GSBD vs. NMFC

Last updated Jun 3, 2026

GSBD (Goldman Sachs BDC, Inc.) and NMFC (New Mountain Finance Corporation) are both stocks. Both are in the Financial Services sector — GSBD in Credit Services, NMFC in Asset Management. Over the past 10 years, GSBD returned 3.37%/yr vs 6.53%/yr for NMFC. At a 0.49 correlation, their price movements are largely independent.

Performance

GSBD vs. NMFC - Performance Comparison

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

Returns By Period

In the year-to-date period, GSBD achieves a 2.43% return, which is significantly higher than NMFC's -8.28% return. Over the past 10 years, GSBD has underperformed NMFC with an annualized return of 3.37%, while NMFC has yielded a comparatively higher 6.53% annualized return.

GSBD

• 1D: -0.44%
• 1M: -9.42%
• YTD: 2.43%
• 6M: -0.58%
• 1Y: -4.19%
• 3Y*: 1.85%
• 5Y*: -2.61%
• 10Y*: 3.37%

NMFC

• 1D: 0.00%
• 1M: -5.81%
• YTD: -8.28%
• 6M: -9.34%
• 1Y: -12.97%
• 3Y*: -1.08%
• 5Y*: 1.32%
• 10Y*: 6.53%

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

GSBD vs. NMFC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GSBD Goldman Sachs BDC, Inc.	2.43%	-8.81%	-6.24%	20.97%	-20.13%	10.85%	0.71%	26.36%	-9.44%	1.96%
NMFC New Mountain Finance Corporation	-8.28%	-7.17%	-0.95%	15.47%	-0.55%	31.94%	-7.13%	20.64%	2.78%	5.71%

Correlation

The correlation between GSBD and NMFC is 0.71, 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	0.71
Correlation (3Y) Calculated over the trailing 3-year period	0.65
Correlation (5Y) Calculated over the trailing 5-year period	0.66
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Mar 19, 2015	0.49

Over the past year, GSBD and NMFC have become more correlated (0.71) than their long-term average of 0.49, meaning their price movements have been converging.

Fundamentals

EPS GSBD : $0.98 NMFC : $328.53
PE Ratio GSBD : 9.34 NMFC : 0.02
PS Ratio GSBD : 3.66 NMFC : 2.39
Total Revenue (TTM) GSBD : $286.69M NMFC : $315.55M
Gross Profit (TTM) GSBD : $141.38M NMFC : $203.95M
EBITDA (TTM) GSBD : $164.11M NMFC : $106.53M

Return for Risk

GSBD vs. NMFC — Risk / Return Rank

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

GSBD

GSBD Risk / Return Rank: 30
GSBD Sharpe Ratio Rank: 32
GSBD Sortino Ratio Rank: 26
GSBD Omega Ratio Rank: 26
GSBD Calmar Ratio Rank: 32
GSBD Martin Ratio Rank: 33

NMFC

NMFC Risk / Return Rank: 17
NMFC Sharpe Ratio Rank: 15
NMFC Sortino Ratio Rank: 15
NMFC Omega Ratio Rank: 16
NMFC Calmar Ratio Rank: 21
NMFC Martin Ratio Rank: 17

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. NMFC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Goldman Sachs BDC, Inc. (GSBD) and New Mountain Finance Corporation (NMFC). 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	NMFC	Difference
Sharpe ratio Return per unit of total volatility	-0.21	-0.59	+0.38
Sortino ratio Return per unit of downside risk	-0.16	-0.73	+0.57
Omega ratio Gain probability vs. loss probability	0.98	0.92	+0.06
Calmar ratio Return relative to maximum drawdown	-0.25	-0.55	+0.30
Martin ratio Return relative to average drawdown	-0.38	-1.11	+0.72
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. NMFC - Sharpe Ratio Comparison

The current GSBD Sharpe Ratio is -0.21, which is higher than the NMFC Sharpe Ratio of -0.59. The chart below compares the historical Sharpe Ratios of GSBD and NMFC, 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

	GSBD	NMFC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.21	-0.59	+0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.14	0.07	-0.21
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.11	0.25	-0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.32	-0.19

Drawdowns

GSBD vs. NMFC - Drawdown Comparison

The maximum GSBD drawdown since its inception was -62.67%, roughly equal to the maximum NMFC drawdown of -64.16%. Use the drawdown chart below to compare losses from any high point for GSBD and NMFC.

Drawdown Indicators

	GSBD	NMFC	Difference
Max Drawdown Largest peak-to-trough decline	-62.67%	-64.16%	+1.49%
Max Drawdown (1Y) Largest decline over 1 year	-18.41%	-24.56%	+6.15%
Max Drawdown (3Y) Largest decline over 3 years	-29.59%	-27.77%	-1.82%
Max Drawdown (5Y) Largest decline over 5 years	-29.59%	-27.77%	-1.82%
Max Drawdown (10Y) Largest decline over 10 years	-62.67%	-64.16%	+1.49%
Current Drawdown Current decline from peak	-22.41%	-20.24%	-2.17%
Average Drawdown Average peak-to-trough decline	-11.69%	-5.43%	-6.26%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.99%	12.25%	-0.26%

Volatility

GSBD vs. NMFC - Volatility Comparison

Goldman Sachs BDC, Inc. (GSBD) has a higher volatility of 9.00% compared to New Mountain Finance Corporation (NMFC) at 5.51%. This indicates that GSBD's price experiences larger fluctuations and is considered to be riskier than NMFC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GSBD	NMFC	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.00%	5.51%	+3.49%
Volatility (6M) Calculated over the trailing 6-month period	16.06%	17.66%	-1.60%
Volatility (1Y) Calculated over the trailing 1-year period	19.99%	22.19%	-2.20%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.17%	18.43%	+0.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	30.98%	25.87%	+5.11%

Dividends

GSBD vs. NMFC - Dividend Comparison

GSBD's dividend yield for the trailing twelve months is around 18.60%, more than NMFC's 15.80% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GSBD Goldman Sachs BDC, Inc.	18.60%	20.26%	14.88%	12.29%	13.12%	10.18%	9.41%	8.46%	9.79%	8.12%	7.65%	9.47%
NMFC New Mountain Finance Corporation	15.80%	13.90%	12.17%	11.40%	9.86%	8.76%	10.92%	9.90%	10.81%	10.04%	9.65%	10.45%

Financials

Frequently Asked Questions

Can I hold both GSBD and NMFC in my portfolio?

GSBD and NMFC have a correlation of 0.71, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GSBD or NMFC?

GSBD has higher volatility (9.00%) compared to NMFC (5.51%). In terms of maximum drawdown, GSBD dropped -62.67% vs NMFC's -64.16%.

Which has better risk-adjusted returns?

GSBD currently has the higher Sharpe Ratio (-0.21 vs -0.59), 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.