MSGE vs MSGS: Correlation
Measured on weekly returns over the past three years, Madison Square Garden Entertainment Corp. (MSGE) and Madison Square Garden Sports Corp. (MSGS) carry a correlation of 0.57, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSGE and MSGS?
Over the past 3 years, MSGE and MSGS moved with a correlation of 0.57, which is moderate. The relationship has been stable: the 1-year correlation (0.66) sits close to the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 396.9 %².
Few assets follow MSGE as closely as MSGS, which ranks #2 of 12 tracked partners. Neither side won the trailing year by much: +98.3% against +100.6%.
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.
MSGE vs MSGS: side by side
| MSGE (Madison Square Garden Entertainment Corp.) | MSGS (Madison Square Garden Sports Corp.) | |
|---|---|---|
| 1-year return | +98.3% | +100.6% |
| 5-year return | n/a | +131.3% |
| Volatility (ann.) | 30.2% | 23.2% |
| Beta vs S&P 500 | 0.87 | 0.62 |
| Max drawdown (3Y) | -33.9% | -25.5% |
| Market cap | $3.7B | $9.5B |
| P/E (trailing) | 56.6 | 1230.2 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MSGE | MSGS |
|---|---|---|
| 2022 | – | +10.5% |
| 2023 | – | -0.8% |
| 2024 | +12.0% | +24.1% |
| 2025 | +51.4% | +14.6% |
| 2026 | +45.0% | +52.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSGE and MSGS good diversifiers for each other?
Only partially. A correlation of 0.57 means MSGE and MSGS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between MSGE and MSGS?
The MSGE/MSGS correlation stands at 0.57 on a 3-year window (1 year: 0.66, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is MSGS a good diversifier for MSGE?
Only partially. A correlation of 0.57 means MSGE and MSGS share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.57 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/msge-vs-msgs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/msge-vs-msgs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MSGE correlations · MSGS correlations
