CGBD vs OBDC: Correlation
Measured on weekly returns over the past three years, Carlyle Secured Lending, Inc. - Closed End Fund (CGBD) and Blue Owl Capital Corporation (OBDC) carry a correlation of 0.77, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGBD and OBDC?
Over the past 3 years, CGBD and OBDC moved with a correlation of 0.77, which is strong. Little has changed lately, as the 1-year reading of 0.85 lands near the 3-year figure. Over 5 years the correlation is 0.74, and the annualized covariance of weekly returns is 320.3 %².
Few assets follow CGBD as closely as OBDC, which ranks #2 of 18 tracked partners. On 12-month performance CGBD holds a 6.4-point edge, -3.9% against -10.3%.
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 OBDC: side by side
| CGBD (Carlyle Secured Lending, Inc. - Closed End Fund) | OBDC (Blue Owl Capital Corporation) | |
|---|---|---|
| 1-year return | -3.9% | -10.3% |
| 5-year return | +52.6% | +34.0% |
| Volatility (ann.) | 21.6% | 19.2% |
| Beta vs S&P 500 | 0.67 | 0.71 |
| Max drawdown (3Y) | -35.1% | -23.9% |
| Market cap | $0.8B | $5.6B |
| P/E (trailing) | 22.4 | 20.1 |
| Dividend yield | 13.68% | 12.62% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGBD | OBDC |
|---|---|---|
| 2022 | +17.7% | -9.5% |
| 2023 | +18.0% | +43.5% |
| 2024 | +33.5% | +14.7% |
| 2025 | -21.5% | -7.9% |
| 2026 | +0.0% | -3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGBD and OBDC good diversifiers for each other?
Only partially. A correlation of 0.77 means CGBD and OBDC 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 OBDC?
Using weekly returns as of 2026-08-27: 0.77 over 3 years, with 0.85 over the last year and 0.74 over 5 years.
Is OBDC a good diversifier for CGBD?
Only partially. A correlation of 0.77 means CGBD and OBDC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.77 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-obdc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cgbd-vs-obdc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CGBD correlations · OBDC correlations
