ERH vs UTG: Correlation
Measured on weekly returns over the past three years, Allspring Utilities and High Income Fund (ERH) and Reaves Utility Income Fund (UTG) carry a correlation of 0.68, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ERH and UTG?
Across a 3-year window, the weekly returns of ERH and UTG correlate at 0.68, strong. The past 12 months show a weaker link (0.55) than the 3-year average (0.68). Stretching to 5 years gives 0.73, with an annualized covariance of 194.0 %².
Within ERH's tracked universe of 21 assets, UTG comes in at #7 by 3-year correlation. Twelve-month performance is nearly a tie, at +3.2% for ERH and +6.8% for UTG.
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 UTG: side by side
| ERH (Allspring Utilities and High Income Fund) | UTG (Reaves Utility Income Fund) | |
|---|---|---|
| 1-year return | +3.2% | +6.8% |
| 5-year return | +17.1% | +53.5% |
| Volatility (ann.) | 14.9% | 19.1% |
| Beta vs S&P 500 | 0.33 | 0.67 |
| Max drawdown (3Y) | -16.2% | -14.9% |
| Market cap | – | $3.5B |
| P/E (trailing) | 4.6 | 2.8 |
| Dividend yield | 8.46% | 6.17% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ERH | UTG |
|---|---|---|
| 2022 | -18.4% | -13.4% |
| 2023 | -10.5% | +2.8% |
| 2024 | +25.7% | +28.1% |
| 2025 | +19.8% | +23.2% |
| 2026 | +2.9% | +8.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ERH and UTG good diversifiers for each other?
To a limited degree. At 0.68 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 UTG?
As of 2026-08-27, the correlation of weekly returns between ERH and UTG is 0.68 over 3 years, 0.55 over 1 year and 0.73 over 5 years.
Is UTG a good diversifier for ERH?
To a limited degree. At 0.68 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 0.68 mean?
A reading of 0.68 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-utg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/erh-vs-utg/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ERH correlations · UTG correlations
