HERZ vs SPY: Correlation
Herzfeld Credit Income Fund, Inc. - Closed End Fund (HERZ) and SPDR S&P 500 ETF Trust (SPY) show a near-zero relationship: their 3-year correlation of weekly returns is 0.04.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HERZ and SPY?
On 3 years of weekly data the HERZ/SPY correlation comes out at 0.04, near zero, meaning they move largely independently. Lately the two have drifted apart, with the 1-year correlation at -0.12 versus 0.04 over 3 years. The 5-year figure is 0.25, and annualized covariance runs at 20.1 %².
By 3-year correlation, SPY places #6 of the 19 assets tracked against HERZ. Twelve-month performance is nearly a tie, at +22.0% for HERZ and +20.6% for SPY. One caveat on sizing: HERZ is 2.4 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 SPY: side by side
| HERZ (Herzfeld Credit Income Fund, Inc. - Closed End Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +22.0% | +20.6% |
| 5-year return | +1.5% | +82.4% |
| Volatility (ann.) | 35.4% | 14.5% |
| Beta vs S&P 500 | 0.10 | 1.00 |
| Max drawdown (3Y) | -41.6% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 80.0 | – |
| Dividend yield | 57.89% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | HERZ | SPY |
|---|---|---|
| 2022 | -20.4% | -18.2% |
| 2023 | -13.6% | +26.2% |
| 2024 | +2.9% | +24.9% |
| 2025 | +89.3% | +17.7% |
| 2026 | -24.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HERZ and SPY good diversifiers for each other?
Yes. With a correlation of 0.04, HERZ and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between HERZ and SPY?
Using weekly returns as of 2026-08-27: 0.04 over 3 years, with -0.12 over the last year and 0.25 over 5 years.
Is SPY a good diversifier for HERZ?
Yes. With a correlation of 0.04, HERZ and SPY have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of 0.04 mean?
A reading of 0.04 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: HERZ correlations · SPY correlations
