CHW vs VXZ: Correlation
How closely do Calamos Global Dynamic Income Fund - Closed End Fund (CHW) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.57, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHW and VXZ?
On 3 years of weekly data the CHW/VXZ correlation comes out at -0.57, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.54 over 1 year against -0.57 over 3. The 5-year figure is -0.60, and annualized covariance runs at -272.3 %².
Among the 17 assets we track against CHW, VXZ sits near the bottom by co-movement, at rank #15. The last year tells two different stories: CHW led by 42.9 percentage points, +26.8% for CHW against -16.1% for VXZ.
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 VXZ: side by side
| CHW (Calamos Global Dynamic Income Fund - Closed End Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +26.8% | -16.1% |
| 5-year return | +27.6% | -53.1% |
| Volatility (ann.) | 18.6% | 25.6% |
| Beta vs S&P 500 | 1.05 | -1.31 |
| Max drawdown (3Y) | -20.4% | -36.4% |
| Market cap | – | – |
| P/E (trailing) | 3.0 | – |
| Dividend yield | 7.03% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHW | VXZ |
|---|---|---|
| 2022 | -37.7% | +0.5% |
| 2023 | +14.5% | -44.0% |
| 2024 | +27.8% | -12.7% |
| 2025 | +19.6% | +5.7% |
| 2026 | +20.8% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHW and VXZ good diversifiers for each other?
Yes: at -0.57, the two have gone their own ways historically, which is what genuine diversification looks like.
FAQ
What is the correlation between CHW and VXZ?
As of 2026-08-27, the correlation of weekly returns between CHW and VXZ is -0.57 over 3 years, -0.54 over 1 year and -0.60 over 5 years.
Is VXZ a good diversifier for CHW?
Yes: at -0.57, the two have gone their own ways historically, which is what genuine diversification looks like.
What does a correlation of -0.57 mean?
On the −1 to +1 scale, -0.57 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/chw-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CHW correlations · VXZ correlations
