HERZ vs PACS: Correlation
Measured on weekly returns over the past three years, Herzfeld Credit Income Fund, Inc. - Closed End Fund (HERZ) and PACS Group, Inc. (PACS) carry a correlation of 0.65, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HERZ and PACS?
Over the past 3 years, HERZ and PACS moved with a correlation of 0.65, which is strong. Lately the two have moved closer together, with the 1-year correlation at 0.78 versus 0.65 over 3 years. Over 5 years the correlation is n/a, and the annualized covariance of weekly returns is 2872.7 %².
PACS is one of the assets that tracks HERZ most closely: it ranks #1 out of the 19 assets we track against HERZ. Their recent paths diverged sharply: over the last 12 months PACS outperformed by 251.0 percentage points (+22.0% for HERZ against +273.0% for PACS). Risk is not evenly split, since PACS carries 3.4 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.
HERZ vs PACS: side by side
| HERZ (Herzfeld Credit Income Fund, Inc. - Closed End Fund) | PACS (PACS Group, Inc.) | |
|---|---|---|
| 1-year return | +22.0% | +273.0% |
| 5-year return | +1.5% | n/a |
| Volatility (ann.) | 35.4% | 120.5% |
| Beta vs S&P 500 | 0.10 | 0.06 |
| Max drawdown (3Y) | -41.6% | -82.0% |
| Market cap | – | $7.0B |
| P/E (trailing) | 80.0 | 25.9 |
| Dividend yield | 57.89% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HERZ | PACS |
|---|---|---|
| 2022 | -20.4% | – |
| 2023 | -13.6% | – |
| 2024 | +2.9% | – |
| 2025 | +89.3% | +192.8% |
| 2026 | -24.3% | +15.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HERZ and PACS good diversifiers for each other?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HERZ and PACS?
As of 2026-08-27, the correlation of weekly returns between HERZ and PACS is 0.65 over 3 years, 0.78 over 1 year and n/a over 5 years.
Is PACS a good diversifier for HERZ?
Somewhat, no more. With 0.65 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.65 mean?
A reading of 0.65 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-pacs.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/herz-vs-pacs/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: HERZ correlations · PACS correlations
