MRX vs PLUG: Correlation
Measured on weekly returns over the past three years, Marex Group Limited (MRX) and Plug Power, Inc. (PLUG) carry a correlation of -0.24, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MRX and PLUG?
Over the past 3 years, MRX and PLUG moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The relationship has been stable: the 1-year correlation (-0.28) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -849.4 %².
Out of 16 assets tracked against MRX, PLUG lands near the bottom at #12. Their recent paths diverged sharply: over the last 12 months MRX outperformed by 59.5 percentage points (+99.6% for MRX against +40.1% for PLUG). One caveat on sizing: PLUG is 2.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MRX vs PLUG: side by side
| MRX (Marex Group Limited) | PLUG (Plug Power, Inc.) | |
|---|---|---|
| 1-year return | +99.6% | +40.1% |
| 5-year return | n/a | -91.3% |
| Volatility (ann.) | 39.3% | 98.9% |
| Beta vs S&P 500 | 0.44 | 1.49 |
| Max drawdown (3Y) | -41.1% | -92.1% |
| Market cap | – | $3.2B |
| P/E (trailing) | 14.6 | – |
| Dividend yield | 1.04% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MRX | PLUG |
|---|---|---|
| 2022 | – | -56.2% |
| 2023 | – | -63.6% |
| 2024 | – | -52.7% |
| 2025 | +25.1% | -7.5% |
| 2026 | +87.8% | +15.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MRX and PLUG good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between MRX and PLUG?
As of 2026-08-27, the correlation of weekly returns between MRX and PLUG is -0.24 over 3 years, -0.28 over 1 year and n/a over 5 years.
Is PLUG a good diversifier for MRX?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 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.
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Related comparisons
Hubs: MRX correlations · PLUG correlations
