MSGE vs SPHR: Correlation
Measured on weekly returns over the past three years, Madison Square Garden Entertainment Corp. (MSGE) and Sphere Entertainment Co. (SPHR) carry a correlation of 0.62, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSGE and SPHR?
Over the past 3 years, MSGE and SPHR moved with a correlation of 0.62, which is strong. Little has changed lately, as the 1-year reading of 0.58 lands near the 3-year figure. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 952.1 %².
SPHR is one of the assets that tracks MSGE most closely: it ranks #1 out of the 12 assets we track against MSGE. Correlation aside, the last 12 months split them widely, with SPHR ahead by 144.4 points (+98.3% versus +242.7%). Risk is not evenly split, since SPHR carries 1.7 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.
MSGE vs SPHR: side by side
| MSGE (Madison Square Garden Entertainment Corp.) | SPHR (Sphere Entertainment Co.) | |
|---|---|---|
| 1-year return | +98.3% | +242.7% |
| 5-year return | n/a | +308.6% |
| Volatility (ann.) | 30.2% | 51.1% |
| Beta vs S&P 500 | 0.87 | 1.54 |
| Max drawdown (3Y) | -33.9% | -52.3% |
| Market cap | $3.7B | $5.3B |
| P/E (trailing) | 56.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MSGE | SPHR |
|---|---|---|
| 2022 | – | -36.1% |
| 2023 | – | +63.5% |
| 2024 | +12.0% | +18.7% |
| 2025 | +51.4% | +135.8% |
| 2026 | +45.0% | +55.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSGE and SPHR good diversifiers for each other?
Only partially. A correlation of 0.62 means MSGE and SPHR 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 SPHR?
As of 2026-08-27, the correlation of weekly returns between MSGE and SPHR is 0.62 over 3 years, 0.58 over 1 year and n/a over 5 years.
Is SPHR a good diversifier for MSGE?
Only partially. A correlation of 0.62 means MSGE and SPHR share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.62 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.
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Related comparisons
Hubs: MSGE correlations · SPHR correlations
