Yes. You need to set up your Google account on the Gear in the settings menu.
I'm not sure if you need to install calendar for it to pull/sync calendar data, but I have it installed and have it set up so if I tap the Minimalistic Text widget, it opens the calendar app.
I also have Tasker on the phone and gear setup to enable BT tethering for 2 minutes every hour.
That is often eough for me to have it synced. But, you could set it more frequently if you wanted.
Or, even leave tether always enabled if you don't mind the battery drain on your phone and watch.
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