CPZ vs JHI: Correlation
Calamos Long/Short Equity & Dynamic Income Trust - Closed (CPZ) and John Hancock Investors Trust (JHI) show a moderate relationship: their 3-year correlation of weekly returns is 0.58.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPZ and JHI?
On 3 years of weekly data the CPZ/JHI correlation comes out at 0.58, moderate. The relationship has been stable: the 1-year correlation (0.63) sits close to the 3-year figure. The 5-year figure is 0.59, and annualized covariance runs at 60.7 %².
In CPZ's tracked universe of 10 assets, JHI sits right near the top at #1. The trailing year gives JHI the advantage: -9.2% versus +2.3%, a 11.5-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.
CPZ vs JHI: side by side
| CPZ (Calamos Long/Short Equity & Dynamic Income Trust - Closed) | JHI (John Hancock Investors Trust) | |
|---|---|---|
| 1-year return | -9.2% | +2.3% |
| 5-year return | +14.8% | +3.7% |
| Volatility (ann.) | 11.3% | 9.3% |
| Beta vs S&P 500 | 0.30 | 0.37 |
| Max drawdown (3Y) | -17.9% | -11.2% |
| Market cap | $0.3B | – |
| P/E (trailing) | 63.7 | 8.6 |
| Dividend yield | 0.00% | 9.37% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CPZ | JHI |
|---|---|---|
| 2022 | -14.0% | -29.5% |
| 2023 | +6.3% | +10.6% |
| 2024 | +16.0% | +14.4% |
| 2025 | +9.8% | +9.1% |
| 2026 | -1.8% | +1.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPZ and JHI good diversifiers for each other?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CPZ and JHI?
As of 2026-08-27, the correlation of weekly returns between CPZ and JHI is 0.58 over 3 years, 0.63 over 1 year and 0.59 over 5 years.
Is JHI a good diversifier for CPZ?
Somewhat, no more. With 0.58 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.58 mean?
A reading of 0.58 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-jhi.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/cpz-vs-jhi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CPZ correlations · JHI correlations
