FA vs MAX: Correlation
How closely do First Advantage Corporation (FA) and MediaAlpha, Inc. (MAX) trade together? Their weekly returns over three years give a correlation of 0.40, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FA and MAX?
Over the past 3 years, FA and MAX moved with a correlation of 0.40, which is moderate. The past 12 months show a tighter link (0.57) than the 3-year average (0.40). Over 5 years the correlation is 0.24, and the annualized covariance of weekly returns is 1061.8 %².
Within FA's tracked universe of 16 assets, MAX comes in at #11 by 3-year correlation. The trailing year gives FA the advantage: +27.0% versus +21.2%, a 5.8-point spread.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
FA vs MAX: side by side
| FA (First Advantage Corporation) | MAX (MediaAlpha, Inc.) | |
|---|---|---|
| 1-year return | +27.0% | +21.2% |
| 5-year return | +6.1% | -44.3% |
| Volatility (ann.) | 45.8% | 58.2% |
| Beta vs S&P 500 | 1.18 | 0.96 |
| Max drawdown (3Y) | -55.9% | -67.7% |
| Market cap | $3.6B | $0.7B |
| P/E (trailing) | 139.5 | 7.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FA | MAX |
|---|---|---|
| 2022 | -31.7% | -35.6% |
| 2023 | +41.5% | +12.1% |
| 2024 | +13.0% | +1.3% |
| 2025 | -22.4% | +14.7% |
| 2026 | +44.0% | -2.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FA and MAX good diversifiers for each other?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between FA and MAX?
The FA/MAX correlation stands at 0.40 on a 3-year window (1 year: 0.57, 5 years: 0.24), computed from weekly returns as of 2026-08-27.
Is MAX a good diversifier for FA?
A fair diversifier. At 0.40, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.40 mean?
On the −1 to +1 scale, 0.40 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/fa-vs-max.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/fa-vs-max/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: FA correlations · MAX correlations
