CSQ vs VOO: Correlation
How closely do Calamos Strategic Total Return Fund - Closed End Fund (CSQ) and Vanguard S&P 500 ETF (VOO) trade together? Their weekly returns over three years give a correlation of 0.94, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSQ and VOO?
Across a 3-year window, the weekly returns of CSQ and VOO correlate at 0.94, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.96 over 1 year against 0.94 over 3. Stretching to 5 years gives 0.93, with an annualized covariance of 254.5 %².
Few assets follow CSQ as closely as VOO, which ranks #3 of 51 tracked partners. Their 12-month results are close: +21.4% for CSQ against +20.6% for VOO.
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 VOO: side by side
| CSQ (Calamos Strategic Total Return Fund - Closed End Fund) | VOO (Vanguard S&P 500 ETF) | |
|---|---|---|
| 1-year return | +21.4% | +20.6% |
| 5-year return | +64.2% | +83.0% |
| Volatility (ann.) | 18.8% | 14.4% |
| Beta vs S&P 500 | 1.22 | 0.99 |
| Max drawdown (3Y) | -24.2% | -18.7% |
| Market cap | $3.4B | – |
| P/E (trailing) | 3.2 | – |
| Dividend yield | 2.95% | 1.07% |
| Expense ratio | – | 0.03% |
| Assets under management | – | $1,686.9B |
| Sector / category | US Listed | ETF · US Large Cap |
VOO, Vanguard's Large Blend fund, carries $1,686.9B under management, 503 holdings, a 0.03% expense ratio, a 1.07% trailing dividend yield.
Year-by-year returns
| Year | CSQ | VOO |
|---|---|---|
| 2022 | -24.2% | -18.2% |
| 2023 | +20.9% | +26.3% |
| 2024 | +28.2% | +25.0% |
| 2025 | +16.3% | +17.8% |
| 2026 | +14.3% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSQ and VOO good diversifiers for each other?
Not really. At 0.94, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between CSQ and VOO?
Using weekly returns as of 2026-08-27: 0.94 over 3 years, with 0.96 over the last year and 0.93 over 5 years.
Is VOO a good diversifier for CSQ?
Not really. At 0.94, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.94 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.
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Related comparisons
Hubs: CSQ correlations · VOO correlations
