CHW vs CHY: Correlation
How closely do Calamos Global Dynamic Income Fund - Closed End Fund (CHW) and Calamos Convertible and High Income Fund - Closed End Fund (CHY) trade together? Their weekly returns over three years give a correlation of 0.70, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHW and CHY?
Across a 3-year window, the weekly returns of CHW and CHY correlate at 0.70, strong. The relationship has been stable: the 1-year correlation (0.78) sits close to the 3-year figure. Stretching to 5 years gives 0.72, with an annualized covariance of 214.7 %².
Among the 17 assets we track against CHW, CHY sits near the bottom by co-movement, at rank #13. On 12-month performance CHY holds a 6.0-point edge, +26.8% against +32.8%.
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.
CHW vs CHY: side by side
| CHW (Calamos Global Dynamic Income Fund - Closed End Fund) | CHY (Calamos Convertible and High Income Fund - Closed End Fund) | |
|---|---|---|
| 1-year return | +26.8% | +32.8% |
| 5-year return | +27.6% | +33.7% |
| Volatility (ann.) | 18.6% | 16.4% |
| Beta vs S&P 500 | 1.05 | 0.78 |
| Max drawdown (3Y) | -20.4% | -24.3% |
| Market cap | – | $1.1B |
| P/E (trailing) | 3.0 | 3.1 |
| Dividend yield | 7.03% | 9.22% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHW | CHY |
|---|---|---|
| 2022 | -37.7% | -28.0% |
| 2023 | +14.5% | +20.8% |
| 2024 | +27.8% | +17.2% |
| 2025 | +19.6% | +4.0% |
| 2026 | +20.8% | +22.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHW and CHY good diversifiers for each other?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CHW and CHY?
As of 2026-08-27, the correlation of weekly returns between CHW and CHY is 0.70 over 3 years, 0.78 over 1 year and 0.72 over 5 years.
Is CHY a good diversifier for CHW?
Somewhat, no more. With 0.70 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.70 mean?
A reading of 0.70 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CHW correlations · CHY correlations
