ERC vs SPY: Correlation
How closely do Allspring Multi-Sector Income Fund (ERC) and SPDR S&P 500 ETF Trust (SPY) trade together? Their weekly returns over three years give a correlation of 0.58, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ERC and SPY?
Across a 3-year window, the weekly returns of ERC and SPY correlate at 0.58, moderate. Recent behaviour matches the longer record: 0.60 over 1 year against 0.58 over 3. Stretching to 5 years gives 0.61, with an annualized covariance of 85.3 %².
By 3-year correlation, SPY places #17 of the 22 assets tracked against ERC. The trailing year gives SPY the advantage: +6.7% versus +20.6%, a 13.9-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 SPY: side by side
| ERC (Allspring Multi-Sector Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +6.7% | +20.6% |
| 5-year return | +11.4% | +82.4% |
| Volatility (ann.) | 10.1% | 14.5% |
| Beta vs S&P 500 | 0.41 | 1.00 |
| Max drawdown (3Y) | -9.8% | -18.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 9.7 | – |
| Dividend yield | 9.33% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | ERC | SPY |
|---|---|---|
| 2022 | -17.8% | -18.2% |
| 2023 | +4.9% | +26.2% |
| 2024 | +6.1% | +24.9% |
| 2025 | +11.1% | +17.7% |
| 2026 | +5.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ERC and SPY good diversifiers for each other?
To a limited degree. At 0.58 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 SPY?
The ERC/SPY correlation stands at 0.58 on a 3-year window (1 year: 0.60, 5 years: 0.61), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for ERC?
To a limited degree. At 0.58 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 0.58 mean?
A reading of 0.58 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: ERC correlations · SPY correlations
