CHW vs IEMG: Correlation
How closely do Calamos Global Dynamic Income Fund - Closed End Fund (CHW) and iShares Core MSCI Emerging Markets ETF (IEMG) trade together? Their weekly returns over three years give a correlation of 0.78, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHW and IEMG?
Across a 3-year window, the weekly returns of CHW and IEMG correlate at 0.78, strong. Recent behaviour matches the longer record: 0.77 over 1 year against 0.78 over 3. Stretching to 5 years gives 0.74, with an annualized covariance of 253.0 %².
Within CHW's tracked universe of 17 assets, IEMG comes in at #9 by 3-year correlation. The trailing year gives IEMG the advantage: +26.8% versus +36.0%, a 9.2-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 IEMG: side by side
| CHW (Calamos Global Dynamic Income Fund - Closed End Fund) | IEMG (iShares Core MSCI Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +26.8% | +36.0% |
| 5-year return | +27.6% | +50.7% |
| Volatility (ann.) | 18.6% | 17.4% |
| Beta vs S&P 500 | 1.05 | 0.84 |
| Max drawdown (3Y) | -20.4% | -17.2% |
| Market cap | – | – |
| P/E (trailing) | 3.0 | – |
| Dividend yield | 7.03% | 2.31% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $152.2B |
| Sector / category | US Listed | ETF · International |
IEMG, iShares's Diversified Emerging Mkts fund, carries $152.2B under management, 1824 holdings, a 0.09% expense ratio, a 2.31% trailing dividend yield.
Year-by-year returns
| Year | CHW | IEMG |
|---|---|---|
| 2022 | -37.7% | -20.0% |
| 2023 | +14.5% | +11.5% |
| 2024 | +27.8% | +6.5% |
| 2025 | +19.6% | +32.6% |
| 2026 | +20.8% | +23.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHW and IEMG good diversifiers for each other?
Only partially. A correlation of 0.78 means CHW and IEMG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CHW and IEMG?
Using weekly returns as of 2026-08-27: 0.78 over 3 years, with 0.77 over the last year and 0.74 over 5 years.
Is IEMG a good diversifier for CHW?
Only partially. A correlation of 0.78 means CHW and IEMG share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.78 mean?
On the −1 to +1 scale, 0.78 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/chw-vs-iemg.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/chw-vs-iemg/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CHW correlations · IEMG correlations
