CSQ vs SPXX: Correlation
Measured on weekly returns over the past three years, Calamos Strategic Total Return Fund - Closed End Fund (CSQ) and Nuveen S&P 500 Dynamic Overwrite Fund (SPXX) carry a correlation of 0.87, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSQ and SPXX?
On 3 years of weekly data the CSQ/SPXX correlation comes out at 0.87, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.81 lands near the 3-year figure. The 5-year figure is 0.83, and annualized covariance runs at 231.9 %².
Within CSQ's tracked universe of 51 assets, SPXX comes in at #18 by 3-year correlation. The trailing year gives CSQ the advantage: +21.4% versus +14.9%, a 6.5-point spread.
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 SPXX: side by side
| CSQ (Calamos Strategic Total Return Fund - Closed End Fund) | SPXX (Nuveen S&P 500 Dynamic Overwrite Fund) | |
|---|---|---|
| 1-year return | +21.4% | +14.9% |
| 5-year return | +64.2% | +52.8% |
| Volatility (ann.) | 18.8% | 14.3% |
| Beta vs S&P 500 | 1.22 | 0.87 |
| Max drawdown (3Y) | -24.2% | -17.6% |
| Market cap | $3.4B | $0.3B |
| P/E (trailing) | 3.2 | 8.6 |
| Dividend yield | 2.95% | 7.07% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CSQ | SPXX |
|---|---|---|
| 2022 | -24.2% | -6.9% |
| 2023 | +20.9% | +0.9% |
| 2024 | +28.2% | +27.1% |
| 2025 | +16.3% | +9.8% |
| 2026 | +14.3% | +11.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSQ and SPXX good diversifiers for each other?
No: a correlation of 0.87 means CSQ and SPXX tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between CSQ and SPXX?
The CSQ/SPXX correlation stands at 0.87 on a 3-year window (1 year: 0.81, 5 years: 0.83), computed from weekly returns as of 2026-08-27.
Is SPXX a good diversifier for CSQ?
No: a correlation of 0.87 means CSQ and SPXX tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.87 mean?
On the −1 to +1 scale, 0.87 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-spxx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/csq-vs-spxx/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CSQ correlations · SPXX correlations
