I found the following study on chess and intelligence:
The study claims that intelligence was not a significant factor in chess skill, and that if anything, intelligence correlated negatively with chess skill.
When an elite subsample of 23 children was tested, it turned out that
intelligence was not a significant factor in chess skill, and that, if
anything, it tended to correlate negatively with chess skill.
Therefore I believe that there is no simple intuitive between IQ and chess.
Furthermore, although not directly answering your question, the following study found here: http://journals.cambridge.org/action/displayAbstract;jsessionid=F469EBCCF640F52EBA17EECEC2040A9A.journals?fromPage=online&aid=428239, states:
In 1927 Djakow et all first showed that world-class chess players do
not have exceptional intellectual abilities.