GSBD vs. GBDC

Last updated Apr 2, 2026

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

Performance

GSBD vs. GBDC - Performance Comparison

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

GSBD vs. GBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
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%
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%

Fundamentals

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

Returns By Period

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

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%

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%

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

Return for Risk

GSBD vs. GBDC — Risk / Return Rank

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

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

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

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.

GSBD vs. GBDC - Risk-Adjusted Trends Comparison

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

	GSBD	GBDC	Difference
Sharpe ratio Return per unit of total volatility	-0.51	-0.39	-0.11
Sortino ratio Return per unit of downside risk	-0.58	-0.42	-0.16
Omega ratio Gain probability vs. loss probability	0.93	0.95	-0.02
Calmar ratio Return relative to maximum drawdown	-0.57	-0.44	-0.13
Martin ratio Return relative to average drawdown	-0.92	-0.98	+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.

GSBD vs. GBDC - Sharpe Ratio Comparison

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

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

Correlation

The correlation between GSBD and GBDC 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

GSBD vs. GBDC - Dividend Comparison

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

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
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%

Drawdowns

GSBD vs. GBDC - Drawdown Comparison

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

Drawdown Indicators

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

Volatility

GSBD vs. GBDC - Volatility Comparison

The current volatility for Goldman Sachs BDC, Inc. (GSBD) is 6.26%, while Golub Capital BDC, Inc. (GBDC) has a volatility of 7.20%. This indicates that GSBD experiences smaller price fluctuations and is considered to be less risky than GBDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

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

Financials

GSBD vs. GBDC - Profitability Comparison

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

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 - 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 - 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 - 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 - 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%.

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%.