CGBD vs GSBD: Correlation
How closely do Carlyle Secured Lending, Inc. - Closed End Fund (CGBD) and Goldman Sachs BDC, Inc. (GSBD) trade together? Their weekly returns over three years give a correlation of 0.74, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGBD and GSBD?
Across a 3-year window, the weekly returns of CGBD and GSBD correlate at 0.74, strong. Recent behaviour matches the longer record: 0.81 over 1 year against 0.74 over 3. Stretching to 5 years gives 0.74, with an annualized covariance of 332.3 %².
Few assets follow CGBD as closely as GSBD, which ranks #3 of 18 tracked partners. On 12-month performance GSBD holds a 8.2-point edge, -3.9% against +4.3%.
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 GSBD: side by side
| CGBD (Carlyle Secured Lending, Inc. - Closed End Fund) | GSBD (Goldman Sachs BDC, Inc.) | |
|---|---|---|
| 1-year return | -3.9% | +4.3% |
| 5-year return | +52.6% | +1.8% |
| Volatility (ann.) | 21.6% | 20.9% |
| Beta vs S&P 500 | 0.67 | 0.62 |
| Max drawdown (3Y) | -35.1% | -29.6% |
| Market cap | $0.8B | $1.1B |
| P/E (trailing) | 22.4 | 19.1 |
| Dividend yield | 13.68% | 12.77% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGBD | GSBD |
|---|---|---|
| 2022 | +17.7% | -20.1% |
| 2023 | +18.0% | +21.0% |
| 2024 | +33.5% | -6.2% |
| 2025 | -21.5% | -8.8% |
| 2026 | +0.0% | +17.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGBD and GSBD good diversifiers for each other?
Only partially. A correlation of 0.74 means CGBD and GSBD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between CGBD and GSBD?
Using weekly returns as of 2026-08-27: 0.74 over 3 years, with 0.81 over the last year and 0.74 over 5 years.
Is GSBD a good diversifier for CGBD?
Only partially. A correlation of 0.74 means CGBD and GSBD share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.74 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/cgbd-vs-gsbd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cgbd-vs-gsbd/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CGBD correlations · GSBD correlations
