GBDC vs OBDC: Correlation
Measured on weekly returns over the past three years, Golub Capital BDC, Inc. - Closed End Fund (GBDC) and Blue Owl Capital Corporation (OBDC) carry a correlation of 0.80, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBDC and OBDC?
Over the past 3 years, GBDC and OBDC moved with a correlation of 0.80, which is very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.78) sits close to the 3-year figure. Over 5 years the correlation is 0.72, and the annualized covariance of weekly returns is 241.1 %².
OBDC is one of the assets that tracks GBDC most closely: it ranks #3 out of the 17 assets we track against GBDC. The trailing year gives GBDC the advantage: -1.2% versus -10.3%, a 9.1-point spread.
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 OBDC: side by side
| GBDC (Golub Capital BDC, Inc. - Closed End Fund) | OBDC (Blue Owl Capital Corporation) | |
|---|---|---|
| 1-year return | -1.2% | -10.3% |
| 5-year return | +39.0% | +34.0% |
| Volatility (ann.) | 15.8% | 19.2% |
| Beta vs S&P 500 | 0.47 | 0.71 |
| Max drawdown (3Y) | -18.2% | -23.9% |
| Market cap | $3.4B | $5.6B |
| P/E (trailing) | 19.8 | 20.1 |
| Dividend yield | 10.98% | 12.62% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GBDC | OBDC |
|---|---|---|
| 2022 | -7.0% | -9.5% |
| 2023 | +27.7% | +43.5% |
| 2024 | +13.6% | +14.7% |
| 2025 | -0.5% | -7.9% |
| 2026 | +1.5% | -3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBDC and OBDC good diversifiers for each other?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
FAQ
What is the correlation between GBDC and OBDC?
As of 2026-08-27, the correlation of weekly returns between GBDC and OBDC is 0.80 over 3 years, 0.78 over 1 year and 0.72 over 5 years.
Is OBDC a good diversifier for GBDC?
Not really. At 0.80, the two trade almost as one position, and owning both buys little extra protection.
What does a correlation of 0.80 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/gbdc-vs-obdc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gbdc-vs-obdc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GBDC correlations · OBDC correlations
