CHW vs SPY: Correlation
Measured on weekly returns over the past three years, Calamos Global Dynamic Income Fund - Closed End Fund (CHW) and SPDR S&P 500 ETF Trust (SPY) carry a correlation of 0.82, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHW and SPY?
Across a 3-year window, the weekly returns of CHW and SPY correlate at 0.82, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.75 over 1 year against 0.82 over 3. Stretching to 5 years gives 0.83, with an annualized covariance of 219.8 %².
By 3-year correlation, SPY places #6 of the 17 assets tracked against CHW. The trailing year gives CHW the advantage: +26.8% versus +20.6%, a 6.2-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 SPY: side by side
| CHW (Calamos Global Dynamic Income Fund - Closed End Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | +26.8% | +20.6% |
| 5-year return | +27.6% | +82.4% |
| Volatility (ann.) | 18.6% | 14.5% |
| Beta vs S&P 500 | 1.05 | 1.00 |
| Max drawdown (3Y) | -20.4% | -18.8% |
| Market cap | – | – |
| P/E (trailing) | 3.0 | – |
| Dividend yield | 7.03% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | CHW | SPY |
|---|---|---|
| 2022 | -37.7% | -18.2% |
| 2023 | +14.5% | +26.2% |
| 2024 | +27.8% | +24.9% |
| 2025 | +19.6% | +17.7% |
| 2026 | +20.8% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHW and SPY good diversifiers for each other?
No. With a correlation of 0.82, CHW and SPY move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between CHW and SPY?
The CHW/SPY correlation stands at 0.82 on a 3-year window (1 year: 0.75, 5 years: 0.83), computed from weekly returns as of 2026-08-27.
Is SPY a good diversifier for CHW?
No. With a correlation of 0.82, CHW and SPY move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.82 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 · SPY correlations
