CGBD vs PNNT: Correlation
Carlyle Secured Lending, Inc. - Closed End Fund (CGBD) and PennantPark Investment Corporation (PNNT) show a strong relationship: their 3-year correlation of weekly returns is 0.64.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGBD and PNNT?
On 3 years of weekly data the CGBD/PNNT correlation comes out at 0.64, strong. The relationship has been stable: the 1-year correlation (0.66) sits close to the 3-year figure. The 5-year figure is 0.61, and annualized covariance runs at 301.2 %².
By 3-year correlation, PNNT places #11 of the 18 assets tracked against CGBD. The last year tells two different stories: CGBD led by 32.5 percentage points, -3.9% for CGBD against -36.4% for PNNT.
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 PNNT: side by side
| CGBD (Carlyle Secured Lending, Inc. - Closed End Fund) | PNNT (PennantPark Investment Corporation) | |
|---|---|---|
| 1-year return | -3.9% | -36.4% |
| 5-year return | +52.6% | +13.8% |
| Volatility (ann.) | 21.6% | 21.6% |
| Beta vs S&P 500 | 0.67 | 0.61 |
| Max drawdown (3Y) | -35.1% | -47.6% |
| Market cap | $0.8B | $0.2B |
| P/E (trailing) | 22.4 | 24.9 |
| Dividend yield | 13.68% | 21.28% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CGBD | PNNT |
|---|---|---|
| 2022 | +17.7% | -8.9% |
| 2023 | +18.0% | +37.3% |
| 2024 | +33.5% | +16.6% |
| 2025 | -21.5% | -3.0% |
| 2026 | +0.0% | -27.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGBD and PNNT good diversifiers for each other?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between CGBD and PNNT?
As of 2026-08-27, the correlation of weekly returns between CGBD and PNNT is 0.64 over 3 years, 0.66 over 1 year and 0.61 over 5 years.
Is PNNT a good diversifier for CGBD?
Somewhat, no more. With 0.64 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.64 mean?
A reading of 0.64 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-pnnt.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/cgbd-vs-pnnt/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: CGBD correlations · PNNT correlations
