CHW vs GLQ: Correlation
How closely do Calamos Global Dynamic Income Fund - Closed End Fund (CHW) and Clough Global Equity Fund (GLQ) trade together? Their weekly returns over three years give a correlation of 0.84, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHW and GLQ?
Across a 3-year window, the weekly returns of CHW and GLQ correlate at 0.84, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.79) sits close to the 3-year figure. Stretching to 5 years gives 0.79, with an annualized covariance of 258.2 %².
Within CHW's tracked universe of 17 assets, GLQ comes in at #5 by 3-year correlation. The trailing year gives CHW the advantage: +26.8% versus +21.6%, a 5.2-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 GLQ: side by side
| CHW (Calamos Global Dynamic Income Fund - Closed End Fund) | GLQ (Clough Global Equity Fund) | |
|---|---|---|
| 1-year return | +26.8% | +21.6% |
| 5-year return | +27.6% | -3.8% |
| Volatility (ann.) | 18.6% | 16.6% |
| Beta vs S&P 500 | 1.05 | 1.00 |
| Max drawdown (3Y) | -20.4% | -19.2% |
| Market cap | – | – |
| P/E (trailing) | 3.0 | 2.7 |
| Dividend yield | 7.03% | 9.99% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHW | GLQ |
|---|---|---|
| 2022 | -37.7% | -42.3% |
| 2023 | +14.5% | +2.8% |
| 2024 | +27.8% | +25.2% |
| 2025 | +19.6% | +28.5% |
| 2026 | +20.8% | +13.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHW and GLQ good diversifiers for each other?
No: a correlation of 0.84 means CHW and GLQ tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between CHW and GLQ?
The CHW/GLQ correlation stands at 0.84 on a 3-year window (1 year: 0.79, 5 years: 0.79), computed from weekly returns as of 2026-08-27.
Is GLQ a good diversifier for CHW?
No: a correlation of 0.84 means CHW and GLQ tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.84 mean?
A reading of 0.84 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-glq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/chw-vs-glq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CHW correlations · GLQ correlations
