CSQ vs VXX: Correlation
Measured on weekly returns over the past three years, Calamos Strategic Total Return Fund - Closed End Fund (CSQ) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) carry a correlation of -0.75, a negative link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSQ and VXX?
Across a 3-year window, the weekly returns of CSQ and VXX correlate at -0.75, negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.75 over 1 year against -0.75 over 3. Stretching to 5 years gives -0.66, with an annualized covariance of -856.9 %².
Out of 51 assets tracked against CSQ, VXX lands near the bottom at #50. The last year tells two different stories: CSQ led by 71.1 percentage points, +21.4% for CSQ against -49.7% for VXX. One caveat on sizing: VXX is 3.2 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 VXX: side by side
| CSQ (Calamos Strategic Total Return Fund - Closed End Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | +21.4% | -49.7% |
| 5-year return | +64.2% | -95.6% |
| Volatility (ann.) | 18.8% | 60.9% |
| Beta vs S&P 500 | 1.22 | -3.31 |
| Max drawdown (3Y) | -24.2% | -83.3% |
| Market cap | $3.4B | – |
| P/E (trailing) | 3.2 | – |
| Dividend yield | 2.95% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CSQ | VXX |
|---|---|---|
| 2022 | -24.2% | -23.8% |
| 2023 | +20.9% | -72.5% |
| 2024 | +28.2% | -26.2% |
| 2025 | +16.3% | -42.2% |
| 2026 | +14.3% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSQ and VXX good diversifiers for each other?
By historical standards, yes. A correlation of -0.75 means the two rarely move for the same reasons.
FAQ
What is the correlation between CSQ and VXX?
The CSQ/VXX correlation stands at -0.75 on a 3-year window (1 year: -0.75, 5 years: -0.66), computed from weekly returns as of 2026-08-27.
Is VXX a good diversifier for CSQ?
By historical standards, yes. A correlation of -0.75 means the two rarely move for the same reasons.
What does a correlation of -0.75 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-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/csq-vs-vxx/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CSQ correlations · VXX correlations
