BCSF vs GBDC: Correlation
How closely do Bain Capital Specialty Finance, Inc. (BCSF) and Golub Capital BDC, Inc. - Closed End Fund (GBDC) trade together? Their weekly returns over three years give a correlation of 0.72, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BCSF and GBDC?
On 3 years of weekly data the BCSF/GBDC correlation comes out at 0.72, strong. Little has changed lately, as the 1-year reading of 0.67 lands near the 3-year figure. The 5-year figure is 0.70, and annualized covariance runs at 213.6 %².
Among the 15 assets we track against BCSF, GBDC ranks #5 by 3-year correlation. The trailing year gives GBDC the advantage: -12.0% versus -1.2%, 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 GBDC: side by side
| BCSF (Bain Capital Specialty Finance, Inc.) | GBDC (Golub Capital BDC, Inc. - Closed End Fund) | |
|---|---|---|
| 1-year return | -12.0% | -1.2% |
| 5-year return | +39.1% | +39.0% |
| Volatility (ann.) | 18.9% | 15.8% |
| Beta vs S&P 500 | 0.60 | 0.47 |
| Max drawdown (3Y) | -26.4% | -18.2% |
| Market cap | $0.8B | $3.4B |
| P/E (trailing) | 12.0 | 19.8 |
| Dividend yield | 14.12% | 10.98% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BCSF | GBDC |
|---|---|---|
| 2022 | -13.3% | -7.0% |
| 2023 | +42.0% | +27.7% |
| 2024 | +29.5% | +13.6% |
| 2025 | -9.6% | -0.5% |
| 2026 | -8.5% | +1.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BCSF and GBDC 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 GBDC?
The BCSF/GBDC correlation stands at 0.72 on a 3-year window (1 year: 0.67, 5 years: 0.70), computed from weekly returns as of 2026-08-27.
Is GBDC 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-gbdc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bcsf-vs-gbdc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BCSF correlations · GBDC correlations
