ERC vs HYT: Correlation
How closely do Allspring Multi-Sector Income Fund (ERC) and Blackrock Corporate High Yield Fund, Inc. (HYT) trade together? Their weekly returns over three years give a correlation of 0.74, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ERC and HYT?
Over the past 3 years, ERC and HYT moved with a correlation of 0.74, which is strong. Recent behaviour matches the longer record: 0.70 over 1 year against 0.74 over 3. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 86.3 %².
Within ERC's tracked universe of 22 assets, HYT comes in at #8 by 3-year correlation. The trailing year gives ERC the advantage: +6.7% versus -1.6%, a 8.3-point spread.
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 HYT: side by side
| ERC (Allspring Multi-Sector Income Fund) | HYT (Blackrock Corporate High Yield Fund, Inc.) | |
|---|---|---|
| 1-year return | +6.7% | -1.6% |
| 5-year return | +11.4% | +7.9% |
| Volatility (ann.) | 10.1% | 11.6% |
| Beta vs S&P 500 | 0.41 | 0.52 |
| Max drawdown (3Y) | -9.8% | -14.0% |
| Market cap | $0.3B | $1.4B |
| P/E (trailing) | 9.7 | 9.1 |
| Dividend yield | 9.33% | 11.29% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ERC | HYT |
|---|---|---|
| 2022 | -17.8% | -22.6% |
| 2023 | +4.9% | +19.9% |
| 2024 | +6.1% | +14.4% |
| 2025 | +11.1% | +0.0% |
| 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 HYT 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 HYT?
As of 2026-08-27, the correlation of weekly returns between ERC and HYT is 0.74 over 3 years, 0.70 over 1 year and 0.74 over 5 years.
Is HYT 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?
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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/erc-vs-hyt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/erc-vs-hyt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ERC correlations · HYT correlations
