CSQ vs SPYG: Correlation
Measured on weekly returns over the past three years, Calamos Strategic Total Return Fund - Closed End Fund (CSQ) and SPDR Portfolio S&P 500 Growth ETF (SPYG) carry a correlation of 0.91, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSQ and SPYG?
Over the past 3 years, CSQ and SPYG moved with a correlation of 0.91, which is very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.94 over 1 year against 0.91 over 3. Over 5 years the correlation is 0.90, and the annualized covariance of weekly returns is 322.9 %².
Within CSQ's tracked universe of 51 assets, SPYG comes in at #8 by 3-year correlation. Twelve-month performance is nearly a tie, at +21.4% for CSQ and +22.4% for SPYG.
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 SPYG: side by side
| CSQ (Calamos Strategic Total Return Fund - Closed End Fund) | SPYG (SPDR Portfolio S&P 500 Growth ETF) | |
|---|---|---|
| 1-year return | +21.4% | +22.4% |
| 5-year return | +64.2% | +85.9% |
| Volatility (ann.) | 18.8% | 18.9% |
| Beta vs S&P 500 | 1.22 | 1.25 |
| Max drawdown (3Y) | -24.2% | -22.1% |
| Market cap | $3.4B | – |
| P/E (trailing) | 3.2 | – |
| Dividend yield | 2.95% | 0.49% |
| Expense ratio | – | 0.04% |
| Assets under management | – | $52.2B |
| Sector / category | US Listed | ETF · US Style |
SPYG is a Large Growth fund from State Street Investment Management: $52.2B under management, 148 holdings, a 0.04% expense ratio, a 0.49% trailing dividend yield.
Year-by-year returns
| Year | CSQ | SPYG |
|---|---|---|
| 2022 | -24.2% | -29.4% |
| 2023 | +20.9% | +30.0% |
| 2024 | +28.2% | +36.0% |
| 2025 | +16.3% | +22.1% |
| 2026 | +14.3% | +14.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSQ and SPYG good diversifiers for each other?
No. With a correlation of 0.91, CSQ and SPYG move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between CSQ and SPYG?
The CSQ/SPYG correlation stands at 0.91 on a 3-year window (1 year: 0.94, 5 years: 0.90), computed from weekly returns as of 2026-08-27.
Is SPYG a good diversifier for CSQ?
No. With a correlation of 0.91, CSQ and SPYG move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.91 mean?
On the −1 to +1 scale, 0.91 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-spyg.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/csq-vs-spyg/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CSQ correlations · SPYG correlations
