Have some AmEx points. What should I convert them to 1:1 air miles or 3:1 Starwood points

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Air miles

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MR Points are worth 0.6 point (statement credit) to 1.9 cpp depending if you will/can transfer to other Amex card you have (ex. Amex plat)

Like this, with SPG points worth 2.4-2.7 cpp, and assuming you will not transfer MR points to a different card, that means, 1.8 cpp (0.6*3 MR points) for one SPG, worth 2.4-2.7

SPG can be transferred to Delta at a rate of 1 SPG to 1.25 Skymiles. Skymiles are worth 1.2 cpp, there for trading doesn't make sense.

Overall, air miles, mainly because the Amex corporate green (assuming that's what your using) give you 2x more value when booking flights through the amex travel portal, so your points will be worth at least 1.2 coo, which is better than everything else given that you don't need/want a hotel soon/hotel points for whatever reason (like a top off of sorts to get a redemption [but SPG has a points +cash option so this shouldn't be a big deal ]

Good luck OP, I hope I gave enough detail in my answer :)

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To maximize value, you'll want to transfer to airlines (not Delta). E.g. Transfer 25k to Korean for a RT to Hawaii on Delta metal

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Cap1: If I follow your logic:
AmEx Points = 0.6 cpp
Airline Conversion = 1.25 x 1.2 cpp = 1.5 cpp
SPG Conversion = 0.33 x 2.7 cpp = 0.9 cpp

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