MSCI vs PD: Correlation
How closely do MSCI (MSCI) and PagerDuty, Inc. (PD) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSCI and PD?
On 3 years of weekly data the MSCI/PD correlation comes out at 0.48, moderate. Recent behaviour matches the longer record: 0.57 over 1 year against 0.48 over 3. The 5-year figure is 0.55, and annualized covariance runs at 645.1 %².
Within MSCI's tracked universe of 27 assets, PD comes in at #10 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MSCI outperformed by 26.8 percentage points (+1.3% for MSCI against -25.5% for PD). Risk is not evenly split, since PD carries 2.1 times the volatility of the other side.
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.
MSCI vs PD: side by side
| MSCI (MSCI) | PD (PagerDuty, Inc.) | |
|---|---|---|
| 1-year return | +1.3% | -25.5% |
| 5-year return | -5.6% | -70.4% |
| Volatility (ann.) | 25.4% | 52.9% |
| Beta vs S&P 500 | 0.85 | 1.44 |
| Max drawdown (3Y) | -26.0% | -78.4% |
| Market cap | $41.4B | $1.0B |
| P/E (trailing) | 30.9 | 5.9 |
| Dividend yield | 1.36% | 0.00% |
| Sector / category | Financials | US Listed |
Year-by-year returns
| Year | MSCI | PD |
|---|---|---|
| 2022 | -23.3% | -23.6% |
| 2023 | +22.9% | -12.8% |
| 2024 | +7.3% | -21.1% |
| 2025 | -3.2% | -28.2% |
| 2026 | +0.3% | -3.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSCI and PD good diversifiers for each other?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between MSCI and PD?
The MSCI/PD correlation stands at 0.48 on a 3-year window (1 year: 0.57, 5 years: 0.55), computed from weekly returns as of 2026-08-27.
Is PD a good diversifier for MSCI?
A fair diversifier. At 0.48, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.48 mean?
A reading of 0.48 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/msci-vs-pd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/msci-vs-pd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MSCI correlations · PD correlations
