CPZ vs QQQ: Correlation
How closely do Calamos Long/Short Equity & Dynamic Income Trust - Closed (CPZ) and Invesco QQQ Trust (QQQ) trade together? Their weekly returns over three years give a correlation of 0.32, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPZ and QQQ?
Across a 3-year window, the weekly returns of CPZ and QQQ correlate at 0.32, moderate. The past 12 months show a tighter link (0.48) than the 3-year average (0.32). Stretching to 5 years gives 0.42, with an annualized covariance of 70.3 %².
QQQ is close to the least connected end of CPZ's tracked universe, ranking #7 of 10. Their recent paths diverged sharply: over the last 12 months QQQ outperformed by 35.5 percentage points (-9.2% for CPZ against +26.3% for QQQ). Note the risk asymmetry: QQQ runs 1.7 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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 QQQ: side by side
| CPZ (Calamos Long/Short Equity & Dynamic Income Trust - Closed) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | -9.2% | +26.3% |
| 5-year return | +14.8% | +95.4% |
| Volatility (ann.) | 11.3% | 19.6% |
| Beta vs S&P 500 | 0.30 | 1.28 |
| Max drawdown (3Y) | -17.9% | -22.8% |
| Market cap | $0.3B | – |
| P/E (trailing) | 63.7 | – |
| Dividend yield | 0.00% | 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 | CPZ | QQQ |
|---|---|---|
| 2022 | -14.0% | -32.6% |
| 2023 | +6.3% | +54.9% |
| 2024 | +16.0% | +25.6% |
| 2025 | +9.8% | +20.8% |
| 2026 | -1.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPZ and QQQ good diversifiers for each other?
Reasonably. At 0.32, CPZ and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CPZ and QQQ?
As of 2026-08-27, the correlation of weekly returns between CPZ and QQQ is 0.32 over 3 years, 0.48 over 1 year and 0.42 over 5 years.
Is QQQ a good diversifier for CPZ?
Reasonably. At 0.32, CPZ and QQQ keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.32 mean?
A reading of 0.32 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-qqq.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cpz-vs-qqq/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CPZ correlations · QQQ correlations
