ECHO vs MSGE: Correlation
How closely do EchoStar (ECHO) and Madison Square Garden Entertainment Corp. (MSGE) trade together? Their weekly returns over three years give a correlation of 0.34, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ECHO and MSGE?
Across a 3-year window, the weekly returns of ECHO and MSGE correlate at 0.34, moderate. Recent behaviour matches the longer record: 0.31 over 1 year against 0.34 over 3. Stretching to 5 years gives n/a, with an annualized covariance of 925.3 %².
Within ECHO's tracked universe of 35 assets, MSGE comes in at #10 by 3-year correlation. The last year tells two different stories: MSGE led by 51.1 percentage points, +47.2% for ECHO against +98.3% for MSGE. Note the risk asymmetry: ECHO runs 3.0 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.
ECHO vs MSGE: side by side
| ECHO (EchoStar) | MSGE (Madison Square Garden Entertainment Corp.) | |
|---|---|---|
| 1-year return | +47.2% | +98.3% |
| 5-year return | +227.3% | n/a |
| Volatility (ann.) | 91.1% | 30.2% |
| Beta vs S&P 500 | 1.17 | 0.87 |
| Max drawdown (3Y) | -50.1% | -33.9% |
| Market cap | $25.1B | $3.7B |
| P/E (trailing) | – | 56.6 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | Communication Services | US Listed |
Year-by-year returns
| Year | ECHO | MSGE |
|---|---|---|
| 2022 | -36.7% | – |
| 2023 | -0.7% | – |
| 2024 | +38.2% | +12.0% |
| 2025 | +374.7% | +51.4% |
| 2026 | -20.5% | +45.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ECHO and MSGE good diversifiers for each other?
Reasonably. At 0.34, ECHO and MSGE keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between ECHO and MSGE?
As of 2026-08-27, the correlation of weekly returns between ECHO and MSGE is 0.34 over 3 years, 0.31 over 1 year and n/a over 5 years.
Is MSGE a good diversifier for ECHO?
Reasonably. At 0.34, ECHO and MSGE keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
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Related comparisons
Hubs: ECHO correlations · MSGE correlations
