MSGS vs RSP: Correlation
How closely do Madison Square Garden Sports Corp. (MSGS) and Invesco S&P 500 Equal Weight ETF (RSP) trade together? Their weekly returns over three years give a correlation of 0.48, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSGS and RSP?
Across a 3-year window, the weekly returns of MSGS and RSP correlate at 0.48, moderate. The relationship has been stable: the 1-year correlation (0.41) sits close to the 3-year figure. Stretching to 5 years gives 0.44, with an annualized covariance of 147.2 %².
Among the 11 assets we track against MSGS, RSP ranks #4 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months MSGS outperformed by 81.4 percentage points (+100.6% for MSGS against +19.2% for RSP). One caveat on sizing: MSGS is 1.8 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
MSGS vs RSP: side by side
| MSGS (Madison Square Garden Sports Corp.) | RSP (Invesco S&P 500 Equal Weight ETF) | |
|---|---|---|
| 1-year return | +100.6% | +19.2% |
| 5-year return | +131.3% | +53.9% |
| Volatility (ann.) | 23.2% | 13.2% |
| Beta vs S&P 500 | 0.62 | 0.77 |
| Max drawdown (3Y) | -25.5% | -17.8% |
| Market cap | $9.5B | – |
| P/E (trailing) | 1230.2 | – |
| Dividend yield | 0.00% | 1.49% |
| Expense ratio | – | 0.20% |
| Assets under management | – | $97.3B |
| Sector / category | US Listed | ETF · US Large Cap |
On the fund side, RSP sits in the Large Blend category at Invesco, with $97.3B under management, 505 holdings, a 0.20% expense ratio, a 1.49% trailing dividend yield.
Year-by-year returns
| Year | MSGS | RSP |
|---|---|---|
| 2022 | +10.5% | -11.6% |
| 2023 | -0.8% | +13.7% |
| 2024 | +24.1% | +12.8% |
| 2025 | +14.6% | +11.2% |
| 2026 | +52.2% | +16.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSGS and RSP good diversifiers for each other?
Reasonably. At 0.48, MSGS and RSP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MSGS and RSP?
As of 2026-08-27, the correlation of weekly returns between MSGS and RSP is 0.48 over 3 years, 0.41 over 1 year and 0.44 over 5 years.
Is RSP a good diversifier for MSGS?
Reasonably. At 0.48, MSGS and RSP keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.48 mean?
A reading of 0.48 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/msgs-vs-rsp.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/msgs-vs-rsp/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: MSGS correlations · RSP correlations
