ERH vs SPY: Correlation
Measured on weekly returns over the past three years, Allspring Utilities and High Income Fund (ERH) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.32, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ERH and SPY?
Over the past 3 years, ERH and SPY moved with a correlation of 0.32, which is moderate. The relationship has been stable: the 1-year correlation (0.22) sits close to the 3-year figure. Over 5 years the correlation is 0.47, and the annualized covariance of weekly returns is 69.6 %².
Out of 21 assets tracked against ERH, SPY lands near the bottom at #17. Correlation aside, the last 12 months split them widely, with SPY ahead by 17.4 points (+3.2% versus +20.6%).
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 SPY: side by side
| ERH (Allspring Utilities and High Income Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +3.2% | +20.6% |
| 5-year return | +17.1% | +82.4% |
| Volatility (ann.) | 14.9% | 14.5% |
| Beta vs S&P 500 | 0.33 | 1.00 |
| Max drawdown (3Y) | -16.2% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 4.6 | – |
| Dividend yield | 8.46% | 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 | ERH | SPY |
|---|---|---|
| 2022 | -18.4% | -18.2% |
| 2023 | -10.5% | +26.2% |
| 2024 | +25.7% | +24.9% |
| 2025 | +19.8% | +17.7% |
| 2026 | +2.9% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ERH and SPY good diversifiers for each other?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between ERH and SPY?
As of 2026-08-27, the correlation of weekly returns between ERH and SPY is 0.32 over 3 years, 0.22 over 1 year and 0.47 over 5 years.
Is SPY a good diversifier for ERH?
A fair diversifier. At 0.32, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.32 mean?
A reading of 0.32 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-spy.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/erh-vs-spy/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ERH correlations · SPY correlations
