AWF vs ERC: Correlation
Measured on weekly returns over the past three years, Alliancebernstein Global High Income Fund (AWF) and Allspring Multi-Sector Income Fund (ERC) carry a correlation of 0.74, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AWF and ERC?
Over the past 3 years, AWF and ERC moved with a correlation of 0.74, which is strong. Little has changed lately, as the 1-year reading of 0.69 lands near the 3-year figure. Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 71.8 %².
In AWF's tracked universe of 18 assets, ERC sits right near the top at #3. On 12-month performance ERC holds a 9.3-point edge, -2.6% against +6.7%.
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.
AWF vs ERC: side by side
| AWF (Alliancebernstein Global High Income Fund) | ERC (Allspring Multi-Sector Income Fund) | |
|---|---|---|
| 1-year return | -2.6% | +6.7% |
| 5-year return | +21.4% | +11.4% |
| Volatility (ann.) | 9.7% | 10.1% |
| Beta vs S&P 500 | 0.42 | 0.41 |
| Max drawdown (3Y) | -11.1% | -9.8% |
| Market cap | $0.9B | $0.3B |
| P/E (trailing) | 13.6 | 9.7 |
| Dividend yield | 7.26% | 9.33% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AWF | ERC |
|---|---|---|
| 2022 | -16.6% | -17.8% |
| 2023 | +18.4% | +4.9% |
| 2024 | +14.4% | +6.1% |
| 2025 | +7.6% | +11.1% |
| 2026 | -0.0% | +5.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AWF and ERC good diversifiers for each other?
To a limited degree. At 0.74 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between AWF and ERC?
Using weekly returns as of 2026-08-27: 0.74 over 3 years, with 0.69 over the last year and 0.71 over 5 years.
Is ERC a good diversifier for AWF?
To a limited degree. At 0.74 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.74 mean?
A reading of 0.74 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: AWF correlations · ERC correlations
