CSQ vs ETB: Correlation
Calamos Strategic Total Return Fund - Closed End Fund (CSQ) and Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance (ETB) show a very strong relationship: their 3-year correlation of weekly returns is 0.89.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSQ and ETB?
Across a 3-year window, the weekly returns of CSQ and ETB correlate at 0.89, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.81) sits close to the 3-year figure. Stretching to 5 years gives 0.74, with an annualized covariance of 231.5 %².
Within CSQ's tracked universe of 51 assets, ETB comes in at #14 by 3-year correlation. On 12-month performance CSQ holds a 7.2-point edge, +21.4% against +14.2%.
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.
CSQ vs ETB: side by side
| CSQ (Calamos Strategic Total Return Fund - Closed End Fund) | ETB (Eaton Vance Tax-Managed Buy-Write Income Fund Eaton Vance) | |
|---|---|---|
| 1-year return | +21.4% | +14.2% |
| 5-year return | +64.2% | +44.4% |
| Volatility (ann.) | 18.8% | 13.9% |
| Beta vs S&P 500 | 1.22 | 0.83 |
| Max drawdown (3Y) | -24.2% | -20.1% |
| Market cap | $3.4B | $0.5B |
| P/E (trailing) | 3.2 | 7.7 |
| Dividend yield | 2.95% | 8.13% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CSQ | ETB |
|---|---|---|
| 2022 | -24.2% | -16.6% |
| 2023 | +20.9% | +7.5% |
| 2024 | +28.2% | +26.2% |
| 2025 | +16.3% | +11.2% |
| 2026 | +14.3% | +8.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSQ and ETB good diversifiers for each other?
No. With a correlation of 0.89, CSQ and ETB move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between CSQ and ETB?
As of 2026-08-27, the correlation of weekly returns between CSQ and ETB is 0.89 over 3 years, 0.81 over 1 year and 0.74 over 5 years.
Is ETB a good diversifier for CSQ?
No. With a correlation of 0.89, CSQ and ETB move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.89 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: CSQ correlations · ETB correlations
