Correlation Analysis
Marsh vs Walmart Inc. Common Stock
MRSH vs WMT
-0.109
Weak inverse
When one moves up, the other tends to move down.
Marsh
↗MRSH
Marsh McLennan is a professional services firm that provides advice and solutions in the areas of risk, strategy, and human capital. The company operates through two main segments: risk and insurance services and consulting. In risk and insurance services, the firm offers services via Marsh (an insurance broker) and Guy Carpenter (a risk and reinsurance specialist). The consulting division comprises Mercer (a provider of human resource services) and Oliver Wyman (a management and economic consultancy). About half of its revenue is generated outside the US.
Market cap 84.5B · 55,700 employees
Walmart Inc. Common Stock
↗WMT
Since its founding in 1962, Walmart has become the world's largest retailer, operating over 10,700 stores globally (including 4,600 namesake locations on its home turf and another 600 Sam's Club outlets) and growing its e-commerce presence, attracting 270 million customers weekly. In aggregate, the firm posted more than $680 billion in fiscal 2025 sales. Its core operations span three reporting segments: Walmart US (68% of fiscal 2025 sales), Walmart International (18%), and Sam's Club (14%). Within the US, nearly 60% of its $465 billion in fiscal 2025 revenue came from its grocery offerings, with another quarter from general merchandise. Internationally, Walmart's operations are concentrated in Mexico, though it also has budding exposure to India.
Market cap 1T
Time Series
Relative Performance
Who Moves First
WMT leads MRSH by 5 days
WMT tends to move before MRSH.
After testing 13 timing shifts, the strongest relationship was -0.364 (they moved in opposite directions).
Do They Crash Together?
Correlation by Market Regime
How these series behave when markets are rising, falling, or diverging. A correlation that holds in drawdowns is very different from one that only works in rallies.
Both Rising
-0.468
10 periods · Return correlation when both series rose
Both Falling
+0.410
11 periods · Return correlation when both series fell
Diverging
-0.691
14 periods · Return correlation when series moved apart
R-Squared
1.2%
Share of variance in one series explained by the other.
Trend Agreement
50.0%
How often both series moved in the same direction period-to-period.
Overlap Quality
57
Thin shared window — 57 usable pairs.
Significance
n.s.
95% CI: [-0.360, 0.156]
Scatter
XY Regression
Pipeline
Data quality details
Pipeline
Data quality details
Pipeline Summary
57 paired data points survived the daily window.
Raw input
57
1,254
Normalized
57
1,254
Prepared
57
1,254
Aligned
57
57
Invalid removed
0
A: 0 / B: 0
Duplicates removed
0
A: 0 / B: 0
Alignment drops
1,197
A: 0 / B: 1197
Series A
Marsh
MRSH
Market cap 84.5B · 55,700 employees
Stock · 57 raw → 57 prepared
Series B
Walmart Inc. Common Stock
WMT
Market cap 1T
Stock · 1,254 raw → 1,254 prepared
Sign agreement
100.0%
How often both values share the same sign.
Zero crossings
7
Estimated crossover points between normalized spreads.
Slope
-0.0771
Linear regression slope.
Intercept
137.8138
Linear regression intercept.
Related Extremes
Highest and Lowest Correlated
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