IWM vs MSGE: Correlation
iShares Russell 2000 ETF (IWM) and Madison Square Garden Entertainment Corp. (MSGE) show a moderate relationship: their 3-year correlation of weekly returns is 0.54.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are IWM and MSGE?
Over the past 3 years, IWM and MSGE moved with a correlation of 0.54, which is moderate. The past 12 months show a weaker link (0.40) than the 3-year average (0.54). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 322.9 %².
By 3-year correlation, MSGE places #181 of the 320 assets tracked against IWM. Their recent paths diverged sharply: over the last 12 months MSGE outperformed by 69.9 percentage points (+28.4% for IWM against +98.3% for MSGE). Note the risk asymmetry: MSGE runs 1.5 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.
IWM vs MSGE: side by side
| IWM (iShares Russell 2000 ETF) | MSGE (Madison Square Garden Entertainment Corp.) | |
|---|---|---|
| 1-year return | +28.4% | +98.3% |
| 5-year return | +41.5% | n/a |
| Volatility (ann.) | 19.8% | 30.2% |
| Beta vs S&P 500 | 1.06 | 0.87 |
| Max drawdown (3Y) | -27.5% | -33.9% |
| Market cap | – | $3.7B |
| P/E (trailing) | – | 56.6 |
| Dividend yield | 0.91% | 0.00% |
| Expense ratio | 0.19% | – |
| Assets under management | $80.1B | – |
| Sector / category | ETF · US Small & Mid Cap | US Listed |
On the fund side, IWM sits in the Small Blend category at iShares, with $80.1B under management, 1757 holdings, a 0.19% expense ratio, a 0.91% trailing dividend yield.
Year-by-year returns
| Year | IWM | MSGE |
|---|---|---|
| 2022 | -20.5% | – |
| 2023 | +16.8% | – |
| 2024 | +11.4% | +12.0% |
| 2025 | +12.7% | +51.4% |
| 2026 | +22.3% | +45.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Fund exposure
Keep in mind that IWM holds MSGE at a 0.1% weight, which makes a slice of this correlation mechanical rather than coincidental.
Are IWM and MSGE good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between IWM and MSGE?
The IWM/MSGE correlation stands at 0.54 on a 3-year window (1 year: 0.40, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is MSGE a good diversifier for IWM?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.54 mean?
On the −1 to +1 scale, 0.54 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/iwm-vs-msge.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/iwm-vs-msge/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: IWM correlations · MSGE correlations
