CGBD vs. CION

Last updated Apr 2, 2026

Compare and contrast key facts about TCG BDC, Inc. (CGBD) and CION Investment Corporation (CION).

Performance

CGBD vs. CION - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCG BDC, Inc. (CGBD) and CION Investment Corporation (CION). The values are adjusted to include any dividend payments, if applicable.

CGBD vs. CION - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CGBD TCG BDC, Inc.	-9.86%	-21.53%	33.53%	18.01%	17.70%	4.87%
CION CION Investment Corporation	-27.38%	-2.26%	14.82%	35.42%	-14.80%	14.07%

Fundamentals

EPS CGBD : $1.08 CION : -$0.44
PS Ratio CGBD : 2.78 CION : 4.52
Total Revenue (TTM) CGBD : $190.08M CION : $78.40M
Gross Profit (TTM) CGBD : $60.53M CION : -$10.61M
EBITDA (TTM) CGBD : $54.14M CION : -$22.30M

Returns By Period

In the year-to-date period, CGBD achieves a -9.86% return, which is significantly higher than CION's -27.38% return.

CGBD

• 1D: -0.73%
• 1M: 0.89%
• YTD: -9.86%
• 6M: -6.33%
• 1Y: -23.95%
• 3Y*: 4.29%
• 5Y*: 7.91%
• 10Y*: —

CION

• 1D: -1.02%
• 1M: -14.56%
• YTD: -27.38%
• 6M: -22.88%
• 1Y: -25.36%
• 3Y*: 1.72%
• 5Y*: —
• 10Y*: —

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

Return for Risk

CGBD vs. CION — Risk / Return Rank

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

CGBD

CGBD Risk / Return Rank: 8
CGBD Sharpe Ratio Rank: 5
CGBD Sortino Ratio Rank: 7
CGBD Omega Ratio Rank: 9
CGBD Calmar Ratio Rank: 9
CGBD Martin Ratio Rank: 11

CION

CION Risk / Return Rank: 8
CION Sharpe Ratio Rank: 6
CION Sortino Ratio Rank: 9
CION Omega Ratio Rank: 9
CION Calmar Ratio Rank: 15
CION Martin Ratio Rank: 1

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.

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.

	CGBD	CION	Difference
Sharpe ratio Return per unit of total volatility	-0.95	-0.89	-0.06
Sortino ratio Return per unit of downside risk	-1.28	-1.14	-0.14
Omega ratio Gain probability vs. loss probability	0.85	0.85	-0.01
Calmar ratio Return relative to maximum drawdown	-0.85	-0.73	-0.12
Martin ratio Return relative to average drawdown	-1.41	-2.15	+0.74
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CGBD vs. CION - Sharpe Ratio Comparison

The current CGBD Sharpe Ratio is -0.95, which is comparable to the CION Sharpe Ratio of -0.89. The chart below compares the historical Sharpe Ratios of CGBD and CION, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	CGBD	CION	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.95	-0.89	-0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.05	+0.14

Correlation

The correlation between CGBD and CION is 0.51, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

CGBD vs. CION - Dividend Comparison

CGBD's dividend yield for the trailing twelve months is around 14.73%, less than CION's 20.38% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CGBD TCG BDC, Inc.	14.73%	13.21%	10.43%	11.76%	11.46%	10.92%	14.33%	13.00%	13.55%	6.09%
CION CION Investment Corporation	20.38%	14.89%	13.33%	14.24%	14.87%	3.52%	0.00%	0.00%	0.00%	0.00%

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.

Drawdown Indicators

	CGBD	CION	Difference
Max Drawdown Largest peak-to-trough decline	-71.09%	-45.39%	-25.70%
Max Drawdown (1Y) Largest decline over 1 year	-27.77%	-33.39%	+5.62%
Max Drawdown (5Y) Largest decline over 5 years	-35.06%	—	—
Current Drawdown Current decline from peak	-31.66%	-35.53%	+3.87%
Average Drawdown Average peak-to-trough decline	-12.15%	-14.39%	+2.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.75%	11.35%	+5.40%

Volatility

CGBD vs. CION - Volatility Comparison

The current volatility for TCG BDC, Inc. (CGBD) is 7.70%, while CION Investment Corporation (CION) has a volatility of 13.60%. 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.

Volatility by Period

	CGBD	CION	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.70%	13.60%	-5.90%
Volatility (6M) Calculated over the trailing 6-month period	16.94%	20.56%	-3.62%
Volatility (1Y) Calculated over the trailing 1-year period	25.42%	28.76%	-3.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.37%	29.24%	-7.87%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.89%	29.24%	+5.65%

Financials