CCD vs CHW: Correlation
Calamos Dynamic Convertible & Income Fund - Closed End Fund (CCD) and Calamos Global Dynamic Income Fund - Closed End Fund (CHW) show a strong relationship: their 3-year correlation of weekly returns is 0.77.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CCD and CHW?
Over the past 3 years, CCD and CHW moved with a correlation of 0.77, which is strong. The relationship has been stable: the 1-year correlation (0.82) sits close to the 3-year figure. Over 5 years the correlation is 0.73, and the annualized covariance of weekly returns is 263.7 %².
Few assets follow CCD as closely as CHW, which ranks #2 of 10 tracked partners. Over the last 12 months CCD came out ahead by 8.6 percentage points (+35.4% against +26.8%).
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 CHW: side by side
| CCD (Calamos Dynamic Convertible & Income Fund - Closed End Fund) | CHW (Calamos Global Dynamic Income Fund - Closed End Fund) | |
|---|---|---|
| 1-year return | +35.4% | +26.8% |
| 5-year return | +33.4% | +27.6% |
| Volatility (ann.) | 18.4% | 18.6% |
| Beta vs S&P 500 | 0.88 | 1.05 |
| Max drawdown (3Y) | -22.3% | -20.4% |
| Market cap | $0.7B | – |
| P/E (trailing) | 2.9 | 3.0 |
| Dividend yield | 0.00% | 7.03% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CCD | CHW |
|---|---|---|
| 2022 | -28.0% | -37.7% |
| 2023 | +8.0% | +14.5% |
| 2024 | +35.9% | +27.8% |
| 2025 | -4.3% | +19.6% |
| 2026 | +26.6% | +20.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CCD and CHW good diversifiers for each other?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CCD and CHW?
Using weekly returns as of 2026-08-27: 0.77 over 3 years, with 0.82 over the last year and 0.73 over 5 years.
Is CHW a good diversifier for CCD?
Somewhat, no more. With 0.77 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.77 mean?
A reading of 0.77 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/ccd-vs-chw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/ccd-vs-chw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CCD correlations · CHW correlations
