GBDC vs GJP: Correlation
How closely do Golub Capital BDC, Inc. - Closed End Fund (GBDC) and Synthetic Fixed-Income Securities, Inc. on behalf of STRATS (GJP) trade together? Their weekly returns over three years give a correlation of 0.31, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBDC and GJP?
On 3 years of weekly data the GBDC/GJP correlation comes out at 0.31, moderate. Little has changed lately, as the 1-year reading of 0.28 lands near the 3-year figure. The 5-year figure is 0.19, and annualized covariance runs at 51.0 %².
Among the 17 assets we track against GBDC, GJP sits near the bottom by co-movement, at rank #14. Over the last 12 months GJP came out ahead by 6.8 percentage points (-1.2% against +5.6%). One caveat on sizing: GBDC is 1.5 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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.
GBDC vs GJP: side by side
| GBDC (Golub Capital BDC, Inc. - Closed End Fund) | GJP (Synthetic Fixed-Income Securities, Inc. on behalf of STRATS) | |
|---|---|---|
| 1-year return | -1.2% | +5.6% |
| 5-year return | +39.0% | +30.4% |
| Volatility (ann.) | 15.8% | 10.3% |
| Beta vs S&P 500 | 0.47 | 0.13 |
| Max drawdown (3Y) | -18.2% | -5.8% |
| Market cap | $3.4B | – |
| P/E (trailing) | 19.8 | – |
| Dividend yield | 10.98% | – |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GBDC | GJP |
|---|---|---|
| 2022 | -7.0% | +4.2% |
| 2023 | +27.7% | +7.1% |
| 2024 | +13.6% | +7.2% |
| 2025 | -0.5% | +5.2% |
| 2026 | +1.5% | +2.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBDC and GJP good diversifiers for each other?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between GBDC and GJP?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.28 over the last year and 0.19 over 5 years.
Is GJP a good diversifier for GBDC?
A fair diversifier. At 0.31, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.31 mean?
A reading of 0.31 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/gbdc-vs-gjp.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gbdc-vs-gjp/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GBDC correlations · GJP correlations
