GSBD vs SAR: Correlation
Measured on weekly returns over the past three years, Goldman Sachs BDC, Inc. (GSBD) and Saratoga Investment Corp New (SAR) carry a correlation of 0.56, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GSBD and SAR?
Over the past 3 years, GSBD and SAR moved with a correlation of 0.56, which is moderate. Recent behaviour matches the longer record: 0.63 over 1 year against 0.56 over 3. Over 5 years the correlation is 0.56, and the annualized covariance of weekly returns is 266.0 %².
Among the 17 assets we track against GSBD, SAR ranks #8 by 3-year correlation. Their recent paths diverged sharply: over the last 12 months GSBD outperformed by 21.5 percentage points (+4.3% for GSBD against -17.2% for SAR).
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 SAR: side by side
| GSBD (Goldman Sachs BDC, Inc.) | SAR (Saratoga Investment Corp New) | |
|---|---|---|
| 1-year return | +4.3% | -17.2% |
| 5-year return | +1.8% | +15.2% |
| Volatility (ann.) | 20.9% | 22.7% |
| Beta vs S&P 500 | 0.62 | 0.53 |
| Max drawdown (3Y) | -29.6% | -24.5% |
| Market cap | $1.1B | $0.3B |
| P/E (trailing) | 19.1 | 18.7 |
| Dividend yield | 12.77% | 16.29% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GSBD | SAR |
|---|---|---|
| 2022 | -20.1% | -3.8% |
| 2023 | +21.0% | +12.9% |
| 2024 | -6.2% | +6.1% |
| 2025 | -8.8% | +10.4% |
| 2026 | +17.4% | -13.2% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GSBD and SAR good diversifiers for each other?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between GSBD and SAR?
The GSBD/SAR correlation stands at 0.56 on a 3-year window (1 year: 0.63, 5 years: 0.56), computed from weekly returns as of 2026-08-27.
Is SAR a good diversifier for GSBD?
To a limited degree. At 0.56 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.56 mean?
A reading of 0.56 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/gsbd-vs-sar.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/gsbd-vs-sar/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: GSBD correlations · SAR correlations
