CGBD vs CSWC: Correlation
Carlyle Secured Lending, Inc. - Closed End Fund (CGBD) and Capital Southwest Corporation (CSWC) show a strong relationship: their 3-year correlation of weekly returns is 0.72.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGBD and CSWC?
Over the past 3 years, CGBD and CSWC moved with a correlation of 0.72, which is strong. Recent behaviour matches the longer record: 0.73 over 1 year against 0.72 over 3. Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 312.7 %².
By 3-year correlation, CSWC places #9 of the 18 assets tracked against CGBD. The last year tells two different stories: CSWC led by 29.4 percentage points, -3.9% for CGBD against +25.5% for CSWC.
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.
CGBD vs CSWC: side by side
| CGBD (Carlyle Secured Lending, Inc. - Closed End Fund) | CSWC (Capital Southwest Corporation) | |
|---|---|---|
| 1-year return | -3.9% | +25.5% |
| 5-year return | +52.6% | +72.3% |
| Volatility (ann.) | 21.6% | 20.0% |
| Beta vs S&P 500 | 0.67 | 0.64 |
| Max drawdown (3Y) | -35.1% | -27.7% |
| Market cap | $0.8B | $1.6B |
| P/E (trailing) | 22.4 | 14.0 |
| Dividend yield | 13.68% | 9.20% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGBD | CSWC |
|---|---|---|
| 2022 | +17.7% | -24.4% |
| 2023 | +18.0% | +56.1% |
| 2024 | +33.5% | +2.1% |
| 2025 | -21.5% | +14.3% |
| 2026 | +0.0% | +23.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGBD and CSWC good diversifiers for each other?
To a limited degree. At 0.72 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between CGBD and CSWC?
As of 2026-08-27, the correlation of weekly returns between CGBD and CSWC is 0.72 over 3 years, 0.73 over 1 year and 0.67 over 5 years.
Is CSWC a good diversifier for CGBD?
To a limited degree. At 0.72 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.72 mean?
A reading of 0.72 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/cgbd-vs-cswc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cgbd-vs-cswc/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CGBD correlations · CSWC correlations
