CGBD vs PFLT: Correlation
Measured on weekly returns over the past three years, Carlyle Secured Lending, Inc. - Closed End Fund (CGBD) and PennantPark Floating Rate Capital Ltd. (PFLT) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGBD and PFLT?
Over the past 3 years, CGBD and PFLT moved with a correlation of 0.71, which is strong. Recent behaviour matches the longer record: 0.69 over 1 year against 0.71 over 3. Over 5 years the correlation is 0.67, and the annualized covariance of weekly returns is 309.3 %².
By 3-year correlation, PFLT places #10 of the 18 assets tracked against CGBD. Over the last 12 months CGBD came out ahead by 12.1 percentage points (-3.9% against -16.0%).
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 PFLT: side by side
| CGBD (Carlyle Secured Lending, Inc. - Closed End Fund) | PFLT (PennantPark Floating Rate Capital Ltd.) | |
|---|---|---|
| 1-year return | -3.9% | -16.0% |
| 5-year return | +52.6% | +1.5% |
| Volatility (ann.) | 21.6% | 20.1% |
| Beta vs S&P 500 | 0.67 | 0.69 |
| Max drawdown (3Y) | -35.1% | -28.4% |
| Market cap | $0.8B | $0.7B |
| P/E (trailing) | 22.4 | 14.6 |
| Dividend yield | 13.68% | 16.43% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGBD | PFLT |
|---|---|---|
| 2022 | +17.7% | -5.5% |
| 2023 | +18.0% | +23.1% |
| 2024 | +33.5% | +0.7% |
| 2025 | -21.5% | -4.1% |
| 2026 | +0.0% | -12.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGBD and PFLT good diversifiers for each other?
Only partially. A correlation of 0.71 means CGBD and PFLT 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 PFLT?
The CGBD/PFLT correlation stands at 0.71 on a 3-year window (1 year: 0.69, 5 years: 0.67), computed from weekly returns as of 2026-08-27.
Is PFLT a good diversifier for CGBD?
Only partially. A correlation of 0.71 means CGBD and PFLT share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.71 mean?
On the −1 to +1 scale, 0.71 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-pflt.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/cgbd-vs-pflt/)
The core API is free. Terms and every endpoint in the API documentation.
Related comparisons
Hubs: CGBD correlations · PFLT correlations
