CHW vs QQQ: Correlation
How closely do Calamos Global Dynamic Income Fund - Closed End Fund (CHW) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.81, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHW and QQQ?
Across a 3-year window, the weekly returns of CHW and QQQ correlate at 0.81, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.76 over 1 year against 0.81 over 3. Stretching to 5 years gives 0.80, with an annualized covariance of 294.3 %².
Among the 17 assets we track against CHW, QQQ ranks #7 by 3-year correlation. Neither side won the trailing year by much: +26.8% against +26.3%.
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 QQQ: side by side
| CHW (Calamos Global Dynamic Income Fund - Closed End Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +26.8% | +26.3% |
| 5-year return | +27.6% | +95.4% |
| Volatility (ann.) | 18.6% | 19.6% |
| Beta vs S&P 500 | 1.05 | 1.28 |
| Max drawdown (3Y) | -20.4% | -22.8% |
| Market cap | – | – |
| P/E (trailing) | 3.0 | – |
| Dividend yield | 7.03% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | CHW | QQQ |
|---|---|---|
| 2022 | -37.7% | -32.6% |
| 2023 | +14.5% | +54.9% |
| 2024 | +27.8% | +25.6% |
| 2025 | +19.6% | +20.8% |
| 2026 | +20.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHW and QQQ good diversifiers for each other?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between CHW and QQQ?
The CHW/QQQ correlation stands at 0.81 on a 3-year window (1 year: 0.76, 5 years: 0.80), computed from weekly returns as of 2026-08-27.
Is QQQ a good diversifier for CHW?
Not really. At 0.81, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.81 mean?
A reading of 0.81 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
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[](https://www.pairbook.io/pair/chw-vs-qqq/)
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Related comparisons
Hubs: CHW correlations · QQQ correlations
