ERH vs ES: Correlation
How closely do Allspring Utilities and High Income Fund (ERH) and Eversource Energy (ES) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ERH and ES?
Across a 3-year window, the weekly returns of ERH and ES correlate at 0.63, strong. The relationship has been stable: the 1-year correlation (0.64) sits close to the 3-year figure. Stretching to 5 years gives 0.66, with an annualized covariance of 214.2 %².
By 3-year correlation, ES places #9 of the 21 assets tracked against ERH. The trailing year gives ES the advantage: +3.2% versus +14.5%, a 11.3-point spread. One caveat on sizing: ES is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
ERH vs ES: side by side
| ERH (Allspring Utilities and High Income Fund) | ES (Eversource Energy) | |
|---|---|---|
| 1-year return | +3.2% | +14.5% |
| 5-year return | +17.1% | -5.0% |
| Volatility (ann.) | 14.9% | 22.9% |
| Beta vs S&P 500 | 0.33 | 0.20 |
| Max drawdown (3Y) | -16.2% | -18.8% |
| Market cap | – | $26.7B |
| P/E (trailing) | 4.6 | 18.6 |
| Dividend yield | 8.46% | 4.30% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | ERH | ES |
|---|---|---|
| 2022 | -18.4% | -5.1% |
| 2023 | -10.5% | -23.4% |
| 2024 | +25.7% | -2.5% |
| 2025 | +19.8% | +22.9% |
| 2026 | +2.9% | +7.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ERH and ES good diversifiers for each other?
To a limited degree. At 0.63 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 ERH and ES?
The ERH/ES correlation stands at 0.63 on a 3-year window (1 year: 0.64, 5 years: 0.66), computed from weekly returns as of 2026-08-27.
Is ES a good diversifier for ERH?
To a limited degree. At 0.63 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 0.63 mean?
A reading of 0.63 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/erh-vs-es.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/erh-vs-es/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ERH correlations · ES correlations
