GBDC vs. ARCC
GBDC (Golub Capital BDC, Inc.) and ARCC (Ares Capital Corporation) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, GBDC returned 6.03%/yr vs 12.32%/yr for ARCC. Their 0.51 correlation means they have sometimes moved together and sometimes differently.
Performance
GBDC vs. ARCC - Performance Comparison
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Returns By Period
In the year-to-date period, GBDC achieves a 2.46% return, which is significantly higher than ARCC's -0.17% return. Over the past 10 years, GBDC has underperformed ARCC with an annualized return of 6.03%, while ARCC has yielded a comparatively higher 12.32% annualized return.
GBDC
- 1D
- 2.81%
- 1M
- 1.54%
- 6M
- 6.54%
- YTD
- 2.46%
- 1Y
- -0.24%
- 3Y*
- 9.68%
- 5Y*
- 6.93%
- 10Y*
- 6.03%
- ALL TIME*
- 8.43%
ARCC
- 1D
- 2.19%
- 1M
- 2.35%
- 6M
- 3.47%
- YTD
- -0.17%
- 1Y
- -5.64%
- 3Y*
- 9.14%
- 5Y*
- 9.13%
- 10Y*
- 12.32%
- ALL TIME*
- 12.08%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $82.65M | $85.21M | $94.25M | |
| $11.41M | $12.15M | $14.94M |
GBDC vs. ARCC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
GBDC Golub Capital BDC, Inc. | 2.46% | -0.50% | 13.57% | 27.69% | -6.99% | 17.78% | -14.73% | 21.09% | -2.20% | 6.27% |
ARCC Ares Capital Corporation | -0.17% | 1.07% | 19.78% | 20.03% | -3.84% | 36.14% | 0.86% | 31.30% | 8.81% | 4.50% |
Correlation
The correlation between GBDC and ARCC is 0.76, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.76 |
Correlation (3Y) Balances recent behavior with more history. | 0.72 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.71 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.60 |
Correlation (All Time) Calculated using the full available price history since Apr 15, 2010 | 0.51 |
Over the past year, GBDC and ARCC have become more correlated (0.76) than their long-term average of 0.51, meaning their price movements have been converging.
Fundamentals
GBDC:
$3.44B
ARCC:
$13.76B
GBDC:
$0.44
ARCC:
$1.35
GBDC:
30.24
ARCC:
14.20
GBDC:
17.01
ARCC:
2.13
GBDC:
4.69
ARCC:
6.41
GBDC:
0.93
ARCC:
0.99
GBDC:
$739.89M
ARCC:
$2.13B
GBDC:
$408.70M
ARCC:
$1.36B
GBDC:
$272.54M
ARCC:
$1.26B
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Return for Risk
GBDC vs. ARCC — Risk / Return Rank
GBDC
ARCC
GBDC vs. ARCC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Golub Capital BDC, Inc. (GBDC) 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| GBDC | ARCC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.29 | ||
| Sortino ratioReturn per unit of downside risk | +0.41 | ||
| Omega ratioGain probability vs. loss probability | 1.01 | 0.97 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | -0.33 | +0.31 |
| Martin ratioReturn relative to average drawdown | -0.04 | -0.59 | +0.55 |
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Drawdowns
GBDC vs. ARCC - Drawdown Comparison
The maximum GBDC drawdown since its inception was -47.30%, smaller than the maximum ARCC drawdown of -79.36%. Use the drawdown chart below to compare losses from any high point for GBDC and ARCC.
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Drawdown Indicators
| GBDC | ARCC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -47.30% | -79.36% | +32.06% |
Max Drawdown (1Y)Largest decline over 1 year | -15.13% | -17.35% | +2.22% |
Max Drawdown (3Y)Largest decline over 3 years | -18.20% | -19.35% | +1.15% |
Max Drawdown (5Y)Largest decline over 5 years | -19.28% | -21.76% | +2.48% |
Max Drawdown (10Y)Largest decline over 10 years | -47.30% | -56.77% | +9.47% |
Current DrawdownCurrent decline from peak | -5.14% | -9.13% | +3.99% |
Average DrawdownAverage peak-to-trough decline | -6.15% | -9.12% | +2.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 6.13% | 9.52% | -3.39% |
Volatility
GBDC vs. ARCC - Volatility Comparison
Golub Capital BDC, Inc. (GBDC) has a higher volatility of 5.15% compared to Ares Capital Corporation (ARCC) at 4.82%. This indicates that GBDC's price experiences larger fluctuations and is considered to be riskier than ARCC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| GBDC | ARCC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.15% | 4.82% | +0.33% |
Volatility (6M)Calculated over the trailing 6-month period | 16.37% | 14.88% | +1.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.43% | 19.00% | +0.43% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 17.29% | 20.00% | -2.71% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.65% | 25.59% | -3.94% |
Dividends
GBDC vs. ARCC - Dividend Comparison
GBDC's dividend yield for the trailing twelve months is around 10.92%, more than ARCC's 10.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARCC Ares Capital Corporation | 10.02% | 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. | 10.92% | 11.50% | 12.73% | 10.00% | 9.35% | 7.58% | 8.44% | 7.70% | 8.49% | 7.47% | 8.32% | 7.70% |
Financials
GBDC vs. ARCC - Financials Comparison
This section allows you to compare key financial metrics between Golub Capital BDC, Inc. and Ares Capital Corporation. 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
GBDC vs. ARCC - Profitability Comparison
GBDC - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Golub Capital BDC, Inc. reported a gross profit of 0.00 and revenue of 184.20M. 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 Aug 2026, Ares Capital Corporation reported a gross profit of 408.00M and revenue of 581.00M. Therefore, the gross margin over that period was 70.2%.
GBDC - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Golub Capital BDC, Inc. reported an operating income of 0.00 and revenue of 184.20M, resulting in an operating margin of 0.0%.
ARCC - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Ares Capital Corporation reported an operating income of 394.00M and revenue of 581.00M, resulting in an operating margin of 67.8%.
GBDC - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Golub Capital BDC, Inc. reported a net income of 0.00 and revenue of 184.20M, resulting in a net margin of 0.0%.
ARCC - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Ares Capital Corporation reported a net income of 171.00M and revenue of 581.00M, resulting in a net margin of 29.4%.
Frequently Asked Questions
GBDC and ARCC have a correlation of 0.76, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
GBDC has higher volatility (5.15%) compared to ARCC (4.82%). In terms of maximum drawdown, GBDC dropped -47.30% vs ARCC's -79.36%.
GBDC currently has the higher Sharpe Ratio (-0.01 vs -0.30), 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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