GBDC vs SPY
Comparison between Golub Capital BDC Inc (GBDC, Company) and SPDR S&P 500 ETF Trust (SPY, ETF).
5-Year PerformanceSPY has outperformed GBDC, delivering a return of +14.0% compared to +6.6%
GBDC vs SPY - Performance Comparison
Key Characteristics
Financial metrics and valuation ratios
GBDC vs SPY - Historical Returns
Returns include dividend reinvestment.
GBDC vs SPY - Annual Returns (1999 - 2026)
Returns include dividend reinvestment.
| Year | GBDC | SPY |
|---|---|---|
| 2026 | -2.39% | +9.45% |
| 2025 | -1.11% | +18.00% |
| 2024 | +13.64% | +25.59% |
| 2023 | +27.67% | +26.72% |
| 2022 | -6.92% | -18.64% |
| 2021 | +17.19% | +30.52% |
| 2020 | -14.35% | +17.28% |
| 2019 | +20.08% | +31.09% |
| 2018 | -1.64% | -5.24% |
| 2017 | +6.26% | +20.78% |
| 2016 | +18.96% | +13.59% |
| 2015 | +0.75% | +1.31% |
| 2014 | +3.12% | +14.56% |
| 2013 | +27.92% | +29.00% |
| 2012 | +12.24% | +14.17% |
| 2011 | -4.31% | +0.85% |
| 2010 | +23.10% | +13.14% |
| 2009 | N/A | +22.67% |
| 2008 | N/A | -36.25% |
| 2007 | N/A | +5.32% |
| 2006 | N/A | +13.85% |
| 2005 | N/A | +5.32% |
| 2004 | N/A | +10.75% |
| 2003 | N/A | +24.18% |
| 2002 | N/A | -22.42% |
| 2001 | N/A | -10.13% |
| 2000 | N/A | -8.84% |
| 1999 | N/A | +8.61% |
GBDC vs SPY Drawdown Comparison
The maximum drawdown for GBDC was -47.30%, occurring on Apr 2, 2020. Recovery took 441 trading sessions.
The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.
The current GBDC drawdown is -9.57%. The current SPY drawdown is -0.34%.
| Rank | GBDC | SPY |
|---|---|---|
| #1 | -47.30% Dec 30, 2019 - Sep 29, 2021 | -55.20% Oct 9, 2007 - Aug 16, 2012 |
| #2 | -19.26% Feb 10, 2022 - Aug 7, 2023 | -47.50% Mar 24, 2000 - Oct 26, 2006 |
| #3 | -18.70% Dec 30, 2010 - Sep 12, 2012 | -33.70% Feb 19, 2020 - Aug 10, 2020 |
| #4 | -18.14% Jul 17, 2025 - Feb 27, 2026 | -24.50% Jan 3, 2022 - Dec 13, 2023 |
| #5 | -16.72% Mar 14, 2014 - Dec 30, 2014 | -19.34% Sep 20, 2018 - Apr 12, 2019 |
| #6 | -16.54% Apr 29, 2024 - Jul 14, 2025 | -18.76% Feb 19, 2025 - Jun 26, 2025 |
| #7 | -13.47% Apr 20, 2010 - Jun 24, 2010 | -13.02% Jul 20, 2015 - Apr 18, 2016 |
| #8 | -11.72% Nov 9, 2018 - Feb 26, 2019 | -10.10% Jan 26, 2018 - Aug 6, 2018 |
| #9 | -11.17% Dec 1, 2015 - Mar 7, 2016 | -9.44% Sep 2, 2020 - Nov 11, 2020 |
| #10 | -9.65% Aug 30, 2016 - Jan 24, 2017 | -9.30% Jan 19, 2000 - Mar 17, 2000 |
| #11 | -9.62% Oct 5, 2012 - Dec 21, 2012 | -9.05% Jul 19, 2007 - Oct 5, 2007 |
| #12 | -9.41% Jul 23, 2013 - Nov 20, 2013 | -8.88% Jan 27, 2026 - Apr 14, 2026 |
| #13 | -9.02% May 5, 2017 - Jul 17, 2018 | -8.41% Jul 16, 2024 - Sep 19, 2024 |
| #14 | -8.74% Apr 23, 2015 - Nov 24, 2015 | -7.35% Sep 14, 2012 - Jan 2, 2013 |
| #15 | -7.52% Nov 26, 2010 - Dec 30, 2010 | -7.27% Sep 18, 2014 - Oct 31, 2014 |
Correlation
Correlation between GBDC and SPY is 0.94 which considered as a very strong positive correlation - the stocks move almost identically together.
Dividend Comparison (1999 - 2026)
GBDC vs SPY dividend yield comparison.
| Year | GBDC | SPY |
|---|---|---|
| 2026 | 2.56% | 0.24% |
| 2025 | 11.50% | 1.07% |
| 2024 | 12.73% | 1.21% |
| 2023 | 10.00% | 1.40% |
| 2022 | 9.35% | 1.65% |
| 2021 | 7.58% | 1.20% |
| 2020 | 8.44% | 1.52% |
| 2019 | 7.70% | 1.75% |
| 2018 | 8.49% | 2.04% |
| 2017 | 7.47% | 1.80% |
| 2016 | 8.32% | 2.03% |
| 2015 | 7.70% | 2.06% |
| 2014 | 7.14% | 1.87% |
| 2013 | 6.70% | 1.81% |
| 2012 | 8.01% | 2.18% |
| 2011 | 8.26% | 2.05% |
| 2010 | 5.02% | 1.80% |
| 2009 | 0.00% | 1.95% |
| 2008 | 0.00% | 3.02% |
| 2007 | 0.00% | 1.85% |
| 2006 | 0.00% | 1.73% |
| 2005 | 0.00% | 1.73% |
| 2004 | 0.00% | 1.82% |
| 2003 | 0.00% | 1.47% |
| 2002 | 0.00% | 1.70% |
| 2001 | 0.00% | 1.25% |
| 2000 | 0.00% | 1.15% |
| 1999 | 0.00% | 0.24% |
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