MSGS vs VXX: Correlation
Madison Square Garden Sports Corp. (MSGS) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.40.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are MSGS and VXX?
Over the past 3 years, MSGS and VXX moved with a correlation of -0.40, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.32 over 1 year against -0.40 over 3. Over 5 years the correlation is -0.35, and the annualized covariance of weekly returns is -562.5 %².
VXX is close to the least connected end of MSGS's tracked universe, ranking #11 of 11. Their recent paths diverged sharply: over the last 12 months MSGS outperformed by 150.3 percentage points (+100.6% for MSGS against -49.7% for VXX). One caveat on sizing: VXX is 2.6 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 VXX: side by side
| MSGS (Madison Square Garden Sports Corp.) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +100.6% | -49.7% |
| 5-year return | +131.3% | -95.6% |
| Volatility (ann.) | 23.2% | 60.9% |
| Beta vs S&P 500 | 0.62 | -3.31 |
| Max drawdown (3Y) | -25.5% | -83.3% |
| Market cap | $9.5B | – |
| P/E (trailing) | 1230.2 | – |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | MSGS | VXX |
|---|---|---|
| 2022 | +10.5% | -23.8% |
| 2023 | -0.8% | -72.5% |
| 2024 | +24.1% | -26.2% |
| 2025 | +14.6% | -42.2% |
| 2026 | +52.2% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are MSGS and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
FAQ
What is the correlation between MSGS and VXX?
As of 2026-08-27, the correlation of weekly returns between MSGS and VXX is -0.40 over 3 years, -0.32 over 1 year and -0.35 over 5 years.
Is VXX a good diversifier for MSGS?
By historical standards, yes. A correlation of -0.40 means the two rarely move for the same reasons.
What does a correlation of -0.40 mean?
On the −1 to +1 scale, -0.40 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/msgs-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/msgs-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: MSGS correlations · VXX correlations
