CSQ vs QUAL: Correlation
Measured on weekly returns over the past three years, Calamos Strategic Total Return Fund - Closed End Fund (CSQ) and iShares MSCI USA Quality Factor ETF (QUAL) carry a correlation of 0.90, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSQ and QUAL?
On 3 years of weekly data the CSQ/QUAL correlation comes out at 0.90, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.90 over 1 year against 0.90 over 3. The 5-year figure is 0.91, and annualized covariance runs at 236.6 %².
Among the 51 assets we track against CSQ, QUAL ranks #12 by 3-year correlation. Twelve-month performance is nearly a tie, at +21.4% for CSQ and +19.7% for QUAL.
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 QUAL: side by side
| CSQ (Calamos Strategic Total Return Fund - Closed End Fund) | QUAL (iShares MSCI USA Quality Factor ETF) | |
|---|---|---|
| 1-year return | +21.4% | +19.7% |
| 5-year return | +64.2% | +68.0% |
| Volatility (ann.) | 18.8% | 14.0% |
| Beta vs S&P 500 | 1.22 | 0.93 |
| Max drawdown (3Y) | -24.2% | -18.0% |
| Market cap | $3.4B | – |
| P/E (trailing) | 3.2 | – |
| Dividend yield | 2.95% | 0.86% |
| Expense ratio | – | 0.15% |
| Assets under management | – | $46.5B |
| Sector / category | US Listed | ETF · US Style |
QUAL, iShares's Large Blend fund, carries $46.5B under management, 123 holdings, a 0.15% expense ratio, a 0.86% trailing dividend yield.
Year-by-year returns
| Year | CSQ | QUAL |
|---|---|---|
| 2022 | -24.2% | -20.5% |
| 2023 | +20.9% | +30.9% |
| 2024 | +28.2% | +22.3% |
| 2025 | +16.3% | +12.7% |
| 2026 | +14.3% | +13.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSQ and QUAL good diversifiers for each other?
No. With a correlation of 0.90, CSQ and QUAL move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between CSQ and QUAL?
The CSQ/QUAL correlation stands at 0.90 on a 3-year window (1 year: 0.90, 5 years: 0.91), computed from weekly returns as of 2026-08-27.
Is QUAL a good diversifier for CSQ?
No. With a correlation of 0.90, CSQ and QUAL move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.90 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-qual.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/csq-vs-qual/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CSQ correlations · QUAL correlations
