CHY vs CSQ: Correlation
Calamos Convertible and High Income Fund - Closed End Fund (CHY) and Calamos Strategic Total Return Fund - Closed End Fund (CSQ) show a strong relationship: their 3-year correlation of weekly returns is 0.74.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHY and CSQ?
Over the past 3 years, CHY and CSQ moved with a correlation of 0.74, which is strong. Recent behaviour matches the longer record: 0.84 over 1 year against 0.74 over 3. Over 5 years the correlation is 0.77, and the annualized covariance of weekly returns is 229.0 %².
Few assets follow CHY as closely as CSQ, which ranks #2 of 10 tracked partners. The trailing year gives CHY the advantage: +32.8% versus +21.4%, a 11.4-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.
CHY vs CSQ: side by side
| CHY (Calamos Convertible and High Income Fund - Closed End Fund) | CSQ (Calamos Strategic Total Return Fund - Closed End Fund) | |
|---|---|---|
| 1-year return | +32.8% | +21.4% |
| 5-year return | +33.7% | +64.2% |
| Volatility (ann.) | 16.4% | 18.8% |
| Beta vs S&P 500 | 0.78 | 1.22 |
| Max drawdown (3Y) | -24.3% | -24.2% |
| Market cap | $1.1B | $3.4B |
| P/E (trailing) | 3.1 | 3.2 |
| Dividend yield | 9.22% | 2.95% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CHY | CSQ |
|---|---|---|
| 2022 | -28.0% | -24.2% |
| 2023 | +20.8% | +20.9% |
| 2024 | +17.2% | +28.2% |
| 2025 | +4.0% | +16.3% |
| 2026 | +22.3% | +14.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHY and CSQ good diversifiers for each other?
Only partially. A correlation of 0.74 means CHY and CSQ 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 CHY and CSQ?
The CHY/CSQ correlation stands at 0.74 on a 3-year window (1 year: 0.84, 5 years: 0.77), computed from weekly returns as of 2026-08-27.
Is CSQ a good diversifier for CHY?
Only partially. A correlation of 0.74 means CHY and CSQ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.74 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/chy-vs-csq.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/chy-vs-csq/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CHY correlations · CSQ correlations
