BXSL vs GBDC: Correlation
How closely do Blackstone Secured Lending Fund (BXSL) and Golub Capital BDC, Inc. - Closed End Fund (GBDC) trade together? Their weekly returns over three years give a correlation of 0.78, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BXSL and GBDC?
Across a 3-year window, the weekly returns of BXSL and GBDC correlate at 0.78, strong. Recent behaviour matches the longer record: 0.82 over 1 year against 0.78 over 3. Stretching to 5 years gives 0.59, with an annualized covariance of 215.1 %².
GBDC is one of the assets that tracks BXSL most closely: it ranks #2 out of the 11 assets we track against BXSL. The trailing year gives GBDC the advantage: -6.3% versus -1.2%, a 5.1-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.
BXSL vs GBDC: side by side
| BXSL (Blackstone Secured Lending Fund) | GBDC (Golub Capital BDC, Inc. - Closed End Fund) | |
|---|---|---|
| 1-year return | -6.3% | -1.2% |
| 5-year return | +49.3% | +39.0% |
| Volatility (ann.) | 17.4% | 15.8% |
| Beta vs S&P 500 | 0.45 | 0.47 |
| Max drawdown (3Y) | -24.2% | -18.2% |
| Market cap | $5.8B | $3.4B |
| P/E (trailing) | 19.6 | 19.8 |
| Dividend yield | 12.35% | 10.98% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BXSL | GBDC |
|---|---|---|
| 2022 | -26.0% | -7.0% |
| 2023 | +37.8% | +27.7% |
| 2024 | +29.0% | +13.6% |
| 2025 | -9.4% | -0.5% |
| 2026 | +0.2% | +1.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BXSL and GBDC good diversifiers for each other?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between BXSL and GBDC?
The BXSL/GBDC correlation stands at 0.78 on a 3-year window (1 year: 0.82, 5 years: 0.59), computed from weekly returns as of 2026-08-27.
Is GBDC a good diversifier for BXSL?
Somewhat, no more. With 0.78 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.78 mean?
A reading of 0.78 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/bxsl-vs-gbdc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bxsl-vs-gbdc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BXSL correlations · GBDC correlations
