BDCZ vs GBDC: Correlation
Measured on weekly returns over the past three years, ETRACS MarketVector Business Development Companies Liquid (BDCZ) and Golub Capital BDC, Inc. - Closed End Fund (GBDC) carry a correlation of 0.86, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDCZ and GBDC?
On 3 years of weekly data the BDCZ/GBDC correlation comes out at 0.86, very strong, meaning they move nearly in lockstep. Little has changed lately, as the 1-year reading of 0.84 lands near the 3-year figure. The 5-year figure is 0.83, and annualized covariance runs at 218.2 %².
Few assets follow BDCZ as closely as GBDC, which ranks #3 of 49 tracked partners. Neither side won the trailing year by much: -4.0% against -1.2%.
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 GBDC: side by side
| BDCZ (ETRACS MarketVector Business Development Companies Liquid) | GBDC (Golub Capital BDC, Inc. - Closed End Fund) | |
|---|---|---|
| 1-year return | -4.0% | -1.2% |
| 5-year return | +29.0% | +39.0% |
| Volatility (ann.) | 16.0% | 15.8% |
| Beta vs S&P 500 | 0.58 | 0.47 |
| Max drawdown (3Y) | -20.8% | -18.2% |
| Market cap | – | $3.4B |
| P/E (trailing) | – | 19.8 |
| Dividend yield | 0.00% | 10.98% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BDCZ | GBDC |
|---|---|---|
| 2022 | -9.1% | -7.0% |
| 2023 | +25.3% | +27.7% |
| 2024 | +12.2% | +13.6% |
| 2025 | -3.7% | -0.5% |
| 2026 | +0.4% | +1.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDCZ and GBDC good diversifiers for each other?
No: a correlation of 0.86 means BDCZ and GBDC tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between BDCZ and GBDC?
Using weekly returns as of 2026-08-27: 0.86 over 3 years, with 0.84 over the last year and 0.83 over 5 years.
Is GBDC a good diversifier for BDCZ?
No: a correlation of 0.86 means BDCZ and GBDC tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.86 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/bdcz-vs-gbdc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bdcz-vs-gbdc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BDCZ correlations · GBDC correlations
