ARCC vs. GBDC
ARCC (Ares Capital Corporation) and GBDC (Golub Capital BDC, Inc.) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, ARCC returned 12.70%/yr vs 6.58%/yr for GBDC. A 0.51 correlation means they provide meaningful diversification when combined.
Performance
ARCC vs. GBDC - Performance Comparison
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Returns By Period
In the year-to-date period, ARCC achieves a -4.02% return, which is significantly lower than GBDC's -0.08% return. Over the past 10 years, ARCC has outperformed GBDC with an annualized return of 12.70%, while GBDC has yielded a comparatively lower 6.58% annualized return.
ARCC
- 1D
- 1.18%
- 1M
- -2.33%
- YTD
- -4.02%
- 6M
- -5.00%
- 1Y
- -5.35%
- 3Y*
- 9.52%
- 5Y*
- 8.89%
- 10Y*
- 12.70%
GBDC
- 1D
- 2.25%
- 1M
- -1.57%
- YTD
- -0.08%
- 6M
- -1.96%
- 1Y
- -2.02%
- 3Y*
- 10.72%
- 5Y*
- 6.41%
- 10Y*
- 6.58%
ARCC vs. GBDC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
ARCC Ares Capital Corporation | -4.02% | 1.07% | 19.78% | 20.03% | -3.84% | 36.14% | 0.86% | 31.30% | 8.81% | 4.50% |
GBDC Golub Capital BDC, Inc. | -0.08% | -0.50% | 13.57% | 27.69% | -6.99% | 17.78% | -14.73% | 21.09% | -2.20% | 6.27% |
Correlation
The correlation between ARCC and GBDC is 0.75, 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 | 0.75 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.71 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.71 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.60 |
Correlation (All Time) Calculated using the full available price history since Apr 16, 2010 | 0.51 |
Over the past year, ARCC and GBDC have become more correlated (0.75) than their long-term average of 0.51, meaning their price movements have been converging.
Fundamentals
ARCC:
$13.57B
GBDC:
$3.46B
ARCC:
$1.63
GBDC:
$0.95
ARCC:
11.59
GBDC:
13.91
ARCC:
1.74
GBDC:
7.83
ARCC:
5.06
GBDC:
4.20
ARCC:
0.96
GBDC:
0.92
ARCC:
$2.63B
GBDC:
$831.29M
ARCC:
$1.86B
GBDC:
$525.36M
ARCC:
$2.05B
GBDC:
$506.70M
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Return for Risk
ARCC vs. GBDC — Risk / Return Rank
ARCC
GBDC
ARCC vs. GBDC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Ares Capital Corporation (ARCC) and Golub Capital BDC, Inc. (GBDC). 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.
| ARCC | GBDC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.26 | ||
| Omega ratioGain probability vs. loss probability | 0.97 | 1.00 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.28 | -0.11 | -0.17 |
| Martin ratioReturn relative to average drawdown | -0.51 | -0.24 | -0.27 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| ARCC | GBDC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.29 | -0.11 | -0.18 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.45 | 0.37 | +0.07 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.50 | 0.31 | +0.19 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.38 | 0.39 | -0.02 |
Drawdowns
ARCC vs. GBDC - Drawdown Comparison
The maximum ARCC drawdown since its inception was -79.36%, which is greater than GBDC's maximum drawdown of -47.30%. Use the drawdown chart below to compare losses from any high point for ARCC and GBDC.
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Drawdown Indicators
| ARCC | GBDC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -79.36% | -47.30% | -32.06% |
Max Drawdown (1Y)Largest decline over 1 year | -19.35% | -18.20% | -1.15% |
Max Drawdown (3Y)Largest decline over 3 years | -19.35% | -18.20% | -1.15% |
Max Drawdown (5Y)Largest decline over 5 years | -21.76% | -19.28% | -2.48% |
Max Drawdown (10Y)Largest decline over 10 years | -56.77% | -47.30% | -9.47% |
Current DrawdownCurrent decline from peak | -12.64% | -7.50% | -5.14% |
Average DrawdownAverage peak-to-trough decline | -9.10% | -6.13% | -2.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 10.51% | 8.48% | +2.03% |
Volatility
ARCC vs. GBDC - Volatility Comparison
The current volatility for Ares Capital Corporation (ARCC) is 4.02%, while Golub Capital BDC, Inc. (GBDC) has a volatility of 5.95%. This indicates that ARCC experiences smaller price fluctuations and is considered to be less risky than GBDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| ARCC | GBDC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.02% | 5.95% | -1.93% |
Volatility (6M)Calculated over the trailing 6-month period | 14.76% | 15.78% | -1.02% |
Volatility (1Y)Calculated over the trailing 1-year period | 18.44% | 19.09% | -0.65% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.97% | 17.20% | +2.77% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 25.58% | 21.55% | +4.03% |
Dividends
ARCC vs. GBDC - Dividend Comparison
ARCC's dividend yield for the trailing twelve months is around 10.16%, less than GBDC's 11.37% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARCC Ares Capital Corporation | 10.16% | 9.49% | 8.77% | 9.59% | 10.12% | 7.65% | 9.47% | 9.01% | 9.88% | 9.67% | 9.22% | 11.02% |
GBDC Golub Capital BDC, Inc. | 11.37% | 11.50% | 12.73% | 10.00% | 9.35% | 7.58% | 8.44% | 7.70% | 8.49% | 7.47% | 8.32% | 7.70% |
Financials
ARCC vs. GBDC - Financials Comparison
This section allows you to compare key financial metrics between Ares Capital Corporation and Golub Capital BDC, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
ARCC vs. GBDC - Profitability Comparison
ARCC - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Ares Capital Corporation reported a gross profit of 550.00M and revenue of 763.00M. Therefore, the gross margin over that period was 72.1%.
GBDC - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Golub Capital BDC, Inc. reported a gross profit of 0.00 and revenue of 184.79M. Therefore, the gross margin over that period was 0.0%.
ARCC - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Ares Capital Corporation reported an operating income of 404.00M and revenue of 763.00M, resulting in an operating margin of 53.0%.
GBDC - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Golub Capital BDC, Inc. reported an operating income of 0.00 and revenue of 184.79M, resulting in an operating margin of 0.0%.
ARCC - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Ares Capital Corporation reported a net income of 92.00M and revenue of 763.00M, resulting in a net margin of 12.1%.
GBDC - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Golub Capital BDC, Inc. reported a net income of 0.00 and revenue of 184.79M, resulting in a net margin of 0.0%.
Frequently Asked Questions
ARCC and GBDC have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBDC has higher volatility (5.95%) compared to ARCC (4.02%). In terms of maximum drawdown, ARCC dropped -79.36% vs GBDC's -47.30%.
GBDC currently has the higher Sharpe Ratio (-0.11 vs -0.29), 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.
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