BCSF vs CCAP: Correlation
How closely do Bain Capital Specialty Finance, Inc. (BCSF) and Crescent Capital BDC, Inc. (CCAP) trade together? Their weekly returns over three years give a correlation of 0.63, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCSF and CCAP?
Across a 3-year window, the weekly returns of BCSF and CCAP correlate at 0.63, strong. The relationship has been stable: the 1-year correlation (0.69) sits close to the 3-year figure. Stretching to 5 years gives 0.63, with an annualized covariance of 274.4 %².
Within BCSF's tracked universe of 15 assets, CCAP comes in at #7 by 3-year correlation. The trailing year gives BCSF the advantage: -12.0% versus -22.8%, a 10.8-point spread.
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.
BCSF vs CCAP: side by side
| BCSF (Bain Capital Specialty Finance, Inc.) | CCAP (Crescent Capital BDC, Inc.) | |
|---|---|---|
| 1-year return | -12.0% | -22.8% |
| 5-year return | +39.1% | +1.5% |
| Volatility (ann.) | 18.9% | 22.9% |
| Beta vs S&P 500 | 0.60 | 0.60 |
| Max drawdown (3Y) | -26.4% | -36.2% |
| Market cap | $0.8B | $0.4B |
| P/E (trailing) | 12.0 | – |
| Dividend yield | 14.12% | 15.14% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BCSF | CCAP |
|---|---|---|
| 2022 | -13.3% | -18.5% |
| 2023 | +42.0% | +52.6% |
| 2024 | +29.5% | +23.5% |
| 2025 | -9.6% | -17.5% |
| 2026 | -8.5% | -19.3% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCSF and CCAP good diversifiers for each other?
Only partially. A correlation of 0.63 means BCSF and CCAP 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 BCSF and CCAP?
The BCSF/CCAP correlation stands at 0.63 on a 3-year window (1 year: 0.69, 5 years: 0.63), computed from weekly returns as of 2026-08-27.
Is CCAP a good diversifier for BCSF?
Only partially. A correlation of 0.63 means BCSF and CCAP share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.63 mean?
A reading of 0.63 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: BCSF correlations · CCAP correlations
