ERC vs NHS: Correlation
How closely do Allspring Multi-Sector Income Fund (ERC) and Neuberger High Yield Strategies Fund Inc. (NHS) trade together? Their weekly returns over three years give a correlation of 0.66, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ERC and NHS?
On 3 years of weekly data the ERC/NHS correlation comes out at 0.66, strong. The relationship has been stable: the 1-year correlation (0.62) sits close to the 3-year figure. The 5-year figure is 0.65, and annualized covariance runs at 86.2 %².
Among the 22 assets we track against ERC, NHS ranks #14 by 3-year correlation. The trailing year gives ERC the advantage: +6.7% versus -7.1%, a 13.8-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 NHS: side by side
| ERC (Allspring Multi-Sector Income Fund) | NHS (Neuberger High Yield Strategies Fund Inc.) | |
|---|---|---|
| 1-year return | +6.7% | -7.1% |
| 5-year return | +11.4% | -7.7% |
| Volatility (ann.) | 10.1% | 13.0% |
| Beta vs S&P 500 | 0.41 | 0.41 |
| Max drawdown (3Y) | -9.8% | -17.4% |
| Market cap | $0.3B | – |
| P/E (trailing) | 9.7 | 9.9 |
| Dividend yield | 9.33% | 18.25% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ERC | NHS |
|---|---|---|
| 2022 | -17.8% | -23.0% |
| 2023 | +4.9% | +3.7% |
| 2024 | +6.1% | +11.0% |
| 2025 | +11.1% | +14.8% |
| 2026 | +5.8% | -10.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ERC and NHS good diversifiers for each other?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ERC and NHS?
Using weekly returns as of 2026-08-27: 0.66 over 3 years, with 0.62 over the last year and 0.65 over 5 years.
Is NHS a good diversifier for ERC?
To a limited degree. At 0.66 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.66 mean?
A reading of 0.66 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-nhs.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/erc-vs-nhs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ERC correlations · NHS correlations
