil & Gas Midstream (Energy), while BMA operates in Banks - Regional (Financial Services). Over the past 10 years, TGS returned 18.52%/yr vs 6.52%/yr for BMA. At a 0.46 correlation, their price movements are largely independent.

Performance

TGS vs. BMA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Transportadora de Gas del Sur S.A. (TGS) 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, TGS achieves a -5.05% return, which is significantly lower than BMA's -3.84% return. Over the past 10 years, TGS has outperformed BMA with an annualized return of 18.52%, while BMA has yielded a comparatively lower 6.52% annualized return.

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%

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)

TGS vs. BMA - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
BMA Banco Macro S.A.	-3.84%	-3.55%	277.79%	91.62%	27.04%	-9.96%	-57.05%	-14.00%	-60.72%	81.54%

Correlation

The correlation between TGS and BMA is 0.69, 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	0.69
Correlation (3Y) Calculated over the trailing 3-year period	0.69
Correlation (5Y) Calculated over the trailing 5-year period	0.67
Correlation (10Y) Calculated over the trailing 10-year period	0.64
Correlation (All Time) Calculated using the full available price history since Mar 27, 2006	0.46

Over the past year, TGS and BMA have become more correlated (0.69) than their long-term average of 0.46, meaning their price movements have been converging.

Fundamentals

Market Cap TGS : $4.44B BMA : $5.37B
EPS TGS : $3.05K BMA : $5.81K
PE Ratio TGS : 0.01 BMA : 0.01
PEG Ratio TGS : 0.00 BMA : 0.00
PS Ratio TGS : 0.00 BMA : 0.00
PB Ratio TGS : 0.00 BMA : 0.00
Total Revenue (TTM) TGS : $1.82T BMA : $4.76T
Gross Profit (TTM) TGS : $985.40B BMA : $2.84T
EBITDA (TTM) TGS : $1.03T BMA : $751.84B

Return for Risk

TGS vs. BMA — Risk / Return Rank

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

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

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.

TGS vs. BMA - Risk-Adjusted Trends Comparison

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

	TGS	BMA	Difference
Sharpe ratio: Return per unit of total volatility	0.10	0.24	-0.13
Sortino ratio: Return per unit of downside risk	0.66	1.00	-0.34
Omega ratio: Gain probability vs. loss probability	1.08	1.12	-0.04
Calmar ratio: Return relative to maximum drawdown	0.19	0.36	-0.17
Martin ratio: Return relative to average drawdown	0.48	0.78	-0.31
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TGS vs. BMA - Sharpe Ratio Comparison

The current TGS Sharpe Ratio is 0.10, which is lower than the BMA Sharpe Ratio of 0.24. The chart below compares the historical Sharpe Ratios of TGS 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

	TGS	BMA	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.10	0.24	-0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.71	0.77	-0.06
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.11	+0.24
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.19	+0.03

Drawdowns

TGS vs. BMA - Drawdown Comparison

The maximum TGS drawdown since its inception was -95.49%, roughly equal to the maximum BMA drawdown of -91.66%. Use the drawdown chart below to compare losses from any high point for TGS and BMA.

Drawdown Indicators

	TGS	BMA	Difference
Max Drawdown Largest peak-to-trough decline	-95.49%	-91.66%	-3.83%
Max Drawdown (1Y) Largest decline over 1 year	-32.96%	-48.89%	+15.93%
Max Drawdown (3Y) Largest decline over 3 years	-39.49%	-65.40%	+25.91%
Max Drawdown (5Y) Largest decline over 5 years	-39.49%	-65.40%	+25.91%
Max Drawdown (10Y) Largest decline over 10 years	-80.55%	-91.66%	+11.11%
Current Drawdown Current decline from peak	-16.42%	-22.54%	+6.12%
Average Drawdown Average peak-to-trough decline	-47.06%	-44.84%	-2.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.08%	22.09%	-9.01%

Volatility

TGS vs. BMA - Volatility Comparison

The current volatility for Transportadora de Gas del Sur S.A. (TGS) is 12.90%, while Banco Macro S.A. (BMA) has a volatility of 16.39%. This indicates that TGS 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

	TGS	BMA	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.90%	16.39%	-3.49%
Volatility (6M) Calculated over the trailing 6-month period	26.04%	38.04%	-12.00%
Volatility (1Y) Calculated over the trailing 1-year period	60.67%	73.76%	-13.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	55.48%	59.42%	-3.94%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	54.35%	62.27%	-7.92%

Dividends

TGS vs. BMA - Dividend Comparison

TGS 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%
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%

Financials

TGS vs. BMA - Profitability Comparison

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

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%.

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%.

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%.

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%.

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%.

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 TGS and BMA in my portfolio?

TGS and BMA have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TGS or BMA?

BMA has higher volatility (16.39%) compared to TGS (12.90%). In terms of maximum drawdown, TGS dropped -95.49% vs BMA's -91.66%.

Which has better risk-adjusted returns?

BMA currently has the higher Sharpe Ratio (0.24 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.