Abstract: The supersymmetric contributions to the muon anomalous magnetic moment a and to the decay μ-> e gamma are given by very similar Feynman diagrams. Previous works reported correlations in specific scenarios, in particular if alpha(mu) is dominated by a single diagram. In this work we give an extensive survey of the possible correlations. We discuss examples of single-diagram domination with particularly strong correlations, and provide corresponding benchmark parameter points. We show how the correlations are weakened by significant cancellations between diagrams in large parts of the MSSM parameter space. Nevertheless, the order of magnitude of BR(mu -> e gamma) for a fixed flavor-violating parameter can often be predicted. We summarize the behavior by plotting the correlations as well as resulting bounds on the flavor-violating parameters under various assumptions on the MSSM spectrum.