CSQ vs MTUM: Correlation
How closely do Calamos Strategic Total Return Fund - Closed End Fund (CSQ) and iShares MSCI USA Momentum Factor ETF (MTUM) trade together? Their weekly returns over three years give a correlation of 0.85, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSQ and MTUM?
On 3 years of weekly data the CSQ/MTUM correlation comes out at 0.85, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.80 over 1 year against 0.85 over 3. The 5-year figure is 0.83, and annualized covariance runs at 326.5 %².
Among the 51 assets we track against CSQ, MTUM ranks #20 by 3-year correlation. Neither side won the trailing year by much: +21.4% against +25.2%.
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 MTUM: side by side
| CSQ (Calamos Strategic Total Return Fund - Closed End Fund) | MTUM (iShares MSCI USA Momentum Factor ETF) | |
|---|---|---|
| 1-year return | +21.4% | +25.2% |
| 5-year return | +64.2% | +76.1% |
| Volatility (ann.) | 18.8% | 20.6% |
| Beta vs S&P 500 | 1.22 | 1.25 |
| Max drawdown (3Y) | -24.2% | -21.0% |
| Market cap | $3.4B | – |
| P/E (trailing) | 3.2 | – |
| Dividend yield | 2.95% | 0.62% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $25.3B |
| Sector / category | US Listed | ETF · US Style |
MTUM is a Large Blend fund from iShares: $25.3B under management, 126 holdings, a 0.15% expense ratio, a 0.62% trailing dividend yield.
Year-by-year returns
| Year | CSQ | MTUM |
|---|---|---|
| 2022 | -24.2% | -18.3% |
| 2023 | +20.9% | +9.1% |
| 2024 | +28.2% | +32.9% |
| 2025 | +16.3% | +22.1% |
| 2026 | +14.3% | +21.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSQ and MTUM good diversifiers for each other?
No. With a correlation of 0.85, CSQ and MTUM move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between CSQ and MTUM?
Using weekly returns as of 2026-08-27: 0.85 over 3 years, with 0.80 over the last year and 0.83 over 5 years.
Is MTUM a good diversifier for CSQ?
No. With a correlation of 0.85, CSQ and MTUM move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.85 mean?
On the −1 to +1 scale, 0.85 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-mtum.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/csq-vs-mtum/)
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Related comparisons
Hubs: CSQ correlations · MTUM correlations
