CHY vs QQQ: Correlation
How closely do Calamos Convertible and High Income Fund - Closed End Fund (CHY) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.69, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CHY and QQQ?
Over the past 3 years, CHY and QQQ moved with a correlation of 0.69, which is strong. The link has tightened recently: the 1-year correlation (0.83) runs above the 3-year figure (0.69). Over 5 years the correlation is 0.64, and the annualized covariance of weekly returns is 221.9 %².
Out of 10 assets tracked against CHY, QQQ lands near the bottom at #6. The trailing year gives CHY the advantage: +32.8% versus +26.3%, a 6.5-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 QQQ: side by side
| CHY (Calamos Convertible and High Income Fund - Closed End Fund) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +32.8% | +26.3% |
| 5-year return | +33.7% | +95.4% |
| Volatility (ann.) | 16.4% | 19.6% |
| Beta vs S&P 500 | 0.78 | 1.28 |
| Max drawdown (3Y) | -24.3% | -22.8% |
| Market cap | $1.1B | – |
| P/E (trailing) | 3.1 | – |
| Dividend yield | 9.22% | 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 | CHY | QQQ |
|---|---|---|
| 2022 | -28.0% | -32.6% |
| 2023 | +20.8% | +54.9% |
| 2024 | +17.2% | +25.6% |
| 2025 | +4.0% | +20.8% |
| 2026 | +22.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CHY and QQQ good diversifiers for each other?
Only partially. A correlation of 0.69 means CHY and QQQ 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 QQQ?
As of 2026-08-27, the correlation of weekly returns between CHY and QQQ is 0.69 over 3 years, 0.83 over 1 year and 0.64 over 5 years.
Is QQQ a good diversifier for CHY?
Only partially. A correlation of 0.69 means CHY and QQQ share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.69 mean?
On the −1 to +1 scale, 0.69 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/chy-vs-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/chy-vs-qqq/)
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Related comparisons
Hubs: CHY correlations · QQQ correlations
