ERH vs QQQ: Correlation
Measured on weekly returns over the past three years, Allspring Utilities and High Income Fund (ERH) and Invesco QQQ Trust (QQQ) carry a correlation of 0.20, a weak link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ERH and QQQ?
Across a 3-year window, the weekly returns of ERH and QQQ correlate at 0.20, weak. The relationship has been stable: the 1-year correlation (0.14) sits close to the 3-year figure. Stretching to 5 years gives 0.34, with an annualized covariance of 57.6 %².
QQQ is close to the least connected end of ERH's tracked universe, ranking #18 of 21. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 23.1 percentage points (+3.2% for ERH against +26.3% for QQQ).
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 QQQ: side by side
| ERH (Allspring Utilities and High Income Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +3.2% | +26.3% |
| 5-year return | +17.1% | +95.4% |
| Volatility (ann.) | 14.9% | 19.6% |
| Beta vs S&P 500 | 0.33 | 1.28 |
| Max drawdown (3Y) | -16.2% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 4.6 | – |
| Dividend yield | 8.46% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | ERH | QQQ |
|---|---|---|
| 2022 | -18.4% | -32.6% |
| 2023 | -10.5% | +54.9% |
| 2024 | +25.7% | +25.6% |
| 2025 | +19.8% | +20.8% |
| 2026 | +2.9% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ERH and QQQ good diversifiers for each other?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ERH and QQQ?
Using weekly returns as of 2026-08-27: 0.20 over 3 years, with 0.14 over the last year and 0.34 over 5 years.
Is QQQ a good diversifier for ERH?
A fair diversifier. At 0.20, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.20 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/erh-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/erh-vs-qqq/)
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Related comparisons
Hubs: ERH correlations · QQQ correlations
