CSQ vs VXZ: Correlation
How closely do Calamos Strategic Total Return Fund - Closed End Fund (CSQ) and iPath Series B S&P 500 VIX Mid-Term Futures ETN (VXZ) trade together? Their weekly returns over three years give a correlation of -0.71, which is negative.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CSQ and VXZ?
Across a 3-year window, the weekly returns of CSQ and VXZ correlate at -0.71, negative, meaning they tend to move in opposite directions. Little has changed lately, as the 1-year reading of -0.72 lands near the 3-year figure. Stretching to 5 years gives -0.66, with an annualized covariance of -342.1 %².
VXZ is close to the least connected end of CSQ's tracked universe, ranking #49 of 51. The last year tells two different stories: CSQ led by 37.5 percentage points, +21.4% for CSQ against -16.1% for VXZ.
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 VXZ: side by side
| CSQ (Calamos Strategic Total Return Fund - Closed End Fund) | VXZ (iPath Series B S&P 500 VIX Mid-Term Futures ETN) | |
|---|---|---|
| 1-year return | +21.4% | -16.1% |
| 5-year return | +64.2% | -53.1% |
| Volatility (ann.) | 18.8% | 25.6% |
| Beta vs S&P 500 | 1.22 | -1.31 |
| Max drawdown (3Y) | -24.2% | -36.4% |
| Market cap | $3.4B | – |
| P/E (trailing) | 3.2 | – |
| Dividend yield | 2.95% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CSQ | VXZ |
|---|---|---|
| 2022 | -24.2% | +0.5% |
| 2023 | +20.9% | -44.0% |
| 2024 | +28.2% | -12.7% |
| 2025 | +16.3% | +5.7% |
| 2026 | +14.3% | -10.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CSQ and VXZ good diversifiers for each other?
By historical standards, yes. A correlation of -0.71 means the two rarely move for the same reasons.
FAQ
What is the correlation between CSQ and VXZ?
As of 2026-08-27, the correlation of weekly returns between CSQ and VXZ is -0.71 over 3 years, -0.72 over 1 year and -0.66 over 5 years.
Is VXZ a good diversifier for CSQ?
By historical standards, yes. A correlation of -0.71 means the two rarely move for the same reasons.
What does a correlation of -0.71 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-vxz.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/csq-vs-vxz/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CSQ correlations · VXZ correlations
