FSCO vs. CGBD

Last updated Jun 5, 2026

FSCO (FS Credit Opportunities Corp.) and CGBD (TCG BDC, Inc.) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 3 years, FSCO returned 15.00%/yr vs 2.34%/yr for CGBD. At a 0.21 correlation, their price movements are largely independent.

Performance

FSCO vs. CGBD - Performance Comparison

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

Returns By Period

In the year-to-date period, FSCO achieves a -17.54% return, which is significantly lower than CGBD's -10.44% return.

FSCO

• 1D: 1.03%
• 1M: -6.27%
• YTD: -17.54%
• 6M: -13.32%
• 1Y: -22.48%
• 3Y*: 15.00%
• 5Y*: —
• 10Y*: —

CGBD

• 1D: 1.98%
• 1M: -10.75%
• YTD: -10.44%
• 6M: -10.74%
• 1Y: -11.72%
• 3Y*: 2.34%
• 5Y*: 7.09%
• 10Y*: —

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

FSCO vs. CGBD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FSCO FS Credit Opportunities Corp.	-17.54%	3.68%	34.88%	36.98%	7.16%
CGBD TCG BDC, Inc.	-10.44%	-21.53%	33.53%	18.01%	7.67%

Correlation

The correlation between FSCO and CGBD is 0.20, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.20
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (All Time) Calculated using the full available price history since Nov 15, 2022	0.21

Return for Risk

FSCO vs. CGBD — Risk / Return Rank

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

FSCO

FSCO Risk / Return Rank: 12
FSCO Sharpe Ratio Rank: 8
FSCO Sortino Ratio Rank: 11
FSCO Omega Ratio Rank: 10
FSCO Calmar Ratio Rank: 19
FSCO Martin Ratio Rank: 11

CGBD

CGBD Risk / Return Rank: 18
CGBD Sharpe Ratio Rank: 18
CGBD Sortino Ratio Rank: 17
CGBD Omega Ratio Rank: 19
CGBD Calmar Ratio Rank: 20
CGBD Martin Ratio Rank: 15

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.

FSCO vs. CGBD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FS Credit Opportunities Corp. (FSCO) and TCG BDC, Inc. (CGBD). 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.

	FSCO	CGBD	Difference
Sharpe ratio: Return per unit of total volatility	-0.83	-0.54	-0.29
Sortino ratio: Return per unit of downside risk	-1.03	-0.66	-0.37
Omega ratio: Gain probability vs. loss probability	0.86	0.93	-0.07
Calmar ratio: Return relative to maximum drawdown	-0.63	-0.60	-0.04
Martin ratio: Return relative to average drawdown	-1.33	-1.20	-0.12
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FSCO vs. CGBD - Sharpe Ratio Comparison

The current FSCO Sharpe Ratio is -0.83, which is lower than the CGBD Sharpe Ratio of -0.54. The chart below compares the historical Sharpe Ratios of FSCO and CGBD, 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

	FSCO	CGBD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.83	-0.54	-0.29
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.33	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.19	+0.39

Drawdowns

FSCO vs. CGBD - Drawdown Comparison

The maximum FSCO drawdown since its inception was -35.53%, smaller than the maximum CGBD drawdown of -71.09%. Use the drawdown chart below to compare losses from any high point for FSCO and CGBD.

Drawdown Indicators

	FSCO	CGBD	Difference
Max Drawdown Largest peak-to-trough decline	-35.53%	-71.09%	+35.56%
Max Drawdown (1Y) Largest decline over 1 year	-35.53%	-19.72%	-15.81%
Max Drawdown (3Y) Largest decline over 3 years	-35.53%	-35.06%	-0.47%
Max Drawdown (5Y) Largest decline over 5 years	—	-35.06%	—
Current Drawdown Current decline from peak	-28.00%	-32.11%	+4.11%
Average Drawdown Average peak-to-trough decline	-7.85%	-12.48%	+4.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.99%	9.77%	+7.22%

Volatility

FSCO vs. CGBD - Volatility Comparison

The current volatility for FS Credit Opportunities Corp. (FSCO) is 4.77%, while TCG BDC, Inc. (CGBD) has a volatility of 6.49%. This indicates that FSCO experiences smaller price fluctuations and is considered to be less risky than CGBD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FSCO	CGBD	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.77%	6.49%	-1.72%
Volatility (6M) Calculated over the trailing 6-month period	22.57%	17.51%	+5.06%
Volatility (1Y) Calculated over the trailing 1-year period	27.09%	21.77%	+5.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	27.70%	21.59%	+6.11%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.70%	34.73%	-7.03%

Dividends

FSCO vs. CGBD - Dividend Comparison

FSCO's dividend yield for the trailing twelve months is around 15.99%, more than CGBD's 14.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
CGBD TCG BDC, Inc.	14.83%	13.21%	10.43%	11.76%	11.46%	10.92%	14.33%	13.00%	13.55%	6.09%
FSCO FS Credit Opportunities Corp.	15.99%	12.65%	10.47%	11.26%	1.95%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both FSCO and CGBD in my portfolio?

FSCO and CGBD have a correlation of 0.20, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FSCO or CGBD?

CGBD has higher volatility (6.49%) compared to FSCO (4.77%). In terms of maximum drawdown, FSCO dropped -35.53% vs CGBD's -71.09%.

Which has better risk-adjusted returns?

CGBD currently has the higher Sharpe Ratio (-0.54 vs -0.83), 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.