HERZ vs IIIV: Correlation
Herzfeld Credit Income Fund, Inc. - Closed End Fund (HERZ) and i3 Verticals, Inc. (IIIV) show a negative relationship: their 3-year correlation of weekly returns is -0.24.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HERZ and IIIV?
Over the past 3 years, HERZ and IIIV moved with a correlation of -0.24, which is negative, meaning they tend to move in opposite directions. The link has loosened recently: the 1-year correlation (-0.45) runs below the 3-year figure (-0.24). Over 5 years the correlation is -0.08, and the annualized covariance of weekly returns is -320.7 %².
Among the 19 assets we track against HERZ, IIIV ranks #13 by 3-year correlation. The last year tells two different stories: HERZ led by 69.2 percentage points, +22.0% for HERZ against -47.2% for IIIV.
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.
HERZ vs IIIV: side by side
| HERZ (Herzfeld Credit Income Fund, Inc. - Closed End Fund) | IIIV (i3 Verticals, Inc.) | |
|---|---|---|
| 1-year return | +22.0% | -47.2% |
| 5-year return | +1.5% | -43.7% |
| Volatility (ann.) | 35.4% | 37.8% |
| Beta vs S&P 500 | 0.10 | 0.59 |
| Max drawdown (3Y) | -41.6% | -51.7% |
| Market cap | – | $0.4B |
| P/E (trailing) | 80.0 | 58.4 |
| Dividend yield | 57.89% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HERZ | IIIV |
|---|---|---|
| 2022 | -20.4% | +6.8% |
| 2023 | -13.6% | -13.0% |
| 2024 | +2.9% | +8.8% |
| 2025 | +89.3% | +9.3% |
| 2026 | -24.3% | -35.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HERZ and IIIV good diversifiers for each other?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
FAQ
What is the correlation between HERZ and IIIV?
As of 2026-08-27, the correlation of weekly returns between HERZ and IIIV is -0.24 over 3 years, -0.45 over 1 year and -0.08 over 5 years.
Is IIIV a good diversifier for HERZ?
By historical standards, yes. A correlation of -0.24 means the two rarely move for the same reasons.
What does a correlation of -0.24 mean?
A reading of -0.24 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/herz-vs-iiiv.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/herz-vs-iiiv/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HERZ correlations · IIIV correlations
