CHW vs EWJ: Correlation
Measured on weekly returns over the past three years, Calamos Global Dynamic Income Fund - Closed End Fund (CHW) and iShares MSCI Japan ETF (EWJ) carry a correlation of 0.72, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHW and EWJ?
Across a 3-year window, the weekly returns of CHW and EWJ correlate at 0.72, strong. Little has changed lately, as the 1-year reading of 0.68 lands near the 3-year figure. Stretching to 5 years gives 0.72, with an annualized covariance of 263.0 %².
Among the 17 assets we track against CHW, EWJ ranks #12 by 3-year correlation. Their 12-month results are close: +26.8% for CHW against +27.1% for EWJ.
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 EWJ: side by side
| CHW (Calamos Global Dynamic Income Fund - Closed End Fund) | EWJ (iShares MSCI Japan ETF) | |
|---|---|---|
| 1-year return | +26.8% | +27.1% |
| 5-year return | +27.6% | +58.6% |
| Volatility (ann.) | 18.6% | 19.6% |
| Beta vs S&P 500 | 1.05 | 0.94 |
| Max drawdown (3Y) | -20.4% | -14.7% |
| Market cap | – | – |
| P/E (trailing) | 3.0 | – |
| Dividend yield | 7.03% | 3.86% |
| Expense ratio | – | 0.49% |
| Assets under management | – | $21.8B |
| Sector / category | US Listed | ETF · International |
EWJ, iShares's Japan Stock fund, carries $21.8B under management, 168 holdings, a 0.49% expense ratio, a 3.86% trailing dividend yield.
Year-by-year returns
| Year | CHW | EWJ |
|---|---|---|
| 2022 | -37.7% | -17.7% |
| 2023 | +14.5% | +20.3% |
| 2024 | +27.8% | +7.0% |
| 2025 | +19.6% | +25.8% |
| 2026 | +20.8% | +19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHW and EWJ good diversifiers for each other?
To a limited degree. At 0.72 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 EWJ?
The CHW/EWJ correlation stands at 0.72 on a 3-year window (1 year: 0.68, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is EWJ a good diversifier for CHW?
To a limited degree. At 0.72 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 0.72 mean?
A reading of 0.72 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/chw-vs-ewj.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/chw-vs-ewj/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CHW correlations · EWJ correlations
