BDCZ vs OCSL: Correlation
How closely do ETRACS MarketVector Business Development Companies Liquid (BDCZ) and Oaktree Specialty Lending Corporation - Closed End Fund (OCSL) trade together? Their weekly returns over three years give a correlation of 0.83, which is very strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDCZ and OCSL?
Across a 3-year window, the weekly returns of BDCZ and OCSL correlate at 0.83, very strong, meaning they move nearly in lockstep. Recent behaviour matches the longer record: 0.86 over 1 year against 0.83 over 3. Stretching to 5 years gives 0.81, with an annualized covariance of 290.1 %².
Within BDCZ's tracked universe of 49 assets, OCSL comes in at #7 by 3-year correlation. The trailing year gives OCSL the advantage: -4.0% versus +5.4%, a 9.4-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.
BDCZ vs OCSL: side by side
| BDCZ (ETRACS MarketVector Business Development Companies Liquid) | OCSL (Oaktree Specialty Lending Corporation - Closed End Fund) | |
|---|---|---|
| 1-year return | -4.0% | +5.4% |
| 5-year return | +29.0% | +5.8% |
| Volatility (ann.) | 16.0% | 21.7% |
| Beta vs S&P 500 | 0.58 | 0.62 |
| Max drawdown (3Y) | -20.8% | -34.2% |
| Market cap | – | $1.1B |
| P/E (trailing) | – | 27.0 |
| Dividend yield | 0.00% | 11.49% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BDCZ | OCSL |
|---|---|---|
| 2022 | -9.1% | +3.7% |
| 2023 | +25.3% | +11.3% |
| 2024 | +12.2% | -15.1% |
| 2025 | -3.7% | -6.1% |
| 2026 | +0.4% | +8.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDCZ and OCSL good diversifiers for each other?
No: a correlation of 0.83 means BDCZ and OCSL tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between BDCZ and OCSL?
The BDCZ/OCSL correlation stands at 0.83 on a 3-year window (1 year: 0.86, 5 years: 0.81), computed from weekly returns as of 2026-08-27.
Is OCSL a good diversifier for BDCZ?
No: a correlation of 0.83 means BDCZ and OCSL tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.83 mean?
A reading of 0.83 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-ocsl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/bdcz-vs-ocsl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: BDCZ correlations · OCSL correlations
