CSQ vs QQQM: Correlation
How closely do Calamos Strategic Total Return Fund - Closed End Fund (CSQ) and Invesco Nasdaq 100 ETF (QQQM) trade together? Their weekly returns over three years give a correlation of 0.90, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSQ and QQQM?
On 3 years of weekly data the CSQ/QQQM correlation comes out at 0.90, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.92 over 1 year against 0.90 over 3. The 5-year figure is 0.88, and annualized covariance runs at 327.6 %².
Among the 51 assets we track against CSQ, QQQM ranks #11 by 3-year correlation. On 12-month performance QQQM holds a 5.0-point edge, +21.4% against +26.4%.
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 QQQM: side by side
| CSQ (Calamos Strategic Total Return Fund - Closed End Fund) | QQQM (Invesco Nasdaq 100 ETF) | |
|---|---|---|
| 1-year return | +21.4% | +26.4% |
| 5-year return | +64.2% | +96.1% |
| Volatility (ann.) | 18.8% | 19.5% |
| Beta vs S&P 500 | 1.22 | 1.28 |
| Max drawdown (3Y) | -24.2% | -22.7% |
| Market cap | $3.4B | – |
| P/E (trailing) | 3.2 | – |
| Dividend yield | 2.95% | 0.46% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $97.1B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQM is a Large Growth fund from Invesco: $97.1B under management, 105 holdings, a 0.15% expense ratio, a 0.46% trailing dividend yield.
Year-by-year returns
| Year | CSQ | QQQM |
|---|---|---|
| 2022 | -24.2% | -32.5% |
| 2023 | +20.9% | +55.0% |
| 2024 | +28.2% | +25.7% |
| 2025 | +16.3% | +20.9% |
| 2026 | +14.3% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSQ and QQQM good diversifiers for each other?
No: a correlation of 0.90 means CSQ and QQQM tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between CSQ and QQQM?
As of 2026-08-27, the correlation of weekly returns between CSQ and QQQM is 0.90 over 3 years, 0.92 over 1 year and 0.88 over 5 years.
Is QQQM a good diversifier for CSQ?
No: a correlation of 0.90 means CSQ and QQQM tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.90 mean?
On the −1 to +1 scale, 0.90 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.
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Related comparisons
Hubs: CSQ correlations · QQQM correlations
