MSGE vs VXX: Correlation
Measured on weekly returns over the past three years, Madison Square Garden Entertainment Corp. (MSGE) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.49, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSGE and VXX?
Across a 3-year window, the weekly returns of MSGE and VXX correlate at -0.49, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.31) runs above the 3-year figure (-0.49). Stretching to 5 years gives n/a, with an annualized covariance of -903.0 %².
Among the 12 assets we track against MSGE, VXX sits near the bottom by co-movement, at rank #11. Their recent paths diverged sharply: over the last 12 months MSGE outperformed by 148.0 percentage points (+98.3% for MSGE against -49.7% for VXX). Note the risk asymmetry: VXX runs 2.0 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 VXX: side by side
| MSGE (Madison Square Garden Entertainment Corp.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +98.3% | -49.7% |
| 5-year return | n/a | -95.6% |
| Volatility (ann.) | 30.2% | 60.9% |
| Beta vs S&P 500 | 0.87 | -3.31 |
| Max drawdown (3Y) | -33.9% | -83.3% |
| Market cap | $3.7B | – |
| P/E (trailing) | 56.6 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MSGE | VXX |
|---|---|---|
| 2022 | – | -23.8% |
| 2023 | – | -72.5% |
| 2024 | +12.0% | -26.2% |
| 2025 | +51.4% | -42.2% |
| 2026 | +45.0% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSGE and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
FAQ
What is the correlation between MSGE and VXX?
Using weekly returns as of 2026-08-27: -0.49 over 3 years, with -0.31 over the last year and n/a over 5 years.
Is VXX a good diversifier for MSGE?
By historical standards, yes. A correlation of -0.49 means the two rarely move for the same reasons.
What does a correlation of -0.49 mean?
A reading of -0.49 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/msge-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/msge-vs-vxx/)
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Related comparisons
Hubs: MSGE correlations · VXX correlations
