DGRO vs MSGS: Correlation
How closely do iShares Core Dividend Growth ETF (DGRO) and Madison Square Garden Sports Corp. (MSGS) trade together? Their weekly returns over three years give a correlation of 0.49, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are DGRO and MSGS?
Across a 3-year window, the weekly returns of DGRO and MSGS correlate at 0.49, moderate. Little has changed lately, as the 1-year reading of 0.45 lands near the 3-year figure. Stretching to 5 years gives 0.43, with an annualized covariance of 129.2 %².
By 3-year correlation, MSGS places #108 of the 138 assets tracked against DGRO. Their recent paths diverged sharply: over the last 12 months MSGS outperformed by 79.6 percentage points (+21.0% for DGRO against +100.6% for MSGS). Note the risk asymmetry: MSGS runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
DGRO vs MSGS: side by side
| DGRO (iShares Core Dividend Growth ETF) | MSGS (Madison Square Garden Sports Corp.) | |
|---|---|---|
| 1-year return | +21.0% | +100.6% |
| 5-year return | +67.9% | +131.3% |
| Volatility (ann.) | 11.4% | 23.2% |
| Beta vs S&P 500 | 0.65 | 0.62 |
| Max drawdown (3Y) | -14.0% | -25.5% |
| Market cap | – | $9.5B |
| P/E (trailing) | – | 1230.2 |
| Dividend yield | 1.89% | 0.00% |
| Expense ratio | 0.08% | – |
| Assets under management | $42.8B | – |
| Sector / category | ETF · Dividend | US Listed |
DGRO is a Large Value fund from iShares: $42.8B under management, 383 holdings, a 0.08% expense ratio, a 1.89% trailing dividend yield.
Year-by-year returns
| Year | DGRO | MSGS |
|---|---|---|
| 2022 | -7.9% | +10.5% |
| 2023 | +10.5% | -0.8% |
| 2024 | +16.6% | +24.1% |
| 2025 | +15.7% | +14.6% |
| 2026 | +15.2% | +52.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are DGRO and MSGS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between DGRO and MSGS?
Using weekly returns as of 2026-08-27: 0.49 over 3 years, with 0.45 over the last year and 0.43 over 5 years.
Is MSGS a good diversifier for DGRO?
Yes, to a useful degree: a correlation of 0.49 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.49 mean?
A reading of 0.49 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/dgro-vs-msgs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/dgro-vs-msgs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: DGRO correlations · MSGS correlations
