ERC vs GHY: Correlation
Allspring Multi-Sector Income Fund (ERC) and PGIM Global High Yield Fund, Inc. (GHY) show a strong relationship: their 3-year correlation of weekly returns is 0.74.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ERC and GHY?
Across a 3-year window, the weekly returns of ERC and GHY correlate at 0.74, strong. Little has changed lately, as the 1-year reading of 0.75 lands near the 3-year figure. Stretching to 5 years gives 0.75, with an annualized covariance of 105.4 %².
Among the 22 assets we track against ERC, GHY ranks #7 by 3-year correlation. Over the last 12 months ERC came out ahead by 10.6 percentage points (+6.7% against -3.9%).
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.
ERC vs GHY: side by side
| ERC (Allspring Multi-Sector Income Fund) | GHY (PGIM Global High Yield Fund, Inc.) | |
|---|---|---|
| 1-year return | +6.7% | -3.9% |
| 5-year return | +11.4% | +23.8% |
| Volatility (ann.) | 10.1% | 14.0% |
| Beta vs S&P 500 | 0.41 | 0.49 |
| Max drawdown (3Y) | -9.8% | -16.4% |
| Market cap | $0.3B | $0.5B |
| P/E (trailing) | 9.7 | 9.3 |
| Dividend yield | 9.33% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ERC | GHY |
|---|---|---|
| 2022 | -17.8% | -20.0% |
| 2023 | +4.9% | +17.3% |
| 2024 | +6.1% | +20.3% |
| 2025 | +11.1% | +10.5% |
| 2026 | +5.8% | -0.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ERC and GHY good diversifiers for each other?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ERC and GHY?
As of 2026-08-27, the correlation of weekly returns between ERC and GHY is 0.74 over 3 years, 0.75 over 1 year and 0.75 over 5 years.
Is GHY a good diversifier for ERC?
Somewhat, no more. With 0.74 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.74 mean?
On the −1 to +1 scale, 0.74 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/erc-vs-ghy.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/erc-vs-ghy/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ERC correlations · GHY correlations
