CGBD vs. GBDC

Last updated Jun 3, 2026

CGBD (TCG BDC, Inc.) and GBDC (Golub Capital BDC, Inc.) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 5 years, CGBD returned 7.47%/yr vs 6.56%/yr for GBDC. A 0.52 correlation means they provide meaningful diversification when combined.

Performance

CGBD vs. GBDC - Performance Comparison

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

Returns By Period

In the year-to-date period, CGBD achieves a -9.03% return, which is significantly lower than GBDC's 0.52% return.

CGBD

• 1D: -0.45%
• 1M: -8.36%
• YTD: -9.03%
• 6M: -7.55%
• 1Y: -10.27%
• 3Y*: 3.09%
• 5Y*: 7.47%
• 10Y*: —

GBDC

• 1D: -0.67%
• 1M: -3.84%
• YTD: 0.52%
• 6M: 0.04%
• 1Y: -2.34%
• 3Y*: 11.14%
• 5Y*: 6.56%
• 10Y*: 6.62%

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

CGBD vs. GBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CGBD TCG BDC, Inc.	-9.03%	-21.53%	33.53%	18.01%	17.70%	49.48%	-8.34%	21.62%	-31.01%	18.17%
GBDC Golub Capital BDC, Inc.	0.52%	-0.50%	13.57%	27.69%	-6.99%	17.78%	-14.73%	21.09%	-2.20%	-2.31%

Correlation

The correlation between CGBD and GBDC is 0.66, 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	0.66
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (All Time) Calculated using the full available price history since Jun 15, 2017	0.52

The correlation between CGBD and GBDC shifts across timeframes, from 0.52 (all time) to 0.66 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

EPS CGBD : $1.02 GBDC : $0.95
PE Ratio CGBD : 10.73 GBDC : 13.99
PS Ratio CGBD : 2.65 GBDC : 4.23
Total Revenue (TTM) CGBD : $226.59M GBDC : $831.29M
Gross Profit (TTM) CGBD : $123.55M GBDC : $525.36M
EBITDA (TTM) CGBD : $85.61M GBDC : $506.70M

Return for Risk

CGBD vs. GBDC — Risk / Return Rank

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

CGBD

CGBD Risk / Return Rank: 18
CGBD Sharpe Ratio Rank: 19
CGBD Sortino Ratio Rank: 18
CGBD Omega Ratio Rank: 19
CGBD Calmar Ratio Rank: 20
CGBD Martin Ratio Rank: 15

GBDC

GBDC Risk / Return Rank: 32
GBDC Sharpe Ratio Rank: 35
GBDC Sortino Ratio Rank: 28
GBDC Omega Ratio Rank: 28
GBDC Calmar Ratio Rank: 35
GBDC Martin Ratio Rank: 34

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. GBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCG BDC, Inc. (CGBD) and Golub Capital BDC, Inc. (GBDC). 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	GBDC	Difference
Sharpe ratio Return per unit of total volatility	-0.48	-0.13	-0.36
Sortino ratio Return per unit of downside risk	-0.57	-0.05	-0.53
Omega ratio Gain probability vs. loss probability	0.94	0.99	-0.06
Calmar ratio Return relative to maximum drawdown	-0.57	-0.15	-0.42
Martin ratio Return relative to average drawdown	-1.17	-0.33	-0.84
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. GBDC - Sharpe Ratio Comparison

The current CGBD Sharpe Ratio is -0.48, which is lower than the GBDC Sharpe Ratio of -0.13. The chart below compares the historical Sharpe Ratios of CGBD and GBDC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	CGBD	GBDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.48	-0.13	-0.36
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.35	0.39	-0.04
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.20	0.40	-0.20

Drawdowns

CGBD vs. GBDC - Drawdown Comparison

The maximum CGBD drawdown since its inception was -71.09%, which is greater than GBDC's maximum drawdown of -47.30%. Use the drawdown chart below to compare losses from any high point for CGBD and GBDC.

Drawdown Indicators

	CGBD	GBDC	Difference
Max Drawdown Largest peak-to-trough decline	-71.09%	-47.30%	-23.79%
Max Drawdown (1Y) Largest decline over 1 year	-19.72%	-18.20%	-1.52%
Max Drawdown (3Y) Largest decline over 3 years	-35.06%	-18.20%	-16.86%
Max Drawdown (5Y) Largest decline over 5 years	-35.06%	-19.28%	-15.78%
Max Drawdown (10Y) Largest decline over 10 years	—	-47.30%	—
Current Drawdown Current decline from peak	-31.04%	-6.94%	-24.10%
Average Drawdown Average peak-to-trough decline	-12.46%	-6.13%	-6.33%
Ulcer Index Depth and duration of drawdowns from previous peaks	9.66%	8.45%	+1.21%

Volatility

CGBD vs. GBDC - Volatility Comparison

TCG BDC, Inc. (CGBD) and Golub Capital BDC, Inc. (GBDC) have volatilities of 5.32% and 5.14%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CGBD	GBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.32%	5.14%	+0.18%
Volatility (6M) Calculated over the trailing 6-month period	17.10%	15.37%	+1.73%
Volatility (1Y) Calculated over the trailing 1-year period	21.45%	18.78%	+2.67%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.51%	17.12%	+4.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.72%	21.53%	+13.19%

Dividends

CGBD vs. GBDC - Dividend Comparison

CGBD's dividend yield for the trailing twelve months is around 14.60%, more than GBDC's 11.30% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGBD TCG BDC, Inc.	14.60%	13.21%	10.43%	11.76%	11.46%	10.92%	14.33%	13.00%	13.55%	6.09%	0.00%	0.00%
GBDC Golub Capital BDC, Inc.	11.30%	11.50%	12.73%	10.00%	9.35%	7.58%	8.44%	7.70%	8.49%	7.47%	8.32%	7.70%

Financials

CGBD vs. GBDC - Profitability Comparison

The chart below illustrates the profitability comparison between TCG BDC, Inc. and Golub Capital BDC, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

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%.

GBDC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Golub Capital BDC, Inc. reported a gross profit of 0.00 and revenue of 184.79M. 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%.

GBDC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Golub Capital BDC, Inc. reported an operating income of 0.00 and revenue of 184.79M, 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%.

GBDC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Golub Capital BDC, Inc. reported a net income of 0.00 and revenue of 184.79M, resulting in a net margin of 0.0%.

Frequently Asked Questions

Can I hold both CGBD and GBDC in my portfolio?

CGBD and GBDC have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CGBD or GBDC?

CGBD has higher volatility (5.32%) compared to GBDC (5.14%). In terms of maximum drawdown, CGBD dropped -71.09% vs GBDC's -47.30%.

Which has better risk-adjusted returns?

GBDC currently has the higher Sharpe Ratio (-0.13 vs -0.48), 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.