ARCC vs OBDC: Correlation
Measured on weekly returns over the past three years, Ares Capital Corporation - Closed End Fund (ARCC) and Blue Owl Capital Corporation (OBDC) carry a correlation of 0.82, a very strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARCC and OBDC?
Across a 3-year window, the weekly returns of ARCC and OBDC correlate at 0.82, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.84) sits close to the 3-year figure. Stretching to 5 years gives 0.79, with an annualized covariance of 249.1 %².
In ARCC's tracked universe of 31 assets, OBDC sits right near the top at #2. On 12-month performance ARCC holds a 8.5-point edge, -1.8% against -10.3%.
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 OBDC: side by side
| ARCC (Ares Capital Corporation - Closed End Fund) | OBDC (Blue Owl Capital Corporation) | |
|---|---|---|
| 1-year return | -1.8% | -10.3% |
| 5-year return | +59.8% | +34.0% |
| Volatility (ann.) | 15.8% | 19.2% |
| Beta vs S&P 500 | 0.62 | 0.71 |
| Max drawdown (3Y) | -19.3% | -23.9% |
| Market cap | $14.3B | $5.6B |
| P/E (trailing) | 14.8 | 20.1 |
| Dividend yield | 9.65% | 12.62% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARCC | OBDC |
|---|---|---|
| 2022 | -3.8% | -9.5% |
| 2023 | +20.0% | +43.5% |
| 2024 | +19.8% | +14.7% |
| 2025 | +1.1% | -7.9% |
| 2026 | +3.5% | -3.4% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARCC and OBDC good diversifiers for each other?
No: a correlation of 0.82 means ARCC and OBDC tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between ARCC and OBDC?
The ARCC/OBDC correlation stands at 0.82 on a 3-year window (1 year: 0.84, 5 years: 0.79), computed from weekly returns as of 2026-08-27.
Is OBDC a good diversifier for ARCC?
No: a correlation of 0.82 means ARCC and OBDC tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.82 mean?
On the −1 to +1 scale, 0.82 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-obdc.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/arcc-vs-obdc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: ARCC correlations · OBDC correlations
