BXSL vs. BBDC

Last updated Jun 13, 2026

BXSL (Blackstone Secured Lending Fund) and BBDC (Barings BDC, Inc.) are both stocks. Both are in the Financial Services sector — BXSL in Asset Management, BBDC in Credit Services. Over the past 3 years, BXSL returned 7.49%/yr vs 14.63%/yr for BBDC. At a 0.50 correlation, their price movements are largely independent.

Performance

BXSL vs. BBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Blackstone Secured Lending Fund (BXSL) and Barings BDC, Inc. (BBDC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BXSL achieves a -6.39% return, which is significantly lower than BBDC's -2.86% return.

BXSL

• 1D: -0.21%
• 1M: -1.08%
• YTD: -6.39%
• 6M: -9.95%
• 1Y: -15.35%
• 3Y*: 7.49%
• 5Y*: —
• 10Y*: —

BBDC

• 1D: 0.00%
• 1M: 0.43%
• YTD: -2.86%
• 6M: -1.25%
• 1Y: 4.66%
• 3Y*: 14.63%
• 5Y*: 6.45%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BXSL vs. BBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BXSL Blackstone Secured Lending Fund	-6.39%	-9.36%	29.02%	37.82%	-26.03%	32.04%
BBDC Barings BDC, Inc.	-2.86%	8.84%	23.86%	18.53%	-18.59%	2.54%

Correlation

The correlation between BXSL and BBDC is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (All Time) Calculated using the full available price history since Oct 28, 2021	0.50

Over the past year, BXSL and BBDC have become more correlated (0.70) than their long-term average of 0.50, meaning their price movements have been converging.

Fundamentals

Market Cap BXSL : $5.54B BBDC : $878.49M
EPS BXSL : $1.80 BBDC : $0.66
PE Ratio BXSL : 13.26 BBDC : 12.71
PS Ratio BXSL : 7.76 BBDC : 5.06
PB Ratio BXSL : 0.91 BBDC : 0.76
Total Revenue (TTM) BXSL : $706.98M BBDC : $174.30M
Gross Profit (TTM) BXSL : $831.73M BBDC : $149.47M
EBITDA (TTM) BXSL : $525.53M BBDC : $90.27M

Return for Risk

BXSL vs. BBDC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BXSL

BXSL Risk / Return Rank: 15
BXSL Sharpe Ratio Rank: 10
BXSL Sortino Ratio Rank: 11
BXSL Omega Ratio Rank: 14
BXSL Calmar Ratio Rank: 17
BXSL Martin Ratio Rank: 22

BBDC

BBDC Risk / Return Rank: 48
BBDC Sharpe Ratio Rank: 51
BBDC Sortino Ratio Rank: 43
BBDC Omega Ratio Rank: 42
BBDC Calmar Ratio Rank: 51
BBDC Martin Ratio Rank: 51

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BXSL vs. BBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Blackstone Secured Lending Fund (BXSL) and Barings BDC, Inc. (BBDC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	BXSL	BBDC	Difference
Sharpe ratio: Return per unit of total volatility	-0.79	0.22	-1.01
Sortino ratio: Return per unit of downside risk	-1.09	0.44	-1.53
Omega ratio: Gain probability vs. loss probability	0.88	1.05	-0.17
Calmar ratio: Return relative to maximum drawdown	-0.68	0.33	-1.01
Martin ratio: Return relative to average drawdown	-1.01	0.73	-1.75

BXSL vs. BBDC - Sharpe Ratio Comparison

The current BXSL Sharpe Ratio is -0.79, which is lower than the BBDC Sharpe Ratio of 0.22. The chart below compares the historical Sharpe Ratios of BXSL and BBDC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BXSL vs. BBDC - Drawdown Comparison

The maximum BXSL drawdown since its inception was -36.80%, smaller than the maximum BBDC drawdown of -48.45%. Use the drawdown chart below to compare losses from any high point for BXSL and BBDC.

Drawdown Indicators

	BXSL	BBDC	Difference
Max Drawdown Largest peak-to-trough decline	-36.80%	-48.45%	+11.65%
Max Drawdown (1Y) Largest decline over 1 year	-23.47%	-12.28%	-11.19%
Max Drawdown (3Y) Largest decline over 3 years	-24.21%	-24.51%	+0.30%
Max Drawdown (5Y) Largest decline over 5 years	—	-27.55%	—
Current Drawdown Current decline from peak	-20.54%	-6.42%	-14.12%
Average Drawdown Average peak-to-trough decline	-14.15%	-7.98%	-6.17%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.73%	5.59%	+10.14%

Volatility

BXSL vs. BBDC - Volatility Comparison

The current volatility for Blackstone Secured Lending Fund (BXSL) is 5.42%, while Barings BDC, Inc. (BBDC) has a volatility of 6.34%. This indicates that BXSL experiences smaller price fluctuations and is considered to be less risky than BBDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BXSL	BBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.42%	6.34%	-0.92%
Volatility (6M) Calculated over the trailing 6-month period	16.42%	15.12%	+1.30%
Volatility (1Y) Calculated over the trailing 1-year period	20.20%	18.60%	+1.60%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.85%	19.39%	+4.46%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.85%	24.21%	-0.36%

Dividends

BXSL vs. BBDC - Dividend Comparison

BXSL's dividend yield for the trailing twelve months is around 12.91%, which matches BBDC's 12.99% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
BBDC Barings BDC, Inc.	12.99%	12.96%	10.87%	11.89%	11.66%	7.44%	7.07%	5.25%	21.24%
BXSL Blackstone Secured Lending Fund	12.91%	11.70%	9.53%	10.64%	13.02%	1.56%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both BXSL and BBDC in my portfolio?

BXSL and BBDC have a correlation of 0.70, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BXSL or BBDC?

BBDC has higher volatility (6.34%) compared to BXSL (5.42%). In terms of maximum drawdown, BXSL dropped -36.80% vs BBDC's -48.45%.

Which has better risk-adjusted returns?

BBDC currently has the higher Sharpe Ratio (0.22 vs -0.79), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.