ARCC vs CGBD: Correlation
Ares Capital Corporation - Closed End Fund (ARCC) and Carlyle Secured Lending, Inc. - Closed End Fund (CGBD) show a strong relationship: their 3-year correlation of weekly returns is 0.73.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARCC and CGBD?
On 3 years of weekly data the ARCC/CGBD correlation comes out at 0.73, strong. The relationship has been stable: the 1-year correlation (0.81) sits close to the 3-year figure. The 5-year figure is 0.68, and annualized covariance runs at 248.0 %².
Within ARCC's tracked universe of 31 assets, CGBD comes in at #12 by 3-year correlation. Their 12-month results are close: -1.8% for ARCC against -3.9% for CGBD.
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
ARCC vs CGBD: side by side
| ARCC (Ares Capital Corporation - Closed End Fund) | CGBD (Carlyle Secured Lending, Inc. - Closed End Fund) | |
|---|---|---|
| 1-year return | -1.8% | -3.9% |
| 5-year return | +59.8% | +52.6% |
| Volatility (ann.) | 15.8% | 21.6% |
| Beta vs S&P 500 | 0.62 | 0.67 |
| Max drawdown (3Y) | -19.3% | -35.1% |
| Market cap | $14.3B | $0.8B |
| P/E (trailing) | 14.8 | 22.4 |
| Dividend yield | 9.65% | 13.68% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARCC | CGBD |
|---|---|---|
| 2022 | -3.8% | +17.7% |
| 2023 | +20.0% | +18.0% |
| 2024 | +19.8% | +33.5% |
| 2025 | +1.1% | -21.5% |
| 2026 | +3.5% | +0.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARCC and CGBD good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between ARCC and CGBD?
As of 2026-08-27, the correlation of weekly returns between ARCC and CGBD is 0.73 over 3 years, 0.81 over 1 year and 0.68 over 5 years.
Is CGBD a good diversifier for ARCC?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.73 mean?
On the −1 to +1 scale, 0.73 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/arcc-vs-cgbd.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/arcc-vs-cgbd/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ARCC correlations · CGBD correlations
