CPZ vs EMD: Correlation
How closely do Calamos Long/Short Equity & Dynamic Income Trust - Closed (CPZ) and Western Asset Emerging Markets Debt Fund Inc (EMD) trade together? Their weekly returns over three years give a correlation of 0.56, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPZ and EMD?
On 3 years of weekly data the CPZ/EMD correlation comes out at 0.56, moderate. Little has changed lately, as the 1-year reading of 0.66 lands near the 3-year figure. The 5-year figure is 0.53, and annualized covariance runs at 89.1 %².
Few assets follow CPZ as closely as EMD, which ranks #2 of 10 tracked partners. Their recent paths diverged sharply: over the last 12 months EMD outperformed by 24.2 percentage points (-9.2% for CPZ against +15.0% for EMD).
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.
CPZ vs EMD: side by side
| CPZ (Calamos Long/Short Equity & Dynamic Income Trust - Closed) | EMD (Western Asset Emerging Markets Debt Fund Inc) | |
|---|---|---|
| 1-year return | -9.2% | +15.0% |
| 5-year return | +14.8% | +28.3% |
| Volatility (ann.) | 11.3% | 14.1% |
| Beta vs S&P 500 | 0.30 | 0.51 |
| Max drawdown (3Y) | -17.9% | -13.3% |
| Market cap | $0.3B | – |
| P/E (trailing) | 63.7 | 6.7 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CPZ | EMD |
|---|---|---|
| 2022 | -14.0% | -20.8% |
| 2023 | +6.3% | +12.3% |
| 2024 | +16.0% | +16.3% |
| 2025 | +9.8% | +23.4% |
| 2026 | -1.8% | +6.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPZ and EMD good diversifiers for each other?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CPZ and EMD?
As of 2026-08-27, the correlation of weekly returns between CPZ and EMD is 0.56 over 3 years, 0.66 over 1 year and 0.53 over 5 years.
Is EMD a good diversifier for CPZ?
Somewhat, no more. With 0.56 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.56 mean?
A reading of 0.56 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cpz-vs-emd.json
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Related comparisons
Hubs: CPZ correlations · EMD correlations
