GBDC vs. CGBD
GBDC (Golub Capital BDC, Inc.) and CGBD (TCG BDC, Inc.) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 5 years, GBDC returned 5.77%/yr vs 6.84%/yr for CGBD. A 0.52 correlation means they provide meaningful diversification when combined.
Performance
GBDC vs. CGBD - Performance Comparison
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Returns By Period
In the year-to-date period, GBDC achieves a -4.06% return, which is significantly higher than CGBD's -12.43% return.
GBDC
- 1D
- 0.24%
- 1M
- -1.75%
- YTD
- -4.06%
- 6M
- -2.99%
- 1Y
- -4.72%
- 3Y*
- 9.64%
- 5Y*
- 5.77%
- 10Y*
- 5.88%
CGBD
- 1D
- -1.59%
- 1M
- -1.22%
- YTD
- -12.43%
- 6M
- -10.02%
- 1Y
- -13.81%
- 3Y*
- 1.11%
- 5Y*
- 6.84%
- 10Y*
- —
GBDC vs. CGBD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBDC Golub Capital BDC, Inc. | -4.06% | -0.50% | 13.57% | 27.69% | -6.99% | 17.78% | -14.73% | 21.09% | -2.20% | -2.67% |
CGBD TCG BDC, Inc. | -12.43% | -21.53% | 33.53% | 18.01% | 17.70% | 49.48% | -8.34% | 21.62% | -31.01% | 20.23% |
Correlation
The correlation between GBDC and CGBD 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 14, 2017 | 0.52 |
The correlation between GBDC and CGBD shifts across timeframes, from 0.52 (all time) to 0.66 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
GBDC:
$0.95
CGBD:
$1.02
GBDC:
13.02
CGBD:
10.33
GBDC:
3.93
CGBD:
2.55
GBDC:
$831.29M
CGBD:
$226.59M
GBDC:
$525.36M
CGBD:
$123.55M
GBDC:
$506.70M
CGBD:
$85.61M
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Return for Risk
GBDC vs. CGBD — Risk / Return Rank
GBDC
CGBD
GBDC vs. CGBD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Golub Capital BDC, Inc. (GBDC) 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.
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.
| GBDC | CGBD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.38 | ||
| Sortino ratioReturn per unit of downside risk | +0.58 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 0.91 | +0.06 |
| Calmar ratioReturn relative to maximum drawdown | -0.26 | -0.70 | +0.44 |
| Martin ratioReturn relative to average drawdown | -0.54 | -1.33 | +0.79 |
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Drawdowns
GBDC vs. CGBD - Drawdown Comparison
The maximum GBDC drawdown since its inception was -47.30%, smaller than the maximum CGBD drawdown of -71.09%. Use the drawdown chart below to compare losses from any high point for GBDC and CGBD.
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Drawdown Indicators
| GBDC | CGBD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.30% | -71.09% | +23.79% |
Max Drawdown (1Y)Largest decline over 1 year | -18.20% | -19.72% | +1.52% |
Max Drawdown (3Y)Largest decline over 3 years | -18.20% | -35.06% | +16.86% |
Max Drawdown (5Y)Largest decline over 5 years | -19.28% | -35.06% | +15.78% |
Max Drawdown (10Y)Largest decline over 10 years | -47.30% | — | — |
Current DrawdownCurrent decline from peak | -11.18% | -33.62% | +22.44% |
Average DrawdownAverage peak-to-trough decline | -6.14% | -12.58% | +6.44% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 8.72% | 10.41% | -1.69% |
Volatility
GBDC vs. CGBD - Volatility Comparison
The current volatility for Golub Capital BDC, Inc. (GBDC) is 6.19%, while TCG BDC, Inc. (CGBD) has a volatility of 6.74%. This indicates that GBDC 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.
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Volatility by Period
| GBDC | CGBD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.19% | 6.74% | -0.55% |
Volatility (6M)Calculated over the trailing 6-month period | 16.23% | 17.73% | -1.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.22% | 22.08% | -2.86% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.19% | 21.63% | -4.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.59% | 34.66% | -13.07% |
Dividends
GBDC vs. CGBD - Dividend Comparison
GBDC's dividend yield for the trailing twelve months is around 11.66%, less than CGBD's 15.17% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CGBD TCG BDC, Inc. | 15.17% | 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. | 11.66% | 11.50% | 12.73% | 10.00% | 9.35% | 7.58% | 8.44% | 7.70% | 8.49% | 7.47% | 8.32% | 7.70% |
Financials
GBDC vs. CGBD - Financials Comparison
This section allows you to compare key financial metrics between Golub Capital BDC, Inc. and TCG BDC, Inc.. 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
GBDC vs. CGBD - Profitability Comparison
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 - 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 - 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 - 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 - 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%.
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%.
Frequently Asked Questions
GBDC and CGBD 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.
CGBD has higher volatility (6.74%) compared to GBDC (6.19%). In terms of maximum drawdown, GBDC dropped -47.30% vs CGBD's -71.09%.
GBDC currently has the higher Sharpe Ratio (-0.25 vs -0.63), 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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