ERH vs NEE: Correlation
How closely do Allspring Utilities and High Income Fund (ERH) and NextEra Energy (NEE) 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 ERH and NEE?
Across a 3-year window, the weekly returns of ERH and NEE correlate at 0.58, moderate. The link has loosened recently: the 1-year correlation (0.46) runs below the 3-year figure (0.58). Stretching to 5 years gives 0.61, with an annualized covariance of 230.9 %².
Within ERH's tracked universe of 21 assets, NEE comes in at #10 by 3-year correlation. Over the last 12 months NEE came out ahead by 13.0 percentage points (+3.2% against +16.2%). Risk is not evenly split, since NEE carries 1.8 times the volatility of the other side.
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 NEE: side by side
| ERH (Allspring Utilities and High Income Fund) | NEE (NextEra Energy) | |
|---|---|---|
| 1-year return | +3.2% | +16.2% |
| 5-year return | +17.1% | +12.9% |
| Volatility (ann.) | 14.9% | 26.5% |
| Beta vs S&P 500 | 0.33 | 0.28 |
| Max drawdown (3Y) | -16.2% | -28.8% |
| Market cap | – | $174.1B |
| P/E (trailing) | 4.6 | 18.9 |
| Dividend yield | 8.46% | 2.82% |
| Sector / category | US Listed | Utilities |
Year-by-year returns
| Year | ERH | NEE |
|---|---|---|
| 2022 | -18.4% | -8.5% |
| 2023 | -10.5% | -25.3% |
| 2024 | +25.7% | +21.5% |
| 2025 | +19.8% | +15.5% |
| 2026 | +2.9% | +5.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ERH and NEE good diversifiers for each other?
Only partially. A correlation of 0.58 means ERH and NEE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between ERH and NEE?
As of 2026-08-27, the correlation of weekly returns between ERH and NEE is 0.58 over 3 years, 0.46 over 1 year and 0.61 over 5 years.
Is NEE a good diversifier for ERH?
Only partially. A correlation of 0.58 means ERH and NEE share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
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: ERH correlations · NEE correlations
