CDZI vs ECF: Correlation
How closely do Cadiz, Inc. (CDZI) and Ellsworth Growth and Income Fund Ltd. (ECF) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CDZI and ECF?
Over the past 3 years, CDZI and ECF moved with a correlation of 0.45, which is moderate. Little has changed lately, as the 1-year reading of 0.40 lands near the 3-year figure. Over 5 years the correlation is 0.40, and the annualized covariance of weekly returns is 451.2 %².
In CDZI's tracked universe of 10 assets, ECF sits right near the top at #1. On 12-month performance ECF holds a 15.0-point edge, +7.9% against +22.9%. One caveat on sizing: CDZI is 3.7 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.
CDZI vs ECF: side by side
| CDZI (Cadiz, Inc.) | ECF (Ellsworth Growth and Income Fund Ltd.) | |
|---|---|---|
| 1-year return | +7.9% | +22.9% |
| 5-year return | -70.6% | +25.8% |
| Volatility (ann.) | 61.2% | 16.5% |
| Beta vs S&P 500 | 1.31 | 0.71 |
| Max drawdown (3Y) | -56.9% | -16.8% |
| Market cap | $0.3B | $0.2B |
| P/E (trailing) | – | 3.9 |
| Dividend yield | 0.00% | 7.38% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CDZI | ECF |
|---|---|---|
| 2022 | -35.2% | -31.6% |
| 2023 | +12.0% | +8.0% |
| 2024 | +85.7% | +27.5% |
| 2025 | +7.9% | +30.0% |
| 2026 | -29.6% | +10.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CDZI and ECF good diversifiers for each other?
Reasonably. At 0.45, CDZI and ECF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CDZI and ECF?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.40 over the last year and 0.40 over 5 years.
Is ECF a good diversifier for CDZI?
Reasonably. At 0.45, CDZI and ECF keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cdzi-vs-ecf.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cdzi-vs-ecf/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CDZI correlations · ECF correlations
