AXGN vs CGBD: Correlation
Axogen, Inc. (AXGN) and Carlyle Secured Lending, Inc. - Closed End Fund (CGBD) show a moderate relationship: their 3-year correlation of weekly returns is 0.34.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are AXGN and CGBD?
Over the past 3 years, AXGN and CGBD moved with a correlation of 0.34, which is moderate. Little has changed lately, as the 1-year reading of 0.41 lands near the 3-year figure. Over 5 years the correlation is 0.28, and the annualized covariance of weekly returns is 463.7 %².
Among the 14 assets we track against AXGN, CGBD ranks #5 by 3-year correlation. The last year tells two different stories: AXGN led by 224.4 percentage points, +220.5% for AXGN against -3.9% for CGBD. Risk is not evenly split, since AXGN carries 2.9 times the volatility of the other side.
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.
AXGN vs CGBD: side by side
| AXGN (Axogen, Inc.) | CGBD (Carlyle Secured Lending, Inc. - Closed End Fund) | |
|---|---|---|
| 1-year return | +220.5% | -3.9% |
| 5-year return | +213.9% | +52.6% |
| Volatility (ann.) | 63.3% | 21.6% |
| Beta vs S&P 500 | 1.11 | 0.67 |
| Max drawdown (3Y) | -53.8% | -35.1% |
| Market cap | $2.8B | $0.8B |
| P/E (trailing) | – | 22.4 |
| Dividend yield | 0.00% | 13.68% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | AXGN | CGBD |
|---|---|---|
| 2022 | +6.5% | +17.7% |
| 2023 | -31.6% | +18.0% |
| 2024 | +141.3% | +33.5% |
| 2025 | +98.6% | -21.5% |
| 2026 | +58.1% | +0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are AXGN and CGBD good diversifiers for each other?
Reasonably. At 0.34, AXGN and CGBD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between AXGN and CGBD?
Using weekly returns as of 2026-08-27: 0.34 over 3 years, with 0.41 over the last year and 0.28 over 5 years.
Is CGBD a good diversifier for AXGN?
Reasonably. At 0.34, AXGN and CGBD keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.34 mean?
On the −1 to +1 scale, 0.34 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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[](https://www.pairbook.io/pair/axgn-vs-cgbd/)
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Related comparisons
Hubs: AXGN correlations · CGBD correlations
