CWEN vs ERH: Correlation
Measured on weekly returns over the past three years, Clearway Energy, Inc. (CWEN) and Allspring Utilities and High Income Fund (ERH) carry a correlation of 0.52, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CWEN and ERH?
Across a 3-year window, the weekly returns of CWEN and ERH correlate at 0.52, moderate. The link has loosened recently: the 1-year correlation (0.41) runs below the 3-year figure (0.52). Stretching to 5 years gives 0.54, with an annualized covariance of 232.9 %².
Within CWEN's tracked universe of 11 assets, ERH comes in at #4 by 3-year correlation. Over the last 12 months CWEN came out ahead by 11.5 percentage points (+14.7% against +3.2%). Note the risk asymmetry: CWEN runs 2.0 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.
CWEN vs ERH: side by side
| CWEN (Clearway Energy, Inc.) | ERH (Allspring Utilities and High Income Fund) | |
|---|---|---|
| 1-year return | +14.7% | +3.2% |
| 5-year return | +32.0% | +17.1% |
| Volatility (ann.) | 30.0% | 14.9% |
| Beta vs S&P 500 | 0.26 | 0.33 |
| Max drawdown (3Y) | -26.0% | -16.2% |
| Market cap | $8.0B | – |
| P/E (trailing) | 37.7 | 4.6 |
| Dividend yield | 5.62% | 8.46% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CWEN | ERH |
|---|---|---|
| 2022 | -7.9% | -18.4% |
| 2023 | -8.9% | -10.5% |
| 2024 | +0.9% | +25.7% |
| 2025 | +35.5% | +19.8% |
| 2026 | -0.3% | +2.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CWEN and ERH good diversifiers for each other?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CWEN and ERH?
As of 2026-08-27, the correlation of weekly returns between CWEN and ERH is 0.52 over 3 years, 0.41 over 1 year and 0.54 over 5 years.
Is ERH a good diversifier for CWEN?
Somewhat, no more. With 0.52 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.52 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/cwen-vs-erh.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cwen-vs-erh/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CWEN correlations · ERH correlations
