MSCI vs SPGI: Correlation
How closely do MSCI (MSCI) and S&P Global (SPGI) trade together? Their weekly returns over three years give a correlation of 0.64, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSCI and SPGI?
Over the past 3 years, MSCI and SPGI moved with a correlation of 0.64, which is strong. Recent behaviour matches the longer record: 0.71 over 1 year against 0.64 over 3. Over 5 years the correlation is 0.66, and the annualized covariance of weekly returns is 399.7 %².
SPGI is one of the assets that tracks MSCI most closely: it ranks #2 out of the 27 assets we track against MSCI. The last year tells two different stories: MSCI led by 16.9 percentage points, +1.3% for MSCI against -15.6% for SPGI. The rolling one-year correlation moved between 0.32 and 0.71 over the past three years, a moderate range.
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 SPGI: side by side
| MSCI (MSCI) | SPGI (S&P Global) | |
|---|---|---|
| 1-year return | +1.3% | -15.6% |
| 5-year return | -5.6% | +8.1% |
| Volatility (ann.) | 25.4% | 24.7% |
| Beta vs S&P 500 | 0.85 | 0.86 |
| Max drawdown (3Y) | -26.0% | -30.5% |
| Market cap | $41.4B | $128.4B |
| P/E (trailing) | 30.9 | 26.6 |
| Dividend yield | 1.36% | 0.88% |
| Sector / category | Financials | Financials |
Year-by-year returns
| Year | MSCI | SPGI |
|---|---|---|
| 2022 | -23.3% | -28.4% |
| 2023 | +22.9% | +32.8% |
| 2024 | +7.3% | +13.9% |
| 2025 | -3.2% | +5.7% |
| 2026 | +0.3% | -11.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSCI and SPGI good diversifiers for each other?
To a limited degree. At 0.64 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between MSCI and SPGI?
As of 2026-08-27, the correlation of weekly returns between MSCI and SPGI is 0.64 over 3 years, 0.71 over 1 year and 0.66 over 5 years.
Is SPGI a good diversifier for MSCI?
To a limited degree. At 0.64 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.64 mean?
On the −1 to +1 scale, 0.64 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: MSCI correlations · SPGI correlations
