CPZ vs VGI: Correlation
Measured on weekly returns over the past three years, Calamos Long/Short Equity & Dynamic Income Trust - Closed (CPZ) and Virtus Global Multi-Sector Income Fund (VGI) carry a correlation of 0.55, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CPZ and VGI?
On 3 years of weekly data the CPZ/VGI correlation comes out at 0.55, moderate. The relationship has been stable: the 1-year correlation (0.65) sits close to the 3-year figure. The 5-year figure is 0.59, and annualized covariance runs at 64.1 %².
Within CPZ's tracked universe of 10 assets, VGI comes in at #4 by 3-year correlation. On 12-month performance VGI holds a 13.0-point edge, -9.2% against +3.8%.
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 VGI: side by side
| CPZ (Calamos Long/Short Equity & Dynamic Income Trust - Closed) | VGI (Virtus Global Multi-Sector Income Fund) | |
|---|---|---|
| 1-year return | -9.2% | +3.8% |
| 5-year return | +14.8% | +11.9% |
| Volatility (ann.) | 11.3% | 10.3% |
| Beta vs S&P 500 | 0.30 | 0.38 |
| Max drawdown (3Y) | -17.9% | -11.3% |
| Market cap | $0.3B | $0.1B |
| P/E (trailing) | 63.7 | 7.8 |
| Dividend yield | 0.00% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CPZ | VGI |
|---|---|---|
| 2022 | -14.0% | -22.3% |
| 2023 | +6.3% | +13.4% |
| 2024 | +16.0% | +10.4% |
| 2025 | +9.8% | +16.1% |
| 2026 | -1.8% | +1.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CPZ and VGI good diversifiers for each other?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CPZ and VGI?
The CPZ/VGI correlation stands at 0.55 on a 3-year window (1 year: 0.65, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is VGI a good diversifier for CPZ?
To a limited degree. At 0.55 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.55 mean?
A reading of 0.55 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-vgi.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cpz-vs-vgi/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CPZ correlations · VGI correlations
