SAR vs. CGBD

Last updated Jun 3, 2026

SAR (Saratoga Investment Corp.) and CGBD (TCG BDC, Inc.) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 5 years, SAR returned 9.02%/yr vs 7.47%/yr for CGBD. At a 0.44 correlation, their price movements are largely independent.

Performance

SAR vs. CGBD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Saratoga Investment Corp. (SAR) and TCG BDC, Inc. (CGBD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SAR achieves a 4.59% return, which is significantly higher than CGBD's -9.03% return.

SAR

• 1D: 0.75%
• 1M: -1.78%
• YTD: 4.59%
• 6M: 6.86%
• 1Y: 6.78%
• 3Y*: 7.06%
• 5Y*: 9.02%
• 10Y*: 14.11%

CGBD

• 1D: -0.45%
• 1M: -8.36%
• YTD: -9.03%
• 6M: -7.55%
• 1Y: -10.27%
• 3Y*: 3.09%
• 5Y*: 7.47%
• 10Y*: —

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

SAR vs. CGBD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SAR Saratoga Investment Corp.	4.59%	10.36%	6.07%	12.91%	-3.82%	51.00%	-10.92%	34.20%	-2.78%	7.27%
CGBD TCG BDC, Inc.	-9.03%	-21.53%	33.53%	18.01%	17.70%	49.48%	-8.34%	21.62%	-31.01%	18.17%

Correlation

The correlation between SAR and CGBD is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jun 15, 2017	0.44

The correlation between SAR and CGBD shifts across timeframes, from 0.44 (all time) to 0.55 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

EPS SAR : $2.46 CGBD : $1.02
PE Ratio SAR : 9.28 CGBD : 10.73
PS Ratio SAR : 0.01 CGBD : 2.65
Total Revenue (TTM) SAR : $62.82B CGBD : $226.59M
Gross Profit (TTM) SAR : $47.57M CGBD : $123.55M
EBITDA (TTM) SAR : $1.29B CGBD : $85.61M

Return for Risk

SAR vs. CGBD — Risk / Return Rank

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

SAR

SAR Risk / Return Rank: 48
SAR Sharpe Ratio Rank: 52
SAR Sortino Ratio Rank: 44
SAR Omega Ratio Rank: 43
SAR Calmar Ratio Rank: 50
SAR Martin Ratio Rank: 52

CGBD

CGBD Risk / Return Rank: 18
CGBD Sharpe Ratio Rank: 19
CGBD Sortino Ratio Rank: 18
CGBD Omega Ratio Rank: 19
CGBD Calmar Ratio Rank: 20
CGBD Martin Ratio Rank: 15

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.

SAR vs. CGBD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Saratoga Investment Corp. (SAR) and TCG BDC, Inc. (CGBD). 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.

	SAR	CGBD	Difference
Sharpe ratio Return per unit of total volatility	0.35	-0.48	+0.83
Sortino ratio Return per unit of downside risk	0.59	-0.57	+1.17
Omega ratio Gain probability vs. loss probability	1.08	0.94	+0.14
Calmar ratio Return relative to maximum drawdown	0.42	-0.57	+0.99
Martin ratio Return relative to average drawdown	1.08	-1.17	+2.24
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SAR vs. CGBD - Sharpe Ratio Comparison

The current SAR Sharpe Ratio is 0.35, which is higher than the CGBD Sharpe Ratio of -0.48. The chart below compares the historical Sharpe Ratios of SAR and CGBD, 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

	SAR	CGBD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.35	-0.48	+0.83
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.35	+0.05
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.38	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.15	0.20	-0.05

Drawdowns

SAR vs. CGBD - Drawdown Comparison

The maximum SAR drawdown since its inception was -90.51%, which is greater than CGBD's maximum drawdown of -71.09%. Use the drawdown chart below to compare losses from any high point for SAR and CGBD.

Drawdown Indicators

	SAR	CGBD	Difference
Max Drawdown Largest peak-to-trough decline	-90.51%	-71.09%	-19.42%
Max Drawdown (1Y) Largest decline over 1 year	-13.89%	-19.72%	+5.83%
Max Drawdown (3Y) Largest decline over 3 years	-14.38%	-35.06%	+20.68%
Max Drawdown (5Y) Largest decline over 5 years	-26.19%	-35.06%	+8.87%
Max Drawdown (10Y) Largest decline over 10 years	-69.89%	—	—
Current Drawdown Current decline from peak	-3.26%	-31.04%	+27.78%
Average Drawdown Average peak-to-trough decline	-17.26%	-12.46%	-4.80%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.43%	9.66%	-4.23%

Volatility

SAR vs. CGBD - Volatility Comparison

Saratoga Investment Corp. (SAR) and TCG BDC, Inc. (CGBD) have volatilities of 5.25% and 5.32%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SAR	CGBD	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.25%	5.32%	-0.07%
Volatility (6M) Calculated over the trailing 6-month period	15.00%	17.10%	-2.10%
Volatility (1Y) Calculated over the trailing 1-year period	19.39%	21.45%	-2.06%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.50%	21.51%	+0.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.65%	34.72%	+2.93%

Dividends

SAR vs. CGBD - Dividend Comparison

SAR's dividend yield for the trailing twelve months is around 14.21%, less than CGBD's 14.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CGBD TCG BDC, Inc.	14.60%	13.21%	10.43%	11.76%	11.46%	10.92%	14.33%	13.00%	13.55%	6.09%	0.00%	0.00%
SAR Saratoga Investment Corp.	14.21%	14.04%	13.80%	10.90%	11.02%	6.16%	6.57%	6.61%	10.35%	10.51%	9.12%	14.14%

Financials

SAR vs. CGBD - Profitability Comparison

The chart below illustrates the profitability comparison between Saratoga Investment Corp. and TCG BDC, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

SAR - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Saratoga Investment Corp. reported a gross profit of 0.00 and revenue of 62.74B. Therefore, the gross margin over that period was 0.0%.

CGBD - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, TCG BDC, Inc. reported a gross profit of 0.00 and revenue of 64.08M. Therefore, the gross margin over that period was 0.0%.

SAR - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Saratoga Investment Corp. reported an operating income of 0.00 and revenue of 62.74B, resulting in an operating margin of 0.0%.

CGBD - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, TCG BDC, Inc. reported an operating income of 0.00 and revenue of 64.08M, resulting in an operating margin of 0.0%.

SAR - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Saratoga Investment Corp. reported a net income of 0.00 and revenue of 62.74B, resulting in a net margin of 0.0%.

CGBD - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, TCG BDC, Inc. reported a net income of 0.00 and revenue of 64.08M, resulting in a net margin of 0.0%.

Frequently Asked Questions

Can I hold both SAR and CGBD in my portfolio?

SAR and CGBD have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SAR or CGBD?

CGBD has higher volatility (5.32%) compared to SAR (5.25%). In terms of maximum drawdown, SAR dropped -90.51% vs CGBD's -71.09%.

Which has better risk-adjusted returns?

SAR currently has the higher Sharpe Ratio (0.35 vs -0.48), 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.