GBDC vs OCSL: Correlation
How closely do Golub Capital BDC, Inc. - Closed End Fund (GBDC) and Oaktree Specialty Lending Corporation - Closed End Fund (OCSL) trade together? Their weekly returns over three years give a correlation of 0.76, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GBDC and OCSL?
Over the past 3 years, GBDC and OCSL moved with a correlation of 0.76, which is strong. The relationship has been stable: the 1-year correlation (0.77) sits close to the 3-year figure. Over 5 years the correlation is 0.70, and the annualized covariance of weekly returns is 261.1 %².
Within GBDC's tracked universe of 17 assets, OCSL comes in at #5 by 3-year correlation. On 12-month performance OCSL holds a 6.6-point edge, -1.2% against +5.4%.
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 OCSL: side by side
| GBDC (Golub Capital BDC, Inc. - Closed End Fund) | OCSL (Oaktree Specialty Lending Corporation - Closed End Fund) | |
|---|---|---|
| 1-year return | -1.2% | +5.4% |
| 5-year return | +39.0% | +5.8% |
| Volatility (ann.) | 15.8% | 21.7% |
| Beta vs S&P 500 | 0.47 | 0.62 |
| Max drawdown (3Y) | -18.2% | -34.2% |
| Market cap | $3.4B | $1.1B |
| P/E (trailing) | 19.8 | 27.0 |
| Dividend yield | 10.98% | 11.49% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GBDC | OCSL |
|---|---|---|
| 2022 | -7.0% | +3.7% |
| 2023 | +27.7% | +11.3% |
| 2024 | +13.6% | -15.1% |
| 2025 | -0.5% | -6.1% |
| 2026 | +1.5% | +8.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GBDC and OCSL good diversifiers for each other?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between GBDC and OCSL?
Using weekly returns as of 2026-08-27: 0.76 over 3 years, with 0.77 over the last year and 0.70 over 5 years.
Is OCSL a good diversifier for GBDC?
Somewhat, no more. With 0.76 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.76 mean?
On the −1 to +1 scale, 0.76 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-ocsl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/gbdc-vs-ocsl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: GBDC correlations · OCSL correlations
