CSQ vs NIE: Correlation
Calamos Strategic Total Return Fund - Closed End Fund (CSQ) and Virtus Equity & Convertible Income Fund (NIE) show a very strong relationship: their 3-year correlation of weekly returns is 0.91.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSQ and NIE?
Over the past 3 years, CSQ and NIE moved with a correlation of 0.91, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.87 over 1 year against 0.91 over 3. Over 5 years the correlation is 0.91, and the annualized covariance of weekly returns is 255.1 %².
Within CSQ's tracked universe of 51 assets, NIE comes in at #7 by 3-year correlation. Twelve-month performance is nearly a tie, at +21.4% for CSQ and +16.8% for NIE.
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 NIE: side by side
| CSQ (Calamos Strategic Total Return Fund - Closed End Fund) | NIE (Virtus Equity & Convertible Income Fund) | |
|---|---|---|
| 1-year return | +21.4% | +16.8% |
| 5-year return | +64.2% | +55.1% |
| Volatility (ann.) | 18.8% | 14.9% |
| Beta vs S&P 500 | 1.22 | 0.92 |
| Max drawdown (3Y) | -24.2% | -20.8% |
| Market cap | $3.4B | $0.7B |
| P/E (trailing) | 3.2 | 6.3 |
| Dividend yield | 2.95% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CSQ | NIE |
|---|---|---|
| 2022 | -24.2% | -26.7% |
| 2023 | +20.9% | +26.7% |
| 2024 | +28.2% | +28.6% |
| 2025 | +16.3% | +12.2% |
| 2026 | +14.3% | +9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSQ and NIE good diversifiers for each other?
No. With a correlation of 0.91, CSQ and NIE move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between CSQ and NIE?
Using weekly returns as of 2026-08-27: 0.91 over 3 years, with 0.87 over the last year and 0.91 over 5 years.
Is NIE a good diversifier for CSQ?
No. With a correlation of 0.91, CSQ and NIE move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.91 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-nie.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/csq-vs-nie/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CSQ correlations · NIE correlations
