ERH vs VXZ: Correlation
Measured on weekly returns over the past three years, Allspring Utilities and High Income Fund (ERH) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) carry a correlation of -0.37, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ERH and VXZ?
On 3 years of weekly data the ERH/VXZ correlation comes out at -0.37, negative, meaning they tend to move in opposite directions. The link has tightened recently: the 1-year correlation (-0.26) runs above the 3-year figure (-0.37). The 5-year figure is -0.34, and annualized covariance runs at -142.4 %².
Out of 21 assets tracked against ERH, VXZ lands near the bottom at #21. Correlation aside, the last 12 months split them widely, with ERH ahead by 19.3 points (+3.2% versus -16.1%). Risk is not evenly split, since VXZ carries 1.7 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 VXZ: side by side
| ERH (Allspring Utilities and High Income Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +3.2% | -16.1% |
| 5-year return | +17.1% | -53.1% |
| Volatility (ann.) | 14.9% | 25.6% |
| Beta vs S&P 500 | 0.33 | -1.31 |
| Max drawdown (3Y) | -16.2% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 4.6 | – |
| Dividend yield | 8.46% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ERH | VXZ |
|---|---|---|
| 2022 | -18.4% | +0.5% |
| 2023 | -10.5% | -44.0% |
| 2024 | +25.7% | -12.7% |
| 2025 | +19.8% | +5.7% |
| 2026 | +2.9% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ERH and VXZ good diversifiers for each other?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between ERH and VXZ?
Using weekly returns as of 2026-08-27: -0.37 over 3 years, with -0.26 over the last year and -0.34 over 5 years.
Is VXZ a good diversifier for ERH?
Yes: at -0.37, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.37 mean?
A reading of -0.37 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/erh-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: ERH correlations · VXZ correlations
