CHW vs EEM: Correlation
Measured on weekly returns over the past three years, Calamos Global Dynamic Income Fund - Closed End Fund (CHW) and iShares MSCI Emerging Markets ETF (EEM) carry a correlation of 0.78, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHW and EEM?
Across a 3-year window, the weekly returns of CHW and EEM correlate at 0.78, strong. Recent behaviour matches the longer record: 0.76 over 1 year against 0.78 over 3. Stretching to 5 years gives 0.73, with an annualized covariance of 258.8 %².
By 3-year correlation, EEM places #8 of the 17 assets tracked against CHW. The trailing year gives EEM the advantage: +26.8% versus +38.1%, a 11.3-point spread.
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 EEM: side by side
| CHW (Calamos Global Dynamic Income Fund - Closed End Fund) | EEM (iShares MSCI Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +26.8% | +38.1% |
| 5-year return | +27.6% | +47.1% |
| Volatility (ann.) | 18.6% | 18.0% |
| Beta vs S&P 500 | 1.05 | 0.85 |
| Max drawdown (3Y) | -20.4% | -17.3% |
| Market cap | – | – |
| P/E (trailing) | 3.0 | – |
| Dividend yield | 7.03% | 1.73% |
| Expense ratio | – | 0.72% |
| Assets under management | – | $29.2B |
| Sector / category | US Listed | ETF · International |
EEM is a Diversified Emerging Mkts fund from iShares: $29.2B under management, 968 holdings, a 0.72% expense ratio, a 1.73% trailing dividend yield.
Year-by-year returns
| Year | CHW | EEM |
|---|---|---|
| 2022 | -37.7% | -20.6% |
| 2023 | +14.5% | +8.9% |
| 2024 | +27.8% | +6.5% |
| 2025 | +19.6% | +34.0% |
| 2026 | +20.8% | +24.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHW and EEM good diversifiers for each other?
To a limited degree. At 0.78 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CHW and EEM?
The CHW/EEM correlation stands at 0.78 on a 3-year window (1 year: 0.76, 5 years: 0.73), computed from weekly returns as of 2026-08-27.
Is EEM a good diversifier for CHW?
To a limited degree. At 0.78 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.78 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.
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Related comparisons
Hubs: CHW correlations · EEM correlations
