CGBD vs SPY: Correlation
Carlyle Secured Lending, Inc. - Closed End Fund (CGBD) and SPDR S&P 500 ETF Trust (SPY) show a moderate relationship: their 3-year correlation of weekly returns is 0.45.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CGBD and SPY?
Over the past 3 years, CGBD and SPY moved with a correlation of 0.45, which is moderate. The relationship has been stable: the 1-year correlation (0.47) sits close to the 3-year figure. Over 5 years the correlation is 0.53, and the annualized covariance of weekly returns is 139.4 %².
Among the 18 assets we track against CGBD, SPY ranks #12 by 3-year correlation. The last year tells two different stories: SPY led by 24.5 percentage points, -3.9% for CGBD against +20.6% for SPY.
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 SPY: side by side
| CGBD (Carlyle Secured Lending, Inc. - Closed End Fund) | SPY (SPDR S&P 500 ETF Trust) | |
|---|---|---|
| 1-year return | -3.9% | +20.6% |
| 5-year return | +52.6% | +82.4% |
| Volatility (ann.) | 21.6% | 14.5% |
| Beta vs S&P 500 | 0.67 | 1.00 |
| Max drawdown (3Y) | -35.1% | -18.8% |
| Market cap | $0.8B | – |
| P/E (trailing) | 22.4 | – |
| Dividend yield | 13.68% | 1.01% |
| Expense ratio | – | 0.09% |
| Assets under management | – | $795.3B |
| Sector / category | US Listed | ETF · US Large Cap |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | CGBD | SPY |
|---|---|---|
| 2022 | +17.7% | -18.2% |
| 2023 | +18.0% | +26.2% |
| 2024 | +33.5% | +24.9% |
| 2025 | -21.5% | +17.7% |
| 2026 | +0.0% | +13.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CGBD and SPY good diversifiers for each other?
Reasonably. At 0.45, CGBD and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between CGBD and SPY?
Using weekly returns as of 2026-08-27: 0.45 over 3 years, with 0.47 over the last year and 0.53 over 5 years.
Is SPY a good diversifier for CGBD?
Reasonably. At 0.45, CGBD and SPY keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.45 mean?
A reading of 0.45 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: CGBD correlations · SPY correlations
