CSQ vs EW: Correlation
How closely do Calamos Strategic Total Return Fund - Closed End Fund (CSQ) and Edwards Lifesciences (EW) trade together? Their weekly returns over three years give a correlation of 0.38, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSQ and EW?
On 3 years of weekly data the CSQ/EW correlation comes out at 0.38, moderate. The link has loosened recently: the 1-year correlation (0.26) runs below the 3-year figure (0.38). The 5-year figure is 0.48, and annualized covariance runs at 222.7 %².
Out of 51 assets tracked against CSQ, EW lands near the bottom at #48. On 12-month performance CSQ holds a 10.2-point edge, +21.4% against +11.2%. Risk is not evenly split, since EW carries 1.7 times the volatility of the other side.
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 EW: side by side
| CSQ (Calamos Strategic Total Return Fund - Closed End Fund) | EW (Edwards Lifesciences) | |
|---|---|---|
| 1-year return | +21.4% | +11.2% |
| 5-year return | +64.2% | -23.8% |
| Volatility (ann.) | 18.8% | 31.6% |
| Beta vs S&P 500 | 1.22 | 0.81 |
| Max drawdown (3Y) | -24.2% | -37.5% |
| Market cap | $3.4B | $51.8B |
| P/E (trailing) | 3.2 | 54.2 |
| Dividend yield | 2.95% | 0.00% |
| Sector / category | US Listed | Health Care |
Year-by-year returns
| Year | CSQ | EW |
|---|---|---|
| 2022 | -24.2% | -42.4% |
| 2023 | +20.9% | +2.2% |
| 2024 | +28.2% | -2.9% |
| 2025 | +16.3% | +15.2% |
| 2026 | +14.3% | +5.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSQ and EW good diversifiers for each other?
Reasonably. At 0.38, CSQ and EW keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CSQ and EW?
The CSQ/EW correlation stands at 0.38 on a 3-year window (1 year: 0.26, 5 years: 0.48), computed from weekly returns as of 2026-08-27.
Is EW a good diversifier for CSQ?
Reasonably. At 0.38, CSQ and EW keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.38 mean?
On the −1 to +1 scale, 0.38 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/csq-vs-ew.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/csq-vs-ew/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CSQ correlations · EW correlations
