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Bit hard to drive the car on the water... I have had my Garmin Fenix 2 and the iphone at the same time, they are within a few metres of each other.
Not sure about iPhone but there are several windsurfer with Android phones who use the speaker function of gpsLogit and Windrace that calls out the speeds in knots or kilometre/hr. You can adjust the settings but the default usually just says the speed when it changes. I'd imagine the iPhone has similar apps. The rest of the time they listen to music.
The fact your Fenix and iPhone on your arm had the same reading suggest waves/water over the Makai gps antenna/unit is the problem and unless you also put it on your arm it is always going to be out.
If you compared the 3 gps on land and they come up with similar track results then you can conclude having the antenna at water level is not a good way to go. If you MUST have a visual display then you could use Bluetooth.