MCNAX vs. ARCC
MCNAX (Madison Conservative Allocation Fund) is Diversified Portfolio fund managed by Madison Funds, while ARCC (Ares Capital Corporation) is a stock. Over the past 10 years, MCNAX returned 4.07%/yr vs 13.05%/yr for ARCC. A 0.51 correlation means they provide meaningful diversification when combined.
Performance
MCNAX vs. ARCC - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, MCNAX achieves a 4.72% return, which is significantly higher than ARCC's -1.47% return. Over the past 10 years, MCNAX has underperformed ARCC with an annualized return of 4.07%, while ARCC has yielded a comparatively higher 13.05% annualized return.
MCNAX
- 1D
- 0.19%
- 1M
- -0.49%
- 6M
- 3.31%
- YTD
- 4.72%
- 1Y
- 10.51%
- 3Y*
- 7.30%
- 5Y*
- 2.30%
- 10Y*
- 4.07%
ARCC
- 1D
- 0.69%
- 1M
- 1.61%
- 6M
- -4.54%
- YTD
- -1.47%
- 1Y
- -8.34%
- 3Y*
- 9.34%
- 5Y*
- 8.78%
- 10Y*
- 13.05%
MCNAX vs. ARCC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MCNAX Madison Conservative Allocation Fund | 4.72% | 9.31% | 4.55% | 7.96% | -13.79% | 2.97% | 9.16% | 12.44% | -2.98% | 9.68% |
ARCC Ares Capital Corporation | -1.47% | 1.07% | 19.78% | 20.03% | -3.84% | 36.14% | 0.86% | 31.30% | 8.81% | 4.50% |
Correlation
The correlation between MCNAX and ARCC is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.42 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.45 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.41 |
Correlation (All Time) Calculated using the full available price history since Jul 3, 2006 | 0.51 |
The correlation between MCNAX and ARCC has been stable across timeframes, ranging from 0.41 to 0.51 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
MCNAX vs. ARCC — Risk / Return Rank
MCNAX
ARCC
MCNAX vs. ARCC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Madison Conservative Allocation Fund (MCNAX) 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.
| MCNAX | ARCC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +2.04 | ||
| Sortino ratioReturn per unit of downside risk | +2.81 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 0.94 | +0.36 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | -0.43 | +2.37 |
| Martin ratioReturn relative to average drawdown | 8.12 | -0.74 | +8.86 |
Loading charts...
Drawdowns
MCNAX vs. ARCC - Drawdown Comparison
The maximum MCNAX drawdown since its inception was -27.65%, smaller than the maximum ARCC drawdown of -79.36%. Use the drawdown chart below to compare losses from any high point for MCNAX and ARCC.
Loading charts...
Drawdown Indicators
| MCNAX | ARCC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -27.65% | -79.36% | +51.71% |
Max Drawdown (1Y)Largest decline over 1 year | -5.10% | -19.35% | +14.25% |
Max Drawdown (3Y)Largest decline over 3 years | -6.06% | -19.35% | +13.29% |
Max Drawdown (5Y)Largest decline over 5 years | -22.20% | -21.76% | -0.44% |
Max Drawdown (10Y)Largest decline over 10 years | -22.20% | -56.77% | +34.57% |
Current DrawdownCurrent decline from peak | -0.56% | -10.32% | +9.76% |
Average DrawdownAverage peak-to-trough decline | -4.40% | -9.12% | +4.72% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.21% | 11.30% | -10.09% |
Volatility
MCNAX vs. ARCC - Volatility Comparison
The current volatility for Madison Conservative Allocation Fund (MCNAX) is 1.61%, while Ares Capital Corporation (ARCC) has a volatility of 4.87%. This indicates that MCNAX 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.
Loading charts...
Volatility by Period
| MCNAX | ARCC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.61% | 4.87% | -3.26% |
Volatility (6M)Calculated over the trailing 6-month period | 5.35% | 14.88% | -9.53% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.21% | 18.85% | -12.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.72% | 19.99% | -12.27% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.87% | 25.58% | -18.71% |
Dividends
MCNAX vs. ARCC - Dividend Comparison
MCNAX's dividend yield for the trailing twelve months is around 2.70%, less than ARCC's 10.15% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARCC Ares Capital Corporation | 10.15% | 9.49% | 8.77% | 9.59% | 10.12% | 7.65% | 9.47% | 9.01% | 9.88% | 9.67% | 9.22% | 11.02% |
MCNAX Madison Conservative Allocation Fund | 2.70% | 2.63% | 2.81% | 2.40% | 1.49% | 6.65% | 7.32% | 3.75% | 5.24% | 4.24% | 3.43% | 4.51% |
Frequently Asked Questions
MCNAX and ARCC have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ARCC has higher volatility (4.87%) compared to MCNAX (1.61%). In terms of maximum drawdown, MCNAX dropped -27.65% vs ARCC's -79.36%.
MCNAX currently has the higher Sharpe Ratio (1.59 vs -0.44), 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.
Find the right allocation for MCNAX and ARCC
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer