MDY vs MSGS: Correlation
Measured on weekly returns over the past three years, SPDR S&P MidCap 400 ETF (MDY) and Madison Square Garden Sports Corp. (MSGS) carry a correlation of 0.48, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MDY and MSGS?
On 3 years of weekly data the MDY/MSGS correlation comes out at 0.48, moderate. The link has loosened recently: the 1-year correlation (0.34) runs below the 3-year figure (0.48). The 5-year figure is 0.46, and annualized covariance runs at 182.4 %².
Among the 359 assets we track against MDY, MSGS ranks #315 by 3-year correlation. The last year tells two different stories: MSGS led by 82.3 percentage points, +18.3% for MDY against +100.6% for MSGS.
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.
MDY vs MSGS: side by side
| MDY (SPDR S&P MidCap 400 ETF) | MSGS (Madison Square Garden Sports Corp.) | |
|---|---|---|
| 1-year return | +18.3% | +100.6% |
| 5-year return | +47.5% | +131.3% |
| Volatility (ann.) | 16.5% | 23.2% |
| Beta vs S&P 500 | 0.91 | 0.62 |
| Max drawdown (3Y) | -24.0% | -25.5% |
| Market cap | – | $9.5B |
| P/E (trailing) | – | 1230.2 |
| Dividend yield | 1.02% | 0.00% |
| Expense ratio | 0.23% | – |
| Assets under management | $26.5B | – |
| Sector / category | ETF · US Small & Mid Cap | US Listed |
MDY, State Street Investment Management's Mid-Cap Blend fund, carries $26.5B under management, 400 holdings, a 0.23% expense ratio, a 1.02% trailing dividend yield.
Year-by-year returns
| Year | MDY | MSGS |
|---|---|---|
| 2022 | -13.3% | +10.5% |
| 2023 | +16.1% | -0.8% |
| 2024 | +13.6% | +24.1% |
| 2025 | +7.2% | +14.6% |
| 2026 | +16.4% | +52.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MDY and MSGS good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between MDY and MSGS?
As of 2026-08-27, the correlation of weekly returns between MDY and MSGS is 0.48 over 3 years, 0.34 over 1 year and 0.46 over 5 years.
Is MSGS a good diversifier for MDY?
Yes, to a useful degree: a correlation of 0.48 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.48 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/mdy-vs-msgs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/mdy-vs-msgs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MDY correlations · MSGS correlations
