GAIN vs GBDC: Correlation
Measured on weekly returns over the past three years, Gl (GAIN) and Golub Capital BDC, Inc. - Closed End Fund (GBDC) carry a correlation of 0.59, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GAIN and GBDC?
Over the past 3 years, GAIN and GBDC moved with a correlation of 0.59, which is moderate. Recent behaviour matches the longer record: 0.65 over 1 year against 0.59 over 3. Over 5 years the correlation is 0.57, and the annualized covariance of weekly returns is 186.8 %².
Few assets follow GAIN as closely as GBDC, which ranks #1 of 10 tracked partners. Correlation aside, the last 12 months split them widely, with GAIN ahead by 26.1 points (+24.9% versus -1.2%).
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.
GAIN vs GBDC: side by side
| GAIN (Gl) | GBDC (Golub Capital BDC, Inc. - Closed End Fund) | |
|---|---|---|
| 1-year return | +24.9% | -1.2% |
| 5-year return | +92.6% | +39.0% |
| Volatility (ann.) | 20.1% | 15.8% |
| Beta vs S&P 500 | 0.61 | 0.47 |
| Max drawdown (3Y) | -14.8% | -18.2% |
| Market cap | – | $3.4B |
| P/E (trailing) | 3.8 | 19.8 |
| Dividend yield | 5.86% | 10.98% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GAIN | GBDC |
|---|---|---|
| 2022 | -17.5% | -7.0% |
| 2023 | +31.0% | +27.7% |
| 2024 | +5.3% | +13.6% |
| 2025 | +17.1% | -0.5% |
| 2026 | +22.5% | +1.5% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GAIN and GBDC good diversifiers for each other?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between GAIN and GBDC?
As of 2026-08-27, the correlation of weekly returns between GAIN and GBDC is 0.59 over 3 years, 0.65 over 1 year and 0.57 over 5 years.
Is GBDC a good diversifier for GAIN?
To a limited degree. At 0.59 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.59 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/gain-vs-gbdc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gain-vs-gbdc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GAIN correlations · GBDC correlations
