CGO vs GLQ: Correlation
Measured on weekly returns over the past three years, Calamos Global Total Return Fund - Closed End Fund (CGO) and Clough Global Equity Fund (GLQ) carry a correlation of 0.81, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGO and GLQ?
Over the past 3 years, CGO and GLQ moved with a correlation of 0.81, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.84) sits close to the 3-year figure. Over 5 years the correlation is 0.69, and the annualized covariance of weekly returns is 258.2 %².
GLQ is one of the assets that tracks CGO most closely: it ranks #3 out of the 16 assets we track against CGO. Their 12-month results are close: +22.1% for CGO against +21.6% for GLQ.
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 GLQ: side by side
| CGO (Calamos Global Total Return Fund - Closed End Fund) | GLQ (Clough Global Equity Fund) | |
|---|---|---|
| 1-year return | +22.1% | +21.6% |
| 5-year return | +21.0% | -3.8% |
| Volatility (ann.) | 19.2% | 16.6% |
| Beta vs S&P 500 | 1.04 | 1.00 |
| Max drawdown (3Y) | -26.7% | -19.2% |
| Market cap | $0.1B | – |
| P/E (trailing) | 2.9 | 2.7 |
| Dividend yield | 7.31% | 9.99% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGO | GLQ |
|---|---|---|
| 2022 | -36.6% | -42.3% |
| 2023 | +14.0% | +2.8% |
| 2024 | +36.8% | +25.2% |
| 2025 | +8.9% | +28.5% |
| 2026 | +20.3% | +13.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGO and GLQ good diversifiers for each other?
No. With a correlation of 0.81, CGO and GLQ move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between CGO and GLQ?
Using weekly returns as of 2026-08-27: 0.81 over 3 years, with 0.84 over the last year and 0.69 over 5 years.
Is GLQ a good diversifier for CGO?
No. With a correlation of 0.81, CGO and GLQ move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.81 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-glq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cgo-vs-glq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CGO correlations · GLQ correlations
