ES vs HERZ: Correlation
How closely do Eversource Energy (ES) and Herzfeld Credit Income Fund, Inc. - Closed End Fund (HERZ) trade together? Their weekly returns over three years give a correlation of -0.27, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ES and HERZ?
Across a 3-year window, the weekly returns of ES and HERZ correlate at -0.27, negative, meaning they tend to move in opposite directions. The past 12 months show a weaker link (-0.50) than the 3-year average (-0.27). Stretching to 5 years gives -0.06, with an annualized covariance of -216.2 %².
Among the 28 assets we track against ES, HERZ sits near the bottom by co-movement, at rank #26. Over the last 12 months HERZ came out ahead by 7.5 percentage points (+14.5% against +22.0%). Note the risk asymmetry: HERZ runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
ES vs HERZ: side by side
| ES (Eversource Energy) | HERZ (Herzfeld Credit Income Fund, Inc. - Closed End Fund) | |
|---|---|---|
| 1-year return | +14.5% | +22.0% |
| 5-year return | -5.0% | +1.5% |
| Volatility (ann.) | 22.9% | 35.4% |
| Beta vs S&P 500 | 0.20 | 0.10 |
| Max drawdown (3Y) | -18.8% | -41.6% |
| Market cap | $26.7B | – |
| P/E (trailing) | 18.6 | 80.0 |
| Dividend yield | 4.30% | 57.89% |
| Sector / category | Utilities | US Listed |
Year-by-year returns
| Year | ES | HERZ |
|---|---|---|
| 2022 | -5.1% | -20.4% |
| 2023 | -23.4% | -13.6% |
| 2024 | -2.5% | +2.9% |
| 2025 | +22.9% | +89.3% |
| 2026 | +7.7% | -24.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ES and HERZ good diversifiers for each other?
Yes. With a correlation of -0.27, ES and HERZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between ES and HERZ?
Using weekly returns as of 2026-08-27: -0.27 over 3 years, with -0.50 over the last year and -0.06 over 5 years.
Is HERZ a good diversifier for ES?
Yes. With a correlation of -0.27, ES and HERZ have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.27 mean?
On the −1 to +1 scale, -0.27 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/es-vs-herz.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: ES correlations · HERZ correlations
