CWAN vs. ARCC

Last updated Apr 1, 2026

Compare and contrast key facts about Clearwater Analytics Holdings, Inc. (CWAN) and Ares Capital Corporation (ARCC).

Performance

CWAN vs. ARCC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Clearwater Analytics Holdings, Inc. (CWAN) and Ares Capital Corporation (ARCC). The values are adjusted to include any dividend payments, if applicable.

CWAN vs. ARCC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
CWAN Clearwater Analytics Holdings, Inc.	-1.95%	-12.35%	37.39%	6.83%	-18.41%	-9.42%
ARCC Ares Capital Corporation	-8.49%	1.07%	19.78%	20.03%	-3.84%	7.62%

Fundamentals

Market Cap CWAN : $6.83B ARCC : $12.60B
EPS CWAN : -$0.14 ARCC : $1.64
PS Ratio CWAN : 9.13 ARCC : 6.71
PB Ratio CWAN : 3.38 ARCC : 0.88
Total Revenue (TTM) CWAN : $731.37M ARCC : $1.88B
Gross Profit (TTM) CWAN : $492.15M ARCC : $1.18B
EBITDA (TTM) CWAN : $49.47M ARCC : $1.08B

Returns By Period

In the year-to-date period, CWAN achieves a -1.95% return, which is significantly higher than ARCC's -8.49% return.

CWAN

• 1D: 0.42%
• 1M: 1.11%
• YTD: -1.95%
• 6M: 31.24%
• 1Y: -11.75%
• 3Y*: 14.01%
• 5Y*: —
• 10Y*: —

ARCC

• 1D: 1.58%
• 1M: -0.58%
• YTD: -8.49%
• 6M: -7.16%
• 1Y: -10.69%
• 3Y*: 9.35%
• 5Y*: 8.75%
• 10Y*: 11.92%

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

Return for Risk

CWAN vs. ARCC — Risk / Return Rank

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

CWAN

CWAN Risk / Return Rank: 29
CWAN Sharpe Ratio Rank: 28
CWAN Sortino Ratio Rank: 25
CWAN Omega Ratio Rank: 25
CWAN Calmar Ratio Rank: 33
CWAN Martin Ratio Rank: 33

ARCC

ARCC Risk / Return Rank: 21
ARCC Sharpe Ratio Rank: 22
ARCC Sortino Ratio Rank: 20
ARCC Omega Ratio Rank: 20
ARCC Calmar Ratio Rank: 25
ARCC Martin Ratio Rank: 22

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.

CWAN vs. ARCC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Clearwater Analytics Holdings, Inc. (CWAN) 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.

	CWAN	ARCC	Difference
Sharpe ratio Return per unit of total volatility	-0.32	-0.46	+0.13
Sortino ratio Return per unit of downside risk	-0.22	-0.51	+0.28
Omega ratio Gain probability vs. loss probability	0.97	0.93	+0.04
Calmar ratio Return relative to maximum drawdown	-0.27	-0.54	+0.28
Martin ratio Return relative to average drawdown	-0.53	-1.12	+0.60
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

CWAN vs. ARCC - Sharpe Ratio Comparison

The current CWAN Sharpe Ratio is -0.32, which is comparable to the ARCC Sharpe Ratio of -0.46. The chart below compares the historical Sharpe Ratios of CWAN and ARCC, 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

	CWAN	ARCC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.32	-0.46	+0.13
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.44	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.47	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.04	0.37	-0.41

Correlation

The correlation between CWAN and ARCC is 0.23, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

CWAN vs. ARCC - Dividend Comparison

CWAN has not paid dividends to shareholders, while ARCC's dividend yield for the trailing twelve months is around 10.65%.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CWAN Clearwater Analytics Holdings, Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
ARCC Ares Capital Corporation	10.65%	9.49%	8.77%	9.59%	10.12%	7.65%	9.47%	9.01%	9.88%	9.67%	9.22%	11.02%

Drawdowns

CWAN vs. ARCC - Drawdown Comparison

The maximum CWAN drawdown since its inception was -54.15%, smaller than the maximum ARCC drawdown of -79.36%. Use the drawdown chart below to compare losses from any high point for CWAN and ARCC.

Drawdown Indicators

	CWAN	ARCC	Difference
Max Drawdown Largest peak-to-trough decline	-54.15%	-79.36%	+25.21%
Max Drawdown (1Y) Largest decline over 1 year	-40.55%	-19.35%	-21.20%
Max Drawdown (5Y) Largest decline over 5 years	—	-21.76%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-56.77%	—
Current Drawdown Current decline from peak	-27.87%	-16.71%	-11.16%
Average Drawdown Average peak-to-trough decline	-28.84%	-9.07%	-19.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	20.55%	9.33%	+11.22%

Volatility

CWAN vs. ARCC - Volatility Comparison

The current volatility for Clearwater Analytics Holdings, Inc. (CWAN) is 2.20%, while Ares Capital Corporation (ARCC) has a volatility of 6.61%. This indicates that CWAN 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

	CWAN	ARCC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.20%	6.61%	-4.41%
Volatility (6M) Calculated over the trailing 6-month period	23.53%	15.16%	+8.37%
Volatility (1Y) Calculated over the trailing 1-year period	36.57%	23.48%	+13.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	40.62%	19.88%	+20.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	40.62%	25.53%	+15.09%

Financials

CWAN vs. ARCC - Profitability Comparison

The chart below illustrates the profitability comparison between Clearwater Analytics Holdings, Inc. and Ares Capital Corporation over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

CWAN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Clearwater Analytics Holdings, Inc. reported a gross profit of 146.22M and revenue of 217.46M. Therefore, the gross margin over that period was 67.2%.

ARCC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Apr 2026, Ares Capital Corporation reported a gross profit of 43.48M and revenue of 202.00M. Therefore, the gross margin over that period was 21.5%.

CWAN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Clearwater Analytics Holdings, Inc. reported an operating income of -6.74M and revenue of 217.46M, resulting in an operating margin of -3.1%.

ARCC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Apr 2026, Ares Capital Corporation reported an operating income of 26.85M and revenue of 202.00M, resulting in an operating margin of 13.3%.

CWAN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Clearwater Analytics Holdings, Inc. reported a net income of -11.76M and revenue of 217.46M, resulting in a net margin of -5.4%.

ARCC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Apr 2026, Ares Capital Corporation reported a net income of 142.36M and revenue of 202.00M, resulting in a net margin of 70.5%.