LIEN vs. BXSL

Last updated Jun 4, 2026

LIEN (Chicago Atlantic BDC, Inc) and BXSL (Blackstone Secured Lending Fund) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 3 years, LIEN returned 20.11%/yr vs 7.21%/yr for BXSL. At a 0.05 correlation, their price movements are largely independent.

Performance

LIEN vs. BXSL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Chicago Atlantic BDC, Inc (LIEN) and Blackstone Secured Lending Fund (BXSL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LIEN achieves a -1.41% return, which is significantly higher than BXSL's -8.70% return.

LIEN

• 1D: -0.30%
• 1M: 5.25%
• YTD: -1.41%
• 6M: -2.27%
• 1Y: 7.76%
• 3Y*: 20.11%
• 5Y*: —
• 10Y*: —

BXSL

• 1D: -2.06%
• 1M: -5.91%
• YTD: -8.70%
• 6M: -11.93%
• 1Y: -17.34%
• 3Y*: 7.21%
• 5Y*: —
• 10Y*: —

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

LIEN vs. BXSL - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
LIEN Chicago Atlantic BDC, Inc	-1.41%	-3.99%	58.63%	-1.09%	-30.00%
BXSL Blackstone Secured Lending Fund	-8.70%	-9.36%	29.02%	37.82%	-13.67%

Correlation

The correlation between LIEN and BXSL is 0.15, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.15
Correlation (3Y) Calculated over the trailing 3-year period	0.05
Correlation (All Time) Calculated using the full available price history since Feb 7, 2022	0.05

The correlation between LIEN and BXSL shifts across timeframes, from 0.05 (3 years) to 0.15 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap LIEN : $224.10M BXSL : $5.40B
EPS LIEN : $1.50 BXSL : $1.80
PE Ratio LIEN : 6.55 BXSL : 12.93
PS Ratio LIEN : 4.60 BXSL : 7.57
PB Ratio LIEN : 0.74 BXSL : 0.89
Total Revenue (TTM) LIEN : $48.69M BXSL : $706.98M
Gross Profit (TTM) LIEN : $44.09M BXSL : $831.73M
EBITDA (TTM) LIEN : $35.22M BXSL : $525.53M

Return for Risk

LIEN vs. BXSL — Risk / Return Rank

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

LIEN

LIEN Risk / Return Rank: 50
LIEN Sharpe Ratio Rank: 51
LIEN Sortino Ratio Rank: 45
LIEN Omega Ratio Rank: 45
LIEN Calmar Ratio Rank: 53
LIEN Martin Ratio Rank: 54

BXSL

BXSL Risk / Return Rank: 11
BXSL Sharpe Ratio Rank: 7
BXSL Sortino Ratio Rank: 8
BXSL Omega Ratio Rank: 11
BXSL Calmar Ratio Rank: 13
BXSL Martin Ratio Rank: 16

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.

LIEN vs. BXSL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Chicago Atlantic BDC, Inc (LIEN) and Blackstone Secured Lending Fund (BXSL). 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.

	LIEN	BXSL	Difference
Sharpe ratio Return per unit of total volatility	0.28	-0.87	+1.16
Sortino ratio Return per unit of downside risk	0.62	-1.22	+1.84
Omega ratio Gain probability vs. loss probability	1.08	0.87	+0.21
Calmar ratio Return relative to maximum drawdown	0.54	-0.74	+1.28
Martin ratio Return relative to average drawdown	1.19	-1.13	+2.32
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LIEN vs. BXSL - Sharpe Ratio Comparison

The current LIEN Sharpe Ratio is 0.28, which is higher than the BXSL Sharpe Ratio of -0.87. The chart below compares the historical Sharpe Ratios of LIEN and BXSL, 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

	LIEN	BXSL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.28	-0.87	+1.16
Sharpe Ratio (All Time) Calculated using the full available price history	0.02	0.29	-0.27

Drawdowns

LIEN vs. BXSL - Drawdown Comparison

The maximum LIEN drawdown since its inception was -46.91%, which is greater than BXSL's maximum drawdown of -36.80%. Use the drawdown chart below to compare losses from any high point for LIEN and BXSL.

Drawdown Indicators

	LIEN	BXSL	Difference
Max Drawdown Largest peak-to-trough decline	-46.91%	-36.80%	-10.11%
Max Drawdown (1Y) Largest decline over 1 year	-14.35%	-23.47%	+9.12%
Max Drawdown (3Y) Largest decline over 3 years	-22.49%	-24.21%	+1.72%
Current Drawdown Current decline from peak	-10.54%	-22.50%	+11.96%
Average Drawdown Average peak-to-trough decline	-20.21%	-14.12%	-6.09%
Ulcer Index Depth and duration of drawdowns from previous peaks	6.53%	15.37%	-8.84%

Volatility

LIEN vs. BXSL - Volatility Comparison

Chicago Atlantic BDC, Inc (LIEN) has a higher volatility of 9.96% compared to Blackstone Secured Lending Fund (BXSL) at 5.04%. This indicates that LIEN's price experiences larger fluctuations and is considered to be riskier than BXSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LIEN	BXSL	Difference
Volatility (1M) Calculated over the trailing 1-month period	9.96%	5.04%	+4.92%
Volatility (6M) Calculated over the trailing 6-month period	17.47%	16.24%	+1.23%
Volatility (1Y) Calculated over the trailing 1-year period	27.55%	19.90%	+7.65%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.44%	23.73%	+15.71%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	39.44%	23.73%	+15.71%

Dividends

LIEN vs. BXSL - Dividend Comparison

LIEN's dividend yield for the trailing twelve months is around 13.85%, more than BXSL's 13.24% yield.

Position	TTM	2025	2024	2023	2022	2021
BXSL Blackstone Secured Lending Fund	13.24%	11.70%	9.53%	10.64%	13.02%	1.56%
LIEN Chicago Atlantic BDC, Inc	13.85%	13.17%	8.95%	15.76%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both LIEN and BXSL in my portfolio?

LIEN and BXSL have a correlation of 0.15, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LIEN or BXSL?

LIEN has higher volatility (9.96%) compared to BXSL (5.04%). In terms of maximum drawdown, LIEN dropped -46.91% vs BXSL's -36.80%.

Which has better risk-adjusted returns?

LIEN currently has the higher Sharpe Ratio (0.28 vs -0.87), 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.