BBDC vs CION: Correlation
Measured on weekly returns over the past three years, Barings BDC, Inc. (BBDC) and CION Investment Corporation (CION) carry a correlation of 0.66, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BBDC and CION?
On 3 years of weekly data the BBDC/CION correlation comes out at 0.66, strong. The past 12 months show a tighter link (0.79) than the 3-year average (0.66). The 5-year figure is 0.60, and annualized covariance runs at 391.2 %².
Within BBDC's tracked universe of 12 assets, CION comes in at #7 by 3-year correlation. Correlation aside, the last 12 months split them widely, with BBDC ahead by 25.5 points (+7.8% versus -17.7%). Note the risk asymmetry: CION runs 1.5 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
BBDC vs CION: side by side
| BBDC (Barings BDC, Inc.) | CION (CION Investment Corporation) | |
|---|---|---|
| 1-year return | +7.8% | -17.7% |
| 5-year return | +50.4% | +26.2% |
| Volatility (ann.) | 19.5% | 30.2% |
| Beta vs S&P 500 | 0.60 | 0.86 |
| Max drawdown (3Y) | -24.5% | -40.3% |
| Market cap | $1.0B | $0.4B |
| P/E (trailing) | 11.4 | 123.5 |
| Dividend yield | 11.12% | 17.98% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BBDC | CION |
|---|---|---|
| 2022 | -18.6% | -14.8% |
| 2023 | +18.5% | +35.4% |
| 2024 | +23.9% | +14.8% |
| 2025 | +8.8% | -2.3% |
| 2026 | +8.6% | -14.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BBDC and CION good diversifiers for each other?
Only partially. A correlation of 0.66 means BBDC and CION share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between BBDC and CION?
As of 2026-08-27, the correlation of weekly returns between BBDC and CION is 0.66 over 3 years, 0.79 over 1 year and 0.60 over 5 years.
Is CION a good diversifier for BBDC?
Only partially. A correlation of 0.66 means BBDC and CION share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.66 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/bbdc-vs-cion.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bbdc-vs-cion/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BBDC correlations · CION correlations
