The Macquarie Group Ltd (ASX: MQG) share price has been hit hard by the coronavirus concerns in 2020.
Macquarie shares slumped 52.41% lower between 21 February and 23 March as the S&P/ASX 200 Index (ASX: XJO) slumped into a bear market.
Investors were clearly worried about the pandemic's impact on the Aussie banks.
We saw many banks report billion-dollar impairments while an oil price war also weighed on valuations.
But the Macquarie share price has been on a solid run and edged 0.42% higher in Friday's trade. That means the ASX bank share climbed 7.30% higher in the last week.
So, with all the volatility, is Macquarie the best bank share to buy today?
Why the Macquarie share price could be a bargain
I like to look at the relative value of Macquarie versus its other major bank peers.
The National Australia Bank Ltd (ASX: NAB) share price is down 20.91% in 2020. Similarly, Westpac Banking Corp (ASX: WBC) shares have fallen 22.45% lower this year.
In contrast, the Macquarie share price is down 14.40%. That says to me that investors are somewhat more bullish on Macquarie versus the other ASX banks.
That could be for good reason, too. Macquarie isn't so much a retail bank as it is a business and investment bank.
That means Macquarie generates significant earnings from investments like infrastructure and its corporate banking compared to home loans for the other ASX banks.
No one knows if that will be a good or bad thing in 2020. However, I think diversified and strategic investments could translate to some big wins for Macquarie.
The Macquarie share price closed at $118.00 per share on Friday. That means a price to earnings (P/E) ratio of 13.86 right now.
That makes it about on par with Westpac (14.11) and cheaper than NAB (17.48) right now.
Foolish takeaway
There's no such thing as a sure thing in ASX bank shares right now. However, the Macquarie share price could be a cheap relative buy if it outperforms its major bank peers in 2020.
