BDCZ vs CGBD: Correlation
ETRACS MarketVector Business Development Companies Liquid (BDCZ) and Carlyle Secured Lending, Inc. - Closed End Fund (CGBD) show a very strong relationship: their 3-year correlation of weekly returns is 0.82.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDCZ and CGBD?
Over the past 3 years, BDCZ and CGBD moved with a correlation of 0.82, which is very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.87 lands near the 3-year figure. Over 5 years the correlation is 0.82, and the annualized covariance of weekly returns is 285.1 %².
Within BDCZ's tracked universe of 49 assets, CGBD comes in at #9 by 3-year correlation. Their 12-month results are close: -4.0% for BDCZ against -3.9% for CGBD.
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.
BDCZ vs CGBD: side by side
| BDCZ (ETRACS MarketVector Business Development Companies Liquid) | CGBD (Carlyle Secured Lending, Inc. - Closed End Fund) | |
|---|---|---|
| 1-year return | -4.0% | -3.9% |
| 5-year return | +29.0% | +52.6% |
| Volatility (ann.) | 16.0% | 21.6% |
| Beta vs S&P 500 | 0.58 | 0.67 |
| Max drawdown (3Y) | -20.8% | -35.1% |
| Market cap | – | $0.8B |
| P/E (trailing) | – | 22.4 |
| Dividend yield | 0.00% | 13.68% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BDCZ | CGBD |
|---|---|---|
| 2022 | -9.1% | +17.7% |
| 2023 | +25.3% | +18.0% |
| 2024 | +12.2% | +33.5% |
| 2025 | -3.7% | -21.5% |
| 2026 | +0.4% | +0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDCZ and CGBD good diversifiers for each other?
No. With a correlation of 0.82, BDCZ and CGBD move nearly in lockstep, so holding both adds very little diversification.
FAQ
What is the correlation between BDCZ and CGBD?
As of 2026-08-27, the correlation of weekly returns between BDCZ and CGBD is 0.82 over 3 years, 0.87 over 1 year and 0.82 over 5 years.
Is CGBD a good diversifier for BDCZ?
No. With a correlation of 0.82, BDCZ and CGBD move nearly in lockstep, so holding both adds very little diversification.
What does a correlation of 0.82 mean?
A reading of 0.82 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bdcz-vs-cgbd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bdcz-vs-cgbd/)
Free with attribution; caching and terms are described in the API documentation.
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Hubs: BDCZ correlations · CGBD correlations
