GSBD vs GTN: Correlation
How closely do Goldman Sachs BDC, Inc. (GSBD) and Gray Media, Inc. (GTN) trade together? Their weekly returns over three years give a correlation of 0.45, which is moderate.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GSBD and GTN?
Across a 3-year window, the weekly returns of GSBD and GTN correlate at 0.45, moderate. The past 12 months show a tighter link (0.64) than the 3-year average (0.45). Stretching to 5 years gives 0.40, with an annualized covariance of 651.0 %².
By 3-year correlation, GTN places #11 of the 17 assets tracked against GSBD. Correlation aside, the last 12 months split them widely, with GSBD ahead by 22.3 points (+4.3% versus -18.0%). Risk is not evenly split, since GTN carries 3.3 times the volatility of the other side.
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.
GSBD vs GTN: side by side
| GSBD (Goldman Sachs BDC, Inc.) | GTN (Gray Media, Inc.) | |
|---|---|---|
| 1-year return | +4.3% | -18.0% |
| 5-year return | +1.8% | -73.2% |
| Volatility (ann.) | 20.9% | 68.6% |
| Beta vs S&P 500 | 0.62 | 0.76 |
| Max drawdown (3Y) | -29.6% | -68.1% |
| Market cap | $1.1B | $0.5B |
| P/E (trailing) | 19.1 | – |
| Dividend yield | 12.77% | 6.50% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GSBD | GTN |
|---|---|---|
| 2022 | -20.1% | -43.4% |
| 2023 | +21.0% | -16.7% |
| 2024 | -6.2% | -62.4% |
| 2025 | -8.8% | +64.6% |
| 2026 | +17.4% | +2.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GSBD and GTN good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between GSBD and GTN?
The GSBD/GTN correlation stands at 0.45 on a 3-year window (1 year: 0.64, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is GTN a good diversifier for GSBD?
Yes, to a useful degree: a correlation of 0.45 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.45 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/gsbd-vs-gtn.json
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Related comparisons
Hubs: GSBD correlations · GTN correlations
