GBDC vs. GSBD

Last updated Apr 2, 2026

Compare and contrast key facts about Golub Capital BDC, Inc. (GBDC) and Goldman Sachs BDC, Inc. (GSBD).

Performance

GBDC vs. GSBD - Performance Comparison

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

GBDC vs. GSBD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GBDC Golub Capital BDC, Inc.	-5.31%	-0.50%	13.57%	27.69%	-6.99%	17.78%	-14.73%	21.09%	-2.20%	6.27%
GSBD Goldman Sachs BDC, Inc.	-1.82%	-8.81%	-6.24%	20.97%	-20.13%	10.85%	0.71%	26.36%	-9.44%	1.96%

Fundamentals

EPS GBDC : $1.36 GSBD : $1.15
PE Ratio GBDC : 9.20 GSBD : 7.62
PEG Ratio GBDC : 5.17 GSBD : 0.17
PS Ratio GBDC : 4.69 GSBD : 3.48
Total Revenue (TTM) GBDC : $708.34M GSBD : $291.45M
Gross Profit (TTM) GBDC : $510.52M GSBD : $180.94M
EBITDA (TTM) GBDC : $338.37M GSBD : $173.42M

Returns By Period

In the year-to-date period, GBDC achieves a -5.31% return, which is significantly lower than GSBD's -1.82% return. Over the past 10 years, GBDC has outperformed GSBD with an annualized return of 6.13%, while GSBD has yielded a comparatively lower 3.01% annualized return.

GBDC

• 1D: -1.26%
• 1M: 4.64%
• YTD: -5.31%
• 6M: -2.21%
• 1Y: -8.43%
• 3Y*: 8.99%
• 5Y*: 6.61%
• 10Y*: 6.13%

GSBD

• 1D: -1.35%
• 1M: -0.54%
• YTD: -1.82%
• 6M: -5.29%
• 1Y: -10.85%
• 3Y*: -0.40%
• 5Y*: -3.21%
• 10Y*: 3.01%

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

Return for Risk

GBDC vs. GSBD — Risk / Return Rank

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

GBDC

GBDC Risk / Return Rank: 23
GBDC Sharpe Ratio Rank: 23
GBDC Sortino Ratio Rank: 20
GBDC Omega Ratio Rank: 21
GBDC Calmar Ratio Rank: 27
GBDC Martin Ratio Rank: 24

GSBD

GSBD Risk / Return Rank: 20
GSBD Sharpe Ratio Rank: 18
GSBD Sortino Ratio Rank: 17
GSBD Omega Ratio Rank: 18
GSBD Calmar Ratio Rank: 22
GSBD Martin Ratio Rank: 25

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.

GBDC vs. GSBD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Golub Capital BDC, Inc. (GBDC) and Goldman Sachs BDC, Inc. (GSBD). 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.

	GBDC	GSBD	Difference
Sharpe ratio Return per unit of total volatility	-0.39	-0.51	+0.11
Sortino ratio Return per unit of downside risk	-0.42	-0.58	+0.16
Omega ratio Gain probability vs. loss probability	0.95	0.93	+0.02
Calmar ratio Return relative to maximum drawdown	-0.44	-0.57	+0.13
Martin ratio Return relative to average drawdown	-0.98	-0.92	-0.05
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GBDC vs. GSBD - Sharpe Ratio Comparison

The current GBDC Sharpe Ratio is -0.39, which is comparable to the GSBD Sharpe Ratio of -0.51. The chart below compares the historical Sharpe Ratios of GBDC and GSBD, 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

	GBDC	GSBD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.39	-0.51	+0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	-0.17	+0.57
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.29	0.10	+0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.38	0.12	+0.26

Correlation

The correlation between GBDC and GSBD is 0.48, 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

GBDC vs. GSBD - Dividend Comparison

GBDC's dividend yield for the trailing twelve months is around 12.00%, less than GSBD's 19.98% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GBDC Golub Capital BDC, Inc.	12.00%	11.50%	12.73%	10.00%	9.35%	7.58%	8.44%	7.70%	8.49%	7.47%	8.32%	7.70%
GSBD Goldman Sachs BDC, Inc.	19.98%	20.26%	14.88%	12.29%	13.12%	10.18%	9.41%	8.46%	9.79%	8.12%	7.65%	9.47%

Drawdowns

GBDC vs. GSBD - Drawdown Comparison

The maximum GBDC drawdown since its inception was -47.30%, smaller than the maximum GSBD drawdown of -62.67%. Use the drawdown chart below to compare losses from any high point for GBDC and GSBD.

Drawdown Indicators

	GBDC	GSBD	Difference
Max Drawdown Largest peak-to-trough decline	-47.30%	-62.67%	+15.37%
Max Drawdown (1Y) Largest decline over 1 year	-18.20%	-18.41%	+0.21%
Max Drawdown (5Y) Largest decline over 5 years	-19.28%	-29.59%	+10.31%
Max Drawdown (10Y) Largest decline over 10 years	-47.30%	-62.67%	+15.37%
Current Drawdown Current decline from peak	-12.34%	-25.64%	+13.30%
Average Drawdown Average peak-to-trough decline	-6.12%	-11.56%	+5.44%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.20%	11.40%	-3.20%

Volatility

GBDC vs. GSBD - Volatility Comparison

Golub Capital BDC, Inc. (GBDC) has a higher volatility of 7.20% compared to Goldman Sachs BDC, Inc. (GSBD) at 6.26%. This indicates that GBDC's price experiences larger fluctuations and is considered to be riskier than GSBD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GBDC	GSBD	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.20%	6.26%	+0.94%
Volatility (6M) Calculated over the trailing 6-month period	14.63%	13.37%	+1.26%
Volatility (1Y) Calculated over the trailing 1-year period	21.59%	21.57%	+0.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.86%	18.77%	-1.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.39%	30.75%	-9.36%

Financials

GBDC vs. GSBD - Profitability Comparison

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

GBDC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Golub Capital BDC, Inc. reported a gross profit of 0.00 and revenue of 203.49M. Therefore, the gross margin over that period was 0.0%.

GSBD - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Goldman Sachs BDC, Inc. reported a gross profit of 27.73M and revenue of 55.81M. Therefore, the gross margin over that period was 49.7%.

GBDC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Golub Capital BDC, Inc. reported an operating income of 0.00 and revenue of 203.49M, resulting in an operating margin of 0.0%.

GSBD - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Goldman Sachs BDC, Inc. reported an operating income of 25.66M and revenue of 55.81M, resulting in an operating margin of 46.0%.

GBDC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Golub Capital BDC, Inc. reported a net income of 95.76M and revenue of 203.49M, resulting in a net margin of 47.1%.

GSBD - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Goldman Sachs BDC, Inc. reported a net income of 24.71M and revenue of 55.81M, resulting in a net margin of 44.3%.