BCSF vs CGBD: Correlation
Bain Capital Specialty Finance, Inc. (BCSF) and Carlyle Secured Lending, Inc. - Closed End Fund (CGBD) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCSF and CGBD?
Over the past 3 years, BCSF and CGBD moved with a correlation of 0.72, which is strong. Recent behaviour matches the longer record: 0.75 over 1 year against 0.72 over 3. Over 5 years the correlation is 0.72, and the annualized covariance of weekly returns is 292.0 %².
Within BCSF's tracked universe of 15 assets, CGBD comes in at #4 by 3-year correlation. Over the last 12 months CGBD came out ahead by 8.1 percentage points (-12.0% against -3.9%).
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 CGBD: side by side
| BCSF (Bain Capital Specialty Finance, Inc.) | CGBD (Carlyle Secured Lending, Inc. - Closed End Fund) | |
|---|---|---|
| 1-year return | -12.0% | -3.9% |
| 5-year return | +39.1% | +52.6% |
| Volatility (ann.) | 18.9% | 21.6% |
| Beta vs S&P 500 | 0.60 | 0.67 |
| Max drawdown (3Y) | -26.4% | -35.1% |
| Market cap | $0.8B | $0.8B |
| P/E (trailing) | 12.0 | 22.4 |
| Dividend yield | 14.12% | 13.68% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BCSF | CGBD |
|---|---|---|
| 2022 | -13.3% | +17.7% |
| 2023 | +42.0% | +18.0% |
| 2024 | +29.5% | +33.5% |
| 2025 | -9.6% | -21.5% |
| 2026 | -8.5% | +0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCSF and CGBD good diversifiers for each other?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BCSF and CGBD?
Using weekly returns as of 2026-08-27: 0.72 over 3 years, with 0.75 over the last year and 0.72 over 5 years.
Is CGBD a good diversifier for BCSF?
Somewhat, no more. With 0.72 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.72 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/bcsf-vs-cgbd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bcsf-vs-cgbd/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BCSF correlations · CGBD correlations
