CHW vs VWO: Correlation
Calamos Global Dynamic Income Fund - Closed End Fund (CHW) and Vanguard FTSE Emerging Markets ETF (VWO) show a strong relationship: their 3-year correlation of weekly returns is 0.75.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHW and VWO?
Over the past 3 years, CHW and VWO moved with a correlation of 0.75, which is strong. Recent behaviour matches the longer record: 0.71 over 1 year against 0.75 over 3. Over 5 years the correlation is 0.71, and the annualized covariance of weekly returns is 212.2 %².
Among the 17 assets we track against CHW, VWO ranks #11 by 3-year correlation. On 12-month performance CHW holds a 5.2-point edge, +26.8% against +21.6%.
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 VWO: side by side
| CHW (Calamos Global Dynamic Income Fund - Closed End Fund) | VWO (Vanguard FTSE Emerging Markets ETF) | |
|---|---|---|
| 1-year return | +26.8% | +21.6% |
| 5-year return | +27.6% | +38.2% |
| Volatility (ann.) | 18.6% | 15.2% |
| Beta vs S&P 500 | 1.05 | 0.75 |
| Max drawdown (3Y) | -20.4% | -17.4% |
| Market cap | – | – |
| P/E (trailing) | 3.0 | – |
| Dividend yield | 7.03% | 2.36% |
| Expense ratio | – | 0.06% |
| Assets under management | – | $162.0B |
| Sector / category | US Listed | ETF · International |
On the fund side, VWO sits in the Diversified Emerging Mkts category at Vanguard, with $162.0B under management, 4113 holdings, a 0.06% expense ratio, a 2.36% trailing dividend yield.
Year-by-year returns
| Year | CHW | VWO |
|---|---|---|
| 2022 | -37.7% | -18.0% |
| 2023 | +14.5% | +9.3% |
| 2024 | +27.8% | +10.6% |
| 2025 | +19.6% | +25.6% |
| 2026 | +20.8% | +13.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHW and VWO good diversifiers for each other?
To a limited degree. At 0.75 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 VWO?
As of 2026-08-27, the correlation of weekly returns between CHW and VWO is 0.75 over 3 years, 0.71 over 1 year and 0.71 over 5 years.
Is VWO a good diversifier for CHW?
To a limited degree. At 0.75 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 0.75 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/chw-vs-vwo.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/chw-vs-vwo/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CHW correlations · VWO correlations
