CGBD vs OCSL: Correlation
Carlyle Secured Lending, Inc. - Closed End Fund (CGBD) and Oaktree Specialty Lending Corporation - Closed End Fund (OCSL) show a strong relationship: their 3-year correlation of weekly returns is 0.73.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGBD and OCSL?
Across a 3-year window, the weekly returns of CGBD and OCSL correlate at 0.73, strong. Recent behaviour matches the longer record: 0.81 over 1 year against 0.73 over 3. Stretching to 5 years gives 0.71, with an annualized covariance of 340.7 %².
By 3-year correlation, OCSL places #5 of the 18 assets tracked against CGBD. On 12-month performance OCSL holds a 9.3-point edge, -3.9% against +5.4%.
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 OCSL: side by side
| CGBD (Carlyle Secured Lending, Inc. - Closed End Fund) | OCSL (Oaktree Specialty Lending Corporation - Closed End Fund) | |
|---|---|---|
| 1-year return | -3.9% | +5.4% |
| 5-year return | +52.6% | +5.8% |
| Volatility (ann.) | 21.6% | 21.7% |
| Beta vs S&P 500 | 0.67 | 0.62 |
| Max drawdown (3Y) | -35.1% | -34.2% |
| Market cap | $0.8B | $1.1B |
| P/E (trailing) | 22.4 | 27.0 |
| Dividend yield | 13.68% | 11.49% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGBD | OCSL |
|---|---|---|
| 2022 | +17.7% | +3.7% |
| 2023 | +18.0% | +11.3% |
| 2024 | +33.5% | -15.1% |
| 2025 | -21.5% | -6.1% |
| 2026 | +0.0% | +8.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGBD and OCSL good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CGBD and OCSL?
The CGBD/OCSL correlation stands at 0.73 on a 3-year window (1 year: 0.81, 5 years: 0.71), computed from weekly returns as of 2026-08-27.
Is OCSL a good diversifier for CGBD?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.73 mean?
On the −1 to +1 scale, 0.73 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/cgbd-vs-ocsl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cgbd-vs-ocsl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: CGBD correlations · OCSL correlations
