MSGS vs SPY: Correlation
Madison Square Garden Sports Corp. (MSGS) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.39.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSGS and SPY?
On 3 years of weekly data the MSGS/SPY correlation comes out at 0.39, moderate. The past 12 months show a weaker link (0.14) than the 3-year average (0.39). The 5-year figure is 0.38, and annualized covariance runs at 130.4 %².
Among the 11 assets we track against MSGS, SPY ranks #6 by 3-year correlation. The last year tells two different stories: MSGS led by 80.0 percentage points, +100.6% for MSGS against +20.6% for SPY. Risk is not evenly split, since MSGS carries 1.6 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.
MSGS vs SPY: side by side
| MSGS (Madison Square Garden Sports Corp.) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +100.6% | +20.6% |
| 5-year return | +131.3% | +82.4% |
| Volatility (ann.) | 23.2% | 14.5% |
| Beta vs S&P 500 | 0.62 | 1.00 |
| Max drawdown (3Y) | -25.5% | -18.8% |
| Market cap | $9.5B | – |
| P/E (trailing) | 1230.2 | – |
| 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 | MSGS | SPY |
|---|---|---|
| 2022 | +10.5% | -18.2% |
| 2023 | -0.8% | +26.2% |
| 2024 | +24.1% | +24.9% |
| 2025 | +14.6% | +17.7% |
| 2026 | +52.2% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSGS and SPY good diversifiers for each other?
Reasonably. At 0.39, MSGS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between MSGS and SPY?
As of 2026-08-27, the correlation of weekly returns between MSGS and SPY is 0.39 over 3 years, 0.14 over 1 year and 0.38 over 5 years.
Is SPY a good diversifier for MSGS?
Reasonably. At 0.39, MSGS and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.39 mean?
A reading of 0.39 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: MSGS correlations · SPY correlations
