MSGE vs SPY: Correlation
How closely do Madison Square Garden Entertainment Corp. (MSGE) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.42, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSGE and SPY?
Across a 3-year window, the weekly returns of MSGE and SPY correlate at 0.42, moderate. The past 12 months show a weaker link (0.16) than the 3-year average (0.42). Stretching to 5 years gives n/a, with an annualized covariance of 182.1 %².
Within MSGE's tracked universe of 12 assets, SPY comes in at #7 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MSGE outperformed by 77.7 percentage points (+98.3% for MSGE against +20.6% for SPY). Risk is not evenly split, since MSGE 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.
MSGE vs SPY: side by side
| MSGE (Madison Square Garden Entertainment Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +98.3% | +20.6% |
| 5-year return | n/a | +82.4% |
| Volatility (ann.) | 30.2% | 14.5% |
| Beta vs S&P 500 | 0.87 | 1.00 |
| Max drawdown (3Y) | -33.9% | -18.8% |
| Market cap | $3.7B | – |
| P/E (trailing) | 56.6 | – |
| Dividend yield | 0.00% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | MSGE | SPY |
|---|---|---|
| 2022 | – | -18.2% |
| 2023 | – | +26.2% |
| 2024 | +12.0% | +24.9% |
| 2025 | +51.4% | +17.7% |
| 2026 | +45.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSGE and SPY good diversifiers for each other?
Reasonably. At 0.42, MSGE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MSGE and SPY?
Using weekly returns as of 2026-08-27: 0.42 over 3 years, with 0.16 over the last year and n/a over 5 years.
Is SPY a good diversifier for MSGE?
Reasonably. At 0.42, MSGE and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.42 mean?
On the −1 to +1 scale, 0.42 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: MSGE correlations · SPY correlations
