ACWI vs CSQ: Correlation
Measured on weekly returns over the past three years, iShares MSCI ACWI ETF (ACWI) and Calamos Strategic Total Return Fund - Closed End Fund (CSQ) carry a correlation of 0.93, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ACWI and CSQ?
Over the past 3 years, ACWI and CSQ moved with a correlation of 0.93, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.93) sits close to the 3-year figure. Over 5 years the correlation is 0.91, and the annualized covariance of weekly returns is 239.1 %².
Within ACWI's tracked universe of 119 assets, CSQ comes in at #7 by 3-year correlation. Their 12-month results are close: +22.7% for ACWI against +21.4% for CSQ.
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.
ACWI vs CSQ: side by side
| ACWI (iShares MSCI ACWI ETF) | CSQ (Calamos Strategic Total Return Fund - Closed End Fund) | |
|---|---|---|
| 1-year return | +22.7% | +21.4% |
| 5-year return | +69.0% | +64.2% |
| Volatility (ann.) | 13.8% | 18.8% |
| Beta vs S&P 500 | 0.92 | 1.22 |
| Max drawdown (3Y) | -16.5% | -24.2% |
| Market cap | – | $3.4B |
| P/E (trailing) | – | 3.2 |
| Dividend yield | 1.44% | 2.95% |
| Expense ratio | 0.32% | – |
| Assets under management | $32.5B | – |
| Sector / category | ETF · Global | US Listed |
ACWI is a Global Large-Stock Blend fund from iShares: $32.5B under management, 1590 holdings, a 0.32% expense ratio, a 1.44% trailing dividend yield.
Year-by-year returns
| Year | ACWI | CSQ |
|---|---|---|
| 2022 | -18.4% | -24.2% |
| 2023 | +22.3% | +20.9% |
| 2024 | +17.4% | +28.2% |
| 2025 | +22.4% | +16.3% |
| 2026 | +14.9% | +14.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ACWI and CSQ good diversifiers for each other?
Not really. At 0.93, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between ACWI and CSQ?
The ACWI/CSQ correlation stands at 0.93 on a 3-year window (1 year: 0.93, 5 years: 0.91), computed from weekly returns as of 2026-08-27.
Is CSQ a good diversifier for ACWI?
Not really. At 0.93, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.93 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/acwi-vs-csq.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/acwi-vs-csq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ACWI correlations · CSQ correlations
