CHW vs CSQ: Correlation
Calamos Global Dynamic Income Fund - Closed End Fund (CHW) and Calamos Strategic Total Return Fund - Closed End Fund (CSQ) show a very strong relationship: their 3-year correlation of weekly returns is 0.85.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHW and CSQ?
Over the past 3 years, CHW and CSQ moved with a correlation of 0.85, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.80) sits close to the 3-year figure. Over 5 years the correlation is 0.85, and the annualized covariance of weekly returns is 296.1 %².
Among the 17 assets we track against CHW, CSQ ranks #4 by 3-year correlation. Over the last 12 months CHW came out ahead by 5.4 percentage points (+26.8% against +21.4%).
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 CSQ: side by side
| CHW (Calamos Global Dynamic Income Fund - Closed End Fund) | CSQ (Calamos Strategic Total Return Fund - Closed End Fund) | |
|---|---|---|
| 1-year return | +26.8% | +21.4% |
| 5-year return | +27.6% | +64.2% |
| Volatility (ann.) | 18.6% | 18.8% |
| Beta vs S&P 500 | 1.05 | 1.22 |
| Max drawdown (3Y) | -20.4% | -24.2% |
| Market cap | – | $3.4B |
| P/E (trailing) | 3.0 | 3.2 |
| Dividend yield | 7.03% | 2.95% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHW | CSQ |
|---|---|---|
| 2022 | -37.7% | -24.2% |
| 2023 | +14.5% | +20.9% |
| 2024 | +27.8% | +28.2% |
| 2025 | +19.6% | +16.3% |
| 2026 | +20.8% | +14.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHW and CSQ good diversifiers for each other?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between CHW and CSQ?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.80 over the last year and 0.85 over 5 years.
Is CSQ a good diversifier for CHW?
Not really. At 0.85, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.85 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/chw-vs-csq.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/chw-vs-csq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CHW correlations · CSQ correlations
