GBDC vs MSDL: Correlation
How closely do Golub Capital BDC, Inc. - Closed End Fund (GBDC) and Morgan Stanley Direct Lending Fund (MSDL) trade together? Their weekly returns over three years give a correlation of 0.54, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBDC and MSDL?
On 3 years of weekly data the GBDC/MSDL correlation comes out at 0.54, moderate. Lately the two have moved closer together, with the 1-year correlation at 0.78 versus 0.54 over 3 years. The 5-year figure is n/a, and annualized covariance runs at 186.1 %².
Among the 17 assets we track against GBDC, MSDL ranks #10 by 3-year correlation. Neither side won the trailing year by much: -1.2% against -2.7%.
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 MSDL: side by side
| GBDC (Golub Capital BDC, Inc. - Closed End Fund) | MSDL (Morgan Stanley Direct Lending Fund) | |
|---|---|---|
| 1-year return | -1.2% | -2.7% |
| 5-year return | +39.0% | n/a |
| Volatility (ann.) | 15.8% | 21.2% |
| Beta vs S&P 500 | 0.47 | 0.57 |
| Max drawdown (3Y) | -18.2% | -29.7% |
| Market cap | $3.4B | $1.3B |
| P/E (trailing) | 19.8 | 22.2 |
| Dividend yield | 10.98% | 12.45% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GBDC | MSDL |
|---|---|---|
| 2022 | -7.0% | – |
| 2023 | +27.7% | – |
| 2024 | +13.6% | – |
| 2025 | -0.5% | -10.9% |
| 2026 | +1.5% | -1.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBDC and MSDL good diversifiers for each other?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GBDC and MSDL?
The GBDC/MSDL correlation stands at 0.54 on a 3-year window (1 year: 0.78, 5 years: n/a), computed from weekly returns as of 2026-08-27.
Is MSDL a good diversifier for GBDC?
Somewhat, no more. With 0.54 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.54 mean?
On the −1 to +1 scale, 0.54 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/gbdc-vs-msdl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gbdc-vs-msdl/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GBDC correlations · MSDL correlations
