OCSL vs. NMFC

Last updated Apr 1, 2026

Compare and contrast key facts about Oaktree Specialty Lending Corporation (OCSL) and New Mountain Finance Corporation (NMFC).

Performance

OCSL vs. NMFC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Oaktree Specialty Lending Corporation (OCSL) and New Mountain Finance Corporation (NMFC). The values are adjusted to include any dividend payments, if applicable.

OCSL vs. NMFC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
OCSL Oaktree Specialty Lending Corporation	-7.99%	-6.06%	-15.15%	11.25%	3.74%	44.99%	11.00%	38.74%	-6.31%	-1.09%
NMFC New Mountain Finance Corporation	-12.13%	-7.17%	-0.95%	15.47%	-0.55%	31.94%	-7.13%	20.64%	2.78%	5.71%

Fundamentals

Market Cap OCSL : $995.37M NMFC : $939.68M
EPS OCSL : $0.72 NMFC : $1.10
PE Ratio OCSL : 15.70 NMFC : 7.07
PS Ratio OCSL : 4.82 NMFC : 2.95
PB Ratio OCSL : 0.69 NMFC : 0.00
Total Revenue (TTM) OCSL : $206.63M NMFC : $327.08M
Gross Profit (TTM) OCSL : $67.34M NMFC : $351.72M
EBITDA (TTM) OCSL : $53.57M NMFC : $281.65M

Returns By Period

In the year-to-date period, OCSL achieves a -7.99% return, which is significantly higher than NMFC's -12.13% return. Over the past 10 years, OCSL has outperformed NMFC with an annualized return of 7.28%, while NMFC has yielded a comparatively lower 5.98% annualized return.

OCSL

• 1D: 0.80%
• 1M: 3.37%
• YTD: -7.99%
• 6M: -7.45%
• 1Y: -16.58%
• 3Y*: -4.56%
• 5Y*: 1.42%
• 10Y*: 7.28%

NMFC

• 1D: 1.84%
• 1M: 5.79%
• YTD: -12.13%
• 6M: -13.15%
• 1Y: -19.12%
• 3Y*: -2.64%
• 5Y*: 1.26%
• 10Y*: 5.98%

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

Return for Risk

OCSL vs. NMFC — Risk / Return Rank

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

OCSL

OCSL Risk / Return Rank: 12
OCSL Sharpe Ratio Rank: 13
OCSL Sortino Ratio Rank: 14
OCSL Omega Ratio Rank: 15
OCSL Calmar Ratio Rank: 13
OCSL Martin Ratio Rank: 6

NMFC

NMFC Risk / Return Rank: 11
NMFC Sharpe Ratio Rank: 11
NMFC Sortino Ratio Rank: 12
NMFC Omega Ratio Rank: 13
NMFC Calmar Ratio Rank: 13
NMFC Martin Ratio Rank: 4

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.

OCSL vs. NMFC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Oaktree Specialty Lending Corporation (OCSL) 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.

	OCSL	NMFC	Difference
Sharpe ratio Return per unit of total volatility	-0.67	-0.73	+0.06
Sortino ratio Return per unit of downside risk	-0.81	-0.94	+0.12
Omega ratio Gain probability vs. loss probability	0.90	0.88	+0.02
Calmar ratio Return relative to maximum drawdown	-0.81	-0.79	-0.02
Martin ratio Return relative to average drawdown	-1.68	-1.76	+0.08
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

OCSL vs. NMFC - Sharpe Ratio Comparison

The current OCSL Sharpe Ratio is -0.67, which is comparable to the NMFC Sharpe Ratio of -0.73. The chart below compares the historical Sharpe Ratios of OCSL and NMFC, 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

	OCSL	NMFC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.67	-0.73	+0.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.07	0.07	0.00
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.27	0.23	+0.04
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.31	-0.18

Correlation

The correlation between OCSL and NMFC is 0.50, 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

OCSL vs. NMFC - Dividend Comparison

OCSL's dividend yield for the trailing twelve months is around 14.34%, less than NMFC's 16.49% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
OCSL Oaktree Specialty Lending Corporation	14.34%	13.27%	14.40%	11.12%	11.86%	7.37%	7.27%	6.96%	8.75%	8.38%	13.41%	10.84%
NMFC New Mountain Finance Corporation	16.49%	13.90%	12.17%	11.40%	9.86%	8.76%	10.92%	9.90%	10.81%	10.04%	9.65%	10.45%

Drawdowns

OCSL vs. NMFC - Drawdown Comparison

The maximum OCSL drawdown since its inception was -59.52%, smaller than the maximum NMFC drawdown of -64.16%. Use the drawdown chart below to compare losses from any high point for OCSL and NMFC.

Drawdown Indicators

	OCSL	NMFC	Difference
Max Drawdown Largest peak-to-trough decline	-59.52%	-64.16%	+4.64%
Max Drawdown (1Y) Largest decline over 1 year	-21.31%	-24.56%	+3.25%
Max Drawdown (5Y) Largest decline over 5 years	-34.16%	-27.77%	-6.39%
Max Drawdown (10Y) Largest decline over 10 years	-57.32%	-64.16%	+6.84%
Current Drawdown Current decline from peak	-30.47%	-23.59%	-6.88%
Average Drawdown Average peak-to-trough decline	-16.33%	-5.27%	-11.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.30%	11.02%	-0.72%

Volatility

OCSL vs. NMFC - Volatility Comparison

The current volatility for Oaktree Specialty Lending Corporation (OCSL) is 6.98%, while New Mountain Finance Corporation (NMFC) has a volatility of 8.43%. This indicates that OCSL experiences smaller price fluctuations and is considered to be less risky than NMFC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	OCSL	NMFC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.98%	8.43%	-1.45%
Volatility (6M) Calculated over the trailing 6-month period	15.62%	17.67%	-2.05%
Volatility (1Y) Calculated over the trailing 1-year period	24.76%	26.14%	-1.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.48%	18.15%	+1.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.68%	25.73%	+0.95%

Financials