MSGE vs VXZ: Correlation
Measured on weekly returns over the past three years, Madison Square Garden Entertainment Corp. (MSGE) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) 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 VXZ?
Over the past 3 years, MSGE and VXZ moved with a correlation of -0.49, which is negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.37) runs above the 3-year figure (-0.49). Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is -375.8 %².
VXZ is close to the least connected end of MSGE's tracked universe, ranking #12 of 12. The last year tells two different stories: MSGE led by 114.4 percentage points, +98.3% for MSGE against -16.1% for VXZ.
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 VXZ: side by side
| MSGE (Madison Square Garden Entertainment Corp.) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +98.3% | -16.1% |
| 5-year return | n/a | -53.1% |
| Volatility (ann.) | 30.2% | 25.6% |
| Beta vs S&P 500 | 0.87 | -1.31 |
| Max drawdown (3Y) | -33.9% | -36.4% |
| Market cap | $3.7B | – |
| P/E (trailing) | 56.6 | – |
| Dividend yield | 0.00% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MSGE | VXZ |
|---|---|---|
| 2022 | – | +0.5% |
| 2023 | – | -44.0% |
| 2024 | +12.0% | -12.7% |
| 2025 | +51.4% | +5.7% |
| 2026 | +45.0% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSGE and VXZ good diversifiers for each other?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between MSGE and VXZ?
As of 2026-08-27, the correlation of weekly returns between MSGE and VXZ is -0.49 over 3 years, -0.37 over 1 year and n/a over 5 years.
Is VXZ a good diversifier for MSGE?
Yes: at -0.49, the two have gone their own ways historically, which is what genuine diversification looks like.
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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/msge-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: MSGE correlations · VXZ correlations
