CSQ vs ETJ: Correlation
Calamos Strategic Total Return Fund - Closed End Fund (CSQ) and Eaton Vance Risk-Managed Diversified Equity Income Fund (ETJ) show a very strong relationship: their 3-year correlation of weekly returns is 0.80.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSQ and ETJ?
Across a 3-year window, the weekly returns of CSQ and ETJ correlate at 0.80, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.82 over 1 year against 0.80 over 3. Stretching to 5 years gives 0.77, with an annualized covariance of 195.4 %².
Among the 51 assets we track against CSQ, ETJ ranks #24 by 3-year correlation. The last year tells two different stories: CSQ led by 18.0 percentage points, +21.4% for CSQ against +3.4% for ETJ.
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 ETJ: side by side
| CSQ (Calamos Strategic Total Return Fund - Closed End Fund) | ETJ (Eaton Vance Risk-Managed Diversified Equity Income Fund) | |
|---|---|---|
| 1-year return | +21.4% | +3.4% |
| 5-year return | +64.2% | +19.5% |
| Volatility (ann.) | 18.8% | 13.0% |
| Beta vs S&P 500 | 1.22 | 0.71 |
| Max drawdown (3Y) | -24.2% | -15.4% |
| Market cap | $3.4B | $0.6B |
| P/E (trailing) | 3.2 | 11.4 |
| Dividend yield | 2.95% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CSQ | ETJ |
|---|---|---|
| 2022 | -24.2% | -22.7% |
| 2023 | +20.9% | +14.2% |
| 2024 | +28.2% | +29.5% |
| 2025 | +16.3% | +3.5% |
| 2026 | +14.3% | +2.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSQ and ETJ good diversifiers for each other?
No: a correlation of 0.80 means CSQ and ETJ tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between CSQ and ETJ?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.82 over the last year and 0.77 over 5 years.
Is ETJ a good diversifier for CSQ?
No: a correlation of 0.80 means CSQ and ETJ tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.80 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/csq-vs-etj.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/csq-vs-etj/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CSQ correlations · ETJ correlations
