HZO vs ONEW: Correlation
How closely do MarineMax, Inc. (FL) (HZO) and OneWater Marine Inc. (ONEW) trade together? Their weekly returns over three years give a correlation of 0.59, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HZO and ONEW?
Across a 3-year window, the weekly returns of HZO and ONEW correlate at 0.59, moderate. The link has loosened recently: the 1-year correlation (0.45) runs below the 3-year figure (0.59). Stretching to 5 years gives 0.59, with an annualized covariance of 2005.2 %².
Within HZO's tracked universe of 16 assets, ONEW comes in at #4 by 3-year correlation. Correlation aside, the last 12 months split them widely, with HZO ahead by 120.0 points (+86.8% versus -33.2%).
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.
HZO vs ONEW: side by side
| HZO (MarineMax, Inc. (FL)) | ONEW (OneWater Marine Inc.) | |
|---|---|---|
| 1-year return | +86.8% | -33.2% |
| 5-year return | +5.1% | -71.6% |
| Volatility (ann.) | 57.2% | 59.0% |
| Beta vs S&P 500 | 1.70 | 1.72 |
| Max drawdown (3Y) | -55.0% | -76.1% |
| Market cap | $1.2B | $0.2B |
| P/E (trailing) | 326.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HZO | ONEW |
|---|---|---|
| 2022 | -47.1% | -53.1% |
| 2023 | +24.6% | +18.1% |
| 2024 | -25.6% | -48.6% |
| 2025 | -16.3% | -37.7% |
| 2026 | +115.4% | +7.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HZO and ONEW good diversifiers for each other?
Only partially. A correlation of 0.59 means HZO and ONEW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between HZO and ONEW?
The HZO/ONEW correlation stands at 0.59 on a 3-year window (1 year: 0.45, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is ONEW a good diversifier for HZO?
Only partially. A correlation of 0.59 means HZO and ONEW share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.59 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/hzo-vs-onew.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/hzo-vs-onew/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: HZO correlations · ONEW correlations
