CGBD vs. CION
CGBD (TCG BDC, Inc.) and CION (CION Investment Corporation) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 3 years, CGBD returned 1.65%/yr vs 0.82%/yr for CION. A 0.52 correlation means they provide meaningful diversification when combined.
Performance
CGBD vs. CION - Performance Comparison
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Returns By Period
In the year-to-date period, CGBD achieves a -11.02% return, which is significantly higher than CION's -24.71% return.
CGBD
- 1D
- -0.09%
- 1M
- 0.37%
- YTD
- -11.02%
- 6M
- -7.98%
- 1Y
- -11.08%
- 3Y*
- 1.65%
- 5Y*
- 7.01%
- 10Y*
- —
CION
- 1D
- -0.95%
- 1M
- 4.10%
- YTD
- -24.71%
- 6M
- -22.95%
- 1Y
- -15.95%
- 3Y*
- 0.82%
- 5Y*
- —
- 10Y*
- —
CGBD vs. CION - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
CGBD TCG BDC, Inc. | -11.02% | -21.53% | 33.53% | 18.01% | 17.70% | 5.49% |
CION CION Investment Corporation | -24.71% | -2.26% | 14.82% | 35.42% | -14.80% | 3.97% |
Correlation
The correlation between CGBD and CION is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (All Time) Calculated using the full available price history since Oct 5, 2021 | 0.52 |
The correlation between CGBD and CION has been stable across timeframes, ranging from 0.52 to 0.61 - a consistent structural relationship.
Fundamentals
CGBD:
$1.02
CION:
$0.67
CGBD:
10.49
CION:
9.32
CGBD:
2.59
CION:
1.50
CGBD:
$226.59M
CION:
$217.31M
CGBD:
$123.55M
CION:
$189.35M
CGBD:
$85.61M
CION:
$112.53M
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Return for Risk
CGBD vs. CION — Risk / Return Rank
CGBD
CION
CGBD vs. CION - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for TCG BDC, Inc. (CGBD) and CION Investment Corporation (CION). 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.
| CGBD | CION | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.05 | ||
| Sortino ratioReturn per unit of downside risk | +0.02 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.92 | +0.01 |
| Calmar ratioReturn relative to maximum drawdown | -0.56 | -0.48 | -0.08 |
| Martin ratioReturn relative to average drawdown | -1.07 | -0.98 | -0.09 |
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Drawdowns
CGBD vs. CION - Drawdown Comparison
The maximum CGBD drawdown since its inception was -71.09%, which is greater than CION's maximum drawdown of -45.39%. Use the drawdown chart below to compare losses from any high point for CGBD and CION.
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Drawdown Indicators
| CGBD | CION | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -71.09% | -45.39% | -25.70% |
Max Drawdown (1Y)Largest decline over 1 year | -19.72% | -33.39% | +13.67% |
Max Drawdown (3Y)Largest decline over 3 years | -35.06% | -37.62% | +2.56% |
Max Drawdown (5Y)Largest decline over 5 years | -35.06% | — | — |
Current DrawdownCurrent decline from peak | -32.55% | -33.15% | +0.60% |
Average DrawdownAverage peak-to-trough decline | -12.57% | -15.26% | +2.69% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.35% | 16.22% | -5.87% |
Volatility
CGBD vs. CION - Volatility Comparison
The current volatility for TCG BDC, Inc. (CGBD) is 6.62%, while CION Investment Corporation (CION) has a volatility of 12.25%. This indicates that CGBD experiences smaller price fluctuations and is considered to be less risky than CION based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| CGBD | CION | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.62% | 12.25% | -5.63% |
Volatility (6M)Calculated over the trailing 6-month period | 17.79% | 24.71% | -6.92% |
Volatility (1Y)Calculated over the trailing 1-year period | 22.06% | 28.94% | -6.88% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.62% | 29.96% | -8.34% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.67% | 29.96% | +4.71% |
Dividends
CGBD vs. CION - Dividend Comparison
CGBD's dividend yield for the trailing twelve months is around 14.93%, less than CION's 28.53% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 |
|---|---|---|---|---|---|---|---|---|---|---|
CGBD TCG BDC, Inc. | 14.93% | 13.21% | 10.43% | 11.76% | 11.46% | 10.92% | 14.33% | 13.00% | 13.55% | 6.09% |
CION CION Investment Corporation | 28.53% | 14.89% | 13.33% | 14.24% | 14.87% | 3.52% | 0.00% | 0.00% | 0.00% | 0.00% |
Financials
CGBD vs. CION - Financials Comparison
This section allows you to compare key financial metrics between TCG BDC, Inc. and CION Investment Corporation. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
CGBD vs. CION - Profitability Comparison
CGBD - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, TCG BDC, Inc. reported a gross profit of 0.00 and revenue of 64.08M. Therefore, the gross margin over that period was 0.0%.
CION - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, CION Investment Corporation reported a gross profit of 0.00 and revenue of 49.54M. Therefore, the gross margin over that period was 0.0%.
CGBD - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, TCG BDC, Inc. reported an operating income of 0.00 and revenue of 64.08M, resulting in an operating margin of 0.0%.
CION - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, CION Investment Corporation reported an operating income of 0.00 and revenue of 49.54M, resulting in an operating margin of 0.0%.
CGBD - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, TCG BDC, Inc. reported a net income of 0.00 and revenue of 64.08M, resulting in a net margin of 0.0%.
CION - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, CION Investment Corporation reported a net income of 12.86M and revenue of 49.54M, resulting in a net margin of 26.0%.
Frequently Asked Questions
CGBD and CION have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CION has higher volatility (12.25%) compared to CGBD (6.62%). In terms of maximum drawdown, CGBD dropped -71.09% vs CION's -45.39%.
CGBD currently has the higher Sharpe Ratio (-0.51 vs -0.55), 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.
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