EQWL vs. MSGS

Last updated Jun 4, 2026

EQWL (Invesco S&P 100 Equal Weight ETF) is Large Cap Blend Equities fund tracking the S&P 100 Equal Weight Index, while MSGS (Madison Square Garden Sports Corp.) is a stock. Over the past 10 years, EQWL returned 14.47%/yr vs 16.70%/yr for MSGS. At a 0.41 correlation, their price movements are largely independent.

Performance

EQWL vs. MSGS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco S&P 100 Equal Weight ETF (EQWL) and Madison Square Garden Sports Corp. (MSGS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, EQWL achieves a 8.74% return, which is significantly lower than MSGS's 47.23% return. Over the past 10 years, EQWL has underperformed MSGS with an annualized return of 14.47%, while MSGS has yielded a comparatively higher 16.70% annualized return.

EQWL

• 1D: -0.50%
• 1M: 4.84%
• YTD: 8.74%
• 6M: 9.31%
• 1Y: 21.89%
• 3Y*: 19.67%
• 5Y*: 11.79%
• 10Y*: 14.47%

MSGS

• 1D: -0.50%
• 1M: 11.95%
• YTD: 47.23%
• 6M: 70.36%
• 1Y: 101.13%
• 3Y*: 28.76%
• 5Y*: 17.73%
• 10Y*: 16.70%

*Multi-year figures are annualized to reflect compound growth (CAGR)

EQWL vs. MSGS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
EQWL Invesco S&P 100 Equal Weight ETF	8.74%	17.61%	19.11%	19.48%	-11.46%	28.29%	13.94%	29.54%	-6.30%	24.41%
MSGS Madison Square Garden Sports Corp.	47.23%	14.61%	24.12%	-0.82%	10.47%	-5.63%	23.03%	9.90%	26.96%	22.94%

Correlation

The correlation between EQWL and MSGS is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.33
Correlation (3Y) Calculated over the trailing 3-year period	0.43
Correlation (5Y) Calculated over the trailing 5-year period	0.44
Correlation (10Y) Calculated over the trailing 10-year period	0.42
Correlation (All Time) Calculated using the full available price history since Oct 2, 2015	0.41

The correlation between EQWL and MSGS shifts across timeframes, from 0.33 (1 year) to 0.44 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

EQWL vs. MSGS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

EQWL

EQWL Risk / Return Rank: 61
EQWL Sharpe Ratio Rank: 62
EQWL Sortino Ratio Rank: 63
EQWL Omega Ratio Rank: 60
EQWL Calmar Ratio Rank: 56
EQWL Martin Ratio Rank: 64

MSGS

MSGS Risk / Return Rank: 97
MSGS Sharpe Ratio Rank: 96
MSGS Sortino Ratio Rank: 97
MSGS Omega Ratio Rank: 96
MSGS Calmar Ratio Rank: 97
MSGS Martin Ratio Rank: 96

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

EQWL vs. MSGS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 100 Equal Weight ETF (EQWL) and Madison Square Garden Sports Corp. (MSGS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	EQWL	MSGS	Difference
Sharpe ratio Return per unit of total volatility	2.12	3.45	-1.32
Sortino ratio Return per unit of downside risk	2.99	4.98	-1.99
Omega ratio Gain probability vs. loss probability	1.38	1.64	-0.26
Calmar ratio Return relative to maximum drawdown	2.83	10.09	-7.26
Martin ratio Return relative to average drawdown	11.94	24.05	-12.11
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

EQWL vs. MSGS - Sharpe Ratio Comparison

The current EQWL Sharpe Ratio is 2.12, which is lower than the MSGS Sharpe Ratio of 3.45. The chart below compares the historical Sharpe Ratios of EQWL and MSGS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	EQWL	MSGS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.12	3.45	-1.32
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.79	0.70	+0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.86	0.53	+0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.59	0.52	+0.07

Drawdowns

EQWL vs. MSGS - Drawdown Comparison

The maximum EQWL drawdown since its inception was -49.36%, which is greater than MSGS's maximum drawdown of -41.57%. Use the drawdown chart below to compare losses from any high point for EQWL and MSGS.

Drawdown Indicators

	EQWL	MSGS	Difference
Max Drawdown Largest peak-to-trough decline	-49.36%	-41.57%	-7.79%
Max Drawdown (1Y) Largest decline over 1 year	-7.76%	-10.08%	+2.32%
Max Drawdown (3Y) Largest decline over 3 years	-14.95%	-25.54%	+10.59%
Max Drawdown (5Y) Largest decline over 5 years	-22.99%	-31.96%	+8.97%
Max Drawdown (10Y) Largest decline over 10 years	-34.30%	-41.57%	+7.27%
Current Drawdown Current decline from peak	-0.53%	-0.50%	-0.03%
Average Drawdown Average peak-to-trough decline	-6.70%	-10.58%	+3.88%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.84%	4.22%	-2.38%

Volatility

EQWL vs. MSGS - Volatility Comparison

The current volatility for Invesco S&P 100 Equal Weight ETF (EQWL) is 2.66%, while Madison Square Garden Sports Corp. (MSGS) has a volatility of 7.21%. This indicates that EQWL experiences smaller price fluctuations and is considered to be less risky than MSGS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	EQWL	MSGS	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.66%	7.21%	-4.55%
Volatility (6M) Calculated over the trailing 6-month period	7.66%	23.35%	-15.69%
Volatility (1Y) Calculated over the trailing 1-year period	10.37%	29.52%	-19.15%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	14.98%	25.35%	-10.37%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	16.79%	31.44%	-14.65%

Dividends

EQWL vs. MSGS - Dividend Comparison

EQWL's dividend yield for the trailing twelve months is around 1.54%, while MSGS has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
EQWL Invesco S&P 100 Equal Weight ETF	1.54%	1.67%	1.86%	1.97%	2.12%	1.65%	2.01%	2.04%	2.23%	1.27%	2.01%	2.03%
MSGS Madison Square Garden Sports Corp.	0.00%	0.00%	0.00%	0.00%	3.82%	0.00%	36.97%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both EQWL and MSGS in my portfolio?

EQWL and MSGS have a correlation of 0.33, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, EQWL or MSGS?

MSGS has higher volatility (7.21%) compared to EQWL (2.66%). In terms of maximum drawdown, EQWL dropped -49.36% vs MSGS's -41.57%.

Which has better risk-adjusted returns?

MSGS currently has the higher Sharpe Ratio (3.45 vs 2.12), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.