ELE vs HERZ: Correlation
Measured on weekly returns over the past three years, Elemental Royalty Corporation (ELE) and Herzfeld Credit Income Fund, Inc. - Closed End Fund (HERZ) carry a correlation of -0.25, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ELE and HERZ?
Across a 3-year window, the weekly returns of ELE and HERZ correlate at -0.25, negative, meaning they tend to move in opposite directions. Lately the two have drifted apart, with the 1-year correlation at -0.43 versus -0.25 over 3 years. Stretching to 5 years gives -0.11, with an annualized covariance of -394.3 %².
HERZ is close to the least connected end of ELE's tracked universe, ranking #9 of 11. Correlation aside, the last 12 months split them widely, with ELE ahead by 30.7 points (+52.7% versus +22.0%).
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.
ELE vs HERZ: side by side
| ELE (Elemental Royalty Corporation) | HERZ (Herzfeld Credit Income Fund, Inc. - Closed End Fund) | |
|---|---|---|
| 1-year return | +52.7% | +22.0% |
| 5-year return | +117.9% | +1.5% |
| Volatility (ann.) | 44.3% | 35.4% |
| Beta vs S&P 500 | 0.87 | 0.10 |
| Max drawdown (3Y) | -40.9% | -41.6% |
| Market cap | $1.4B | – |
| P/E (trailing) | – | 80.0 |
| Dividend yield | 0.27% | 57.89% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ELE | HERZ |
|---|---|---|
| 2022 | -25.3% | -20.4% |
| 2023 | -15.4% | -13.6% |
| 2024 | -3.9% | +2.9% |
| 2025 | +114.0% | +89.3% |
| 2026 | +32.2% | -24.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ELE and HERZ good diversifiers for each other?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ELE and HERZ?
The ELE/HERZ correlation stands at -0.25 on a 3-year window (1 year: -0.43, 5 years: -0.11), computed from weekly returns as of 2026-08-27.
Is HERZ a good diversifier for ELE?
Yes: at -0.25, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.25 mean?
A reading of -0.25 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/ele-vs-herz.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/ele-vs-herz/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ELE correlations · HERZ correlations
