AQN vs ERH: Correlation
Algonquin Power & Utilities Corp. (AQN) and Allspring Utilities and High Income Fund (ERH) show a moderate relationship: their 3-year correlation of weekly returns is 0.56.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AQN and ERH?
Across a 3-year window, the weekly returns of AQN and ERH correlate at 0.56, moderate. The past 12 months show a weaker link (0.42) than the 3-year average (0.56). Stretching to 5 years gives 0.45, with an annualized covariance of 257.9 %².
By 3-year correlation, ERH places #4 of the 12 assets tracked against AQN. Their 12-month results are close: -0.1% for AQN against +3.2% for ERH. Note the risk asymmetry: AQN runs 2.1 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
AQN vs ERH: side by side
| AQN (Algonquin Power & Utilities Corp.) | ERH (Allspring Utilities and High Income Fund) | |
|---|---|---|
| 1-year return | -0.1% | +3.2% |
| 5-year return | -52.8% | +17.1% |
| Volatility (ann.) | 31.1% | 14.9% |
| Beta vs S&P 500 | 0.42 | 0.33 |
| Max drawdown (3Y) | -38.7% | -16.2% |
| Market cap | $4.4B | – |
| P/E (trailing) | 23.7 | 4.6 |
| Dividend yield | 4.55% | 8.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AQN | ERH |
|---|---|---|
| 2022 | -51.7% | -18.4% |
| 2023 | +3.0% | -10.5% |
| 2024 | -25.0% | +25.7% |
| 2025 | +41.6% | +19.8% |
| 2026 | -5.6% | +2.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AQN and ERH good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between AQN and ERH?
Using weekly returns as of 2026-08-27: 0.56 over 3 years, with 0.42 over the last year and 0.45 over 5 years.
Is ERH a good diversifier for AQN?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
On the −1 to +1 scale, 0.56 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/aqn-vs-erh.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/aqn-vs-erh/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: AQN correlations · ERH correlations
