MCNAX vs. ARCC
MCNAX (Madison Conservative Allocation Fund) is Diversified Portfolio fund managed by Madison, while ARCC (Ares Capital Corporation) is a stock. Over the past 10 years, MCNAX returned 4.06%/yr vs 12.60%/yr for ARCC. Their 0.51 correlation means they have sometimes moved together and sometimes differently.
Performance
MCNAX vs. ARCC - Performance Comparison
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Returns By Period
In the year-to-date period, MCNAX achieves a 5.02% return, which is significantly higher than ARCC's 2.33% return. Over the past 10 years, MCNAX has underperformed ARCC with an annualized return of 4.06%, while ARCC has yielded a comparatively higher 12.60% annualized return.
MCNAX
- 1D
- 0.57%
- 1M
- 0.00%
- 6M
- 3.40%
- YTD
- 5.02%
- 1Y
- 9.38%
- 3Y*
- 7.60%
- 5Y*
- 2.27%
- 10Y*
- 4.06%
- ALL TIME*
- 3.99%
ARCC
- 1D
- 2.50%
- 1M
- 4.91%
- 6M
- 8.22%
- YTD
- 2.33%
- 1Y
- -3.32%
- 3Y*
- 10.04%
- 5Y*
- 9.47%
- 10Y*
- 12.60%
- ALL TIME*
- 12.21%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $86.24M | $87.43M | $94.49M | |
| $0.00 | $0.00 | $0.00 |
MCNAX vs. ARCC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
MCNAX Madison Conservative Allocation Fund | 5.02% | 9.31% | 4.55% | 7.96% | -13.79% | 2.97% | 9.16% | 12.44% | -2.98% | 9.68% |
ARCC Ares Capital Corporation | 2.33% | 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 0.46, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.46 |
Correlation (3Y) Balances recent behavior with more history. | 0.43 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.45 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.42 |
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 0.42 to 0.51 - a consistent structural relationship.
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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 | +1.80 | ||
| Sortino ratioReturn per unit of downside risk | +2.47 | ||
| Omega ratioGain probability vs. loss probability | 1.30 | 0.99 | +0.32 |
| Calmar ratioReturn relative to maximum drawdown | 1.97 | -0.19 | +2.17 |
| Martin ratioReturn relative to average drawdown | 8.19 | -0.35 | +8.54 |
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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.
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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% | -17.35% | +12.25% |
Max Drawdown (3Y)Largest decline over 3 years | -5.89% | -19.35% | +13.46% |
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 | -0.28% | -6.86% | +6.58% |
Average DrawdownAverage peak-to-trough decline | -4.39% | -9.12% | +4.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.23% | 9.53% | -8.30% |
Volatility
MCNAX vs. ARCC - Volatility Comparison
The current volatility for Madison Conservative Allocation Fund (MCNAX) is 1.50%, while Ares Capital Corporation (ARCC) has a volatility of 5.24%. 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.
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Volatility by Period
| MCNAX | ARCC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.50% | 5.24% | -3.74% |
Volatility (6M)Calculated over the trailing 6-month period | 5.32% | 14.96% | -9.64% |
Volatility (1Y)Calculated over the trailing 1-year period | 6.23% | 19.13% | -12.90% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.73% | 20.03% | -12.30% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.88% | 25.60% | -18.72% |
Dividends
MCNAX vs. ARCC - Dividend Comparison
MCNAX's dividend yield for the trailing twelve months is around 2.69%, less than ARCC's 9.77% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
ARCC Ares Capital Corporation | 9.77% | 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 | 2.69% | 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 0.46, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
ARCC has higher volatility (5.24%) compared to MCNAX (1.50%). In terms of maximum drawdown, MCNAX dropped -27.65% vs ARCC's -79.36%.
MCNAX currently has the higher Sharpe Ratio (1.62 vs -0.17), 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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