CGO vs CHW: Correlation
Calamos Global Total Return Fund - Closed End Fund (CGO) and Calamos Global Dynamic Income Fund - Closed End Fund (CHW) show a very strong relationship: their 3-year correlation of weekly returns is 0.86.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGO and CHW?
Over the past 3 years, CGO and CHW moved with a correlation of 0.86, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.89 lands near the 3-year figure. Over 5 years the correlation is 0.81, and the annualized covariance of weekly returns is 305.7 %².
In CGO's tracked universe of 16 assets, CHW sits right near the top at #1. Neither side won the trailing year by much: +22.1% 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.
CGO vs CHW: side by side
| CGO (Calamos Global Total Return Fund - Closed End Fund) | CHW (Calamos Global Dynamic Income Fund - Closed End Fund) | |
|---|---|---|
| 1-year return | +22.1% | +26.8% |
| 5-year return | +21.0% | +27.6% |
| Volatility (ann.) | 19.2% | 18.6% |
| Beta vs S&P 500 | 1.04 | 1.05 |
| Max drawdown (3Y) | -26.7% | -20.4% |
| Market cap | $0.1B | – |
| P/E (trailing) | 2.9 | 3.0 |
| Dividend yield | 7.31% | 7.03% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGO | CHW |
|---|---|---|
| 2022 | -36.6% | -37.7% |
| 2023 | +14.0% | +14.5% |
| 2024 | +36.8% | +27.8% |
| 2025 | +8.9% | +19.6% |
| 2026 | +20.3% | +20.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGO and CHW good diversifiers for each other?
No: a correlation of 0.86 means CGO and CHW tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between CGO and CHW?
The CGO/CHW correlation stands at 0.86 on a 3-year window (1 year: 0.89, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is CHW a good diversifier for CGO?
No: a correlation of 0.86 means CGO and CHW tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.86 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/cgo-vs-chw.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cgo-vs-chw/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CGO correlations · CHW correlations
