CPZ vs. ARCC

Last updated Jun 4, 2026

CPZ (Calamos Long/Short Equity & Dynamic Income Term Trust) and ARCC (Ares Capital Corporation) are both stocks. Both are in the Financial Services sector — CPZ in Capital Markets, ARCC in Asset Management. Over the past 5 years, CPZ returned 0.89%/yr vs 8.64%/yr for ARCC. At a 0.34 correlation, their price movements are largely independent.

Performance

CPZ vs. ARCC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Calamos Long/Short Equity & Dynamic Income Term Trust (CPZ) and Ares Capital Corporation (ARCC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CPZ achieves a -8.56% return, which is significantly lower than ARCC's -5.14% return.

CPZ

• 1D: -1.68%
• 1M: -4.30%
• YTD: -8.56%
• 6M: -8.37%
• 1Y: -9.81%
• 3Y*: 6.75%
• 5Y*: 0.89%
• 10Y*: —

ARCC

• 1D: -1.53%
• 1M: -2.61%
• YTD: -5.14%
• 6M: -5.66%
• 1Y: -6.58%
• 3Y*: 9.07%
• 5Y*: 8.64%
• 10Y*: 12.56%

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

CPZ vs. ARCC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019
CPZ Calamos Long/Short Equity & Dynamic Income Term Trust	-8.56%	9.81%	15.98%	6.26%	-13.98%	21.23%	-3.49%	-1.64%
ARCC Ares Capital Corporation	-5.14%	1.07%	19.78%	20.03%	-3.84%	36.14%	0.86%	1.82%

Correlation

The correlation between CPZ and ARCC is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.17
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (5Y) Calculated over the trailing 5-year period	0.33
Correlation (All Time) Calculated using the full available price history since Nov 27, 2019	0.34

The correlation between CPZ and ARCC shifts across timeframes, from 0.17 (1 year) to 0.34 (all time), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap CPZ : $252.27M ARCC : $13.41B
EPS CPZ : $3.65 ARCC : $1.63
PE Ratio CPZ : 3.52 ARCC : 11.46
PEG Ratio CPZ : 0.05 ARCC : 1.72
PS Ratio CPZ : 2.94 ARCC : 5.01
PB Ratio CPZ : 0.77 ARCC : 0.95
Total Revenue (TTM) CPZ : $85.92M ARCC : $2.63B
Gross Profit (TTM) CPZ : $0.00 ARCC : $1.86B
EBITDA (TTM) CPZ : $84.82M ARCC : $2.05B

Return for Risk

CPZ vs. ARCC — Risk / Return Rank

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

CPZ

CPZ Risk / Return Rank: 12
CPZ Sharpe Ratio Rank: 6
CPZ Sortino Ratio Rank: 8
CPZ Omega Ratio Rank: 10
CPZ Calmar Ratio Rank: 21
CPZ Martin Ratio Rank: 15

ARCC

ARCC Risk / Return Rank: 25
ARCC Sharpe Ratio Rank: 25
ARCC Sortino Ratio Rank: 21
ARCC Omega Ratio Rank: 22
ARCC Calmar Ratio Rank: 29
ARCC Martin Ratio Rank: 29

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.

CPZ vs. ARCC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Calamos Long/Short Equity & Dynamic Income Term Trust (CPZ) and Ares Capital Corporation (ARCC). 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.

	CPZ	ARCC	Difference
Sharpe ratio Return per unit of total volatility	-0.92	-0.36	-0.56
Sortino ratio Return per unit of downside risk	-1.28	-0.38	-0.90
Omega ratio Gain probability vs. loss probability	0.86	0.95	-0.09
Calmar ratio Return relative to maximum drawdown	-0.57	-0.34	-0.22
Martin ratio Return relative to average drawdown	-1.18	-0.63	-0.55
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CPZ vs. ARCC - Sharpe Ratio Comparison

The current CPZ Sharpe Ratio is -0.92, which is lower than the ARCC Sharpe Ratio of -0.36. The chart below compares the historical Sharpe Ratios of CPZ and ARCC, 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

	CPZ	ARCC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.92	-0.36	-0.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.06	0.43	-0.38
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.13	0.37	-0.24

Drawdowns

CPZ vs. ARCC - Drawdown Comparison

The maximum CPZ drawdown since its inception was -51.43%, smaller than the maximum ARCC drawdown of -79.36%. Use the drawdown chart below to compare losses from any high point for CPZ and ARCC.

Drawdown Indicators

	CPZ	ARCC	Difference
Max Drawdown Largest peak-to-trough decline	-51.43%	-79.36%	+27.93%
Max Drawdown (1Y) Largest decline over 1 year	-17.43%	-19.35%	+1.92%
Max Drawdown (3Y) Largest decline over 3 years	-17.43%	-19.35%	+1.92%
Max Drawdown (5Y) Largest decline over 5 years	-25.46%	-21.76%	-3.70%
Max Drawdown (10Y) Largest decline over 10 years	—	-56.77%	—
Current Drawdown Current decline from peak	-17.11%	-13.66%	-3.45%
Average Drawdown Average peak-to-trough decline	-9.48%	-9.10%	-0.38%
Ulcer Index Depth and duration of drawdowns from previous peaks	8.34%	10.48%	-2.14%

Volatility

CPZ vs. ARCC - Volatility Comparison

The current volatility for Calamos Long/Short Equity & Dynamic Income Term Trust (CPZ) is 3.58%, while Ares Capital Corporation (ARCC) has a volatility of 3.94%. This indicates that CPZ experiences smaller price fluctuations and is considered to be less risky than ARCC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CPZ	ARCC	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.58%	3.94%	-0.36%
Volatility (6M) Calculated over the trailing 6-month period	8.45%	14.71%	-6.26%
Volatility (1Y) Calculated over the trailing 1-year period	10.71%	18.40%	-7.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	16.03%	19.96%	-3.93%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.95%	25.58%	-1.63%

Dividends

CPZ vs. ARCC - Dividend Comparison

CPZ's dividend yield for the trailing twelve months is around 13.07%, more than ARCC's 10.28% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ARCC Ares Capital Corporation	10.28%	9.49%	8.77%	9.59%	10.12%	7.65%	9.47%	9.01%	9.88%	9.67%	9.22%	11.02%
CPZ Calamos Long/Short Equity & Dynamic Income Term Trust	13.07%	11.49%	12.65%	11.63%	11.06%	8.37%	7.69%	0.22%	0.00%	0.00%	0.00%	0.00%

Financials

CPZ vs. ARCC - Profitability Comparison

The chart below illustrates the profitability comparison between Calamos Long/Short Equity & Dynamic Income Term Trust and Ares Capital Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CPZ - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Calamos Long/Short Equity & Dynamic Income Term Trust reported a gross profit of 0.00 and revenue of 26.13M. Therefore, the gross margin over that period was 0.0%.

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%.

CPZ - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Calamos Long/Short Equity & Dynamic Income Term Trust reported an operating income of 15.32M and revenue of 26.13M, resulting in an operating margin of 58.6%.

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%.

CPZ - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Calamos Long/Short Equity & Dynamic Income Term Trust reported a net income of 12.40M and revenue of 26.13M, resulting in a net margin of 47.5%.

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%.

Frequently Asked Questions

Can I hold both CPZ and ARCC in my portfolio?

CPZ and ARCC have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CPZ or ARCC?

ARCC has higher volatility (3.94%) compared to CPZ (3.58%). In terms of maximum drawdown, CPZ dropped -51.43% vs ARCC's -79.36%.

Which has better risk-adjusted returns?

ARCC currently has the higher Sharpe Ratio (-0.36 vs -0.92), 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.