CCD vs CGO: Correlation
How closely do Calamos Dynamic Convertible & Income Fund - Closed End Fund (CCD) and Calamos Global Total Return Fund - Closed End Fund (CGO) trade together? Their weekly returns over three years give a correlation of 0.75, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCD and CGO?
On 3 years of weekly data the CCD/CGO correlation comes out at 0.75, strong. Recent behaviour matches the longer record: 0.81 over 1 year against 0.75 over 3. The 5-year figure is 0.67, and annualized covariance runs at 264.7 %².
In CCD's tracked universe of 10 assets, CGO sits right near the top at #3. On 12-month performance CCD holds a 13.3-point edge, +35.4% against +22.1%.
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.
CCD vs CGO: side by side
| CCD (Calamos Dynamic Convertible & Income Fund - Closed End Fund) | CGO (Calamos Global Total Return Fund - Closed End Fund) | |
|---|---|---|
| 1-year return | +35.4% | +22.1% |
| 5-year return | +33.4% | +21.0% |
| Volatility (ann.) | 18.4% | 19.2% |
| Beta vs S&P 500 | 0.88 | 1.04 |
| Max drawdown (3Y) | -22.3% | -26.7% |
| Market cap | $0.7B | $0.1B |
| P/E (trailing) | 2.9 | 2.9 |
| Dividend yield | 0.00% | 7.31% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCD | CGO |
|---|---|---|
| 2022 | -28.0% | -36.6% |
| 2023 | +8.0% | +14.0% |
| 2024 | +35.9% | +36.8% |
| 2025 | -4.3% | +8.9% |
| 2026 | +26.6% | +20.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCD and CGO good diversifiers for each other?
Only partially. A correlation of 0.75 means CCD and CGO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CCD and CGO?
Using weekly returns as of 2026-08-27: 0.75 over 3 years, with 0.81 over the last year and 0.67 over 5 years.
Is CGO a good diversifier for CCD?
Only partially. A correlation of 0.75 means CCD and CGO share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.75 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/ccd-vs-cgo.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/ccd-vs-cgo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CCD correlations · CGO correlations
