ARCC vs OCSL: Correlation
Measured on weekly returns over the past three years, Ares Capital Corporation - Closed End Fund (ARCC) and Oaktree Specialty Lending Corporation - Closed End Fund (OCSL) carry a correlation of 0.76, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are ARCC and OCSL?
Across a 3-year window, the weekly returns of ARCC and OCSL correlate at 0.76, strong. The relationship has been stable: the 1-year correlation (0.79) sits close to the 3-year figure. Stretching to 5 years gives 0.72, with an annualized covariance of 260.1 %².
By 3-year correlation, OCSL places #8 of the 31 assets tracked against ARCC. Over the last 12 months OCSL came out ahead by 7.2 percentage points (-1.8% against +5.4%).
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 OCSL: side by side
| ARCC (Ares Capital Corporation - Closed End Fund) | OCSL (Oaktree Specialty Lending Corporation - Closed End Fund) | |
|---|---|---|
| 1-year return | -1.8% | +5.4% |
| 5-year return | +59.8% | +5.8% |
| Volatility (ann.) | 15.8% | 21.7% |
| Beta vs S&P 500 | 0.62 | 0.62 |
| Max drawdown (3Y) | -19.3% | -34.2% |
| Market cap | $14.3B | $1.1B |
| P/E (trailing) | 14.8 | 27.0 |
| Dividend yield | 9.65% | 11.49% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | ARCC | OCSL |
|---|---|---|
| 2022 | -3.8% | +3.7% |
| 2023 | +20.0% | +11.3% |
| 2024 | +19.8% | -15.1% |
| 2025 | +1.1% | -6.1% |
| 2026 | +3.5% | +8.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are ARCC and OCSL good diversifiers for each other?
To a limited degree. At 0.76 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
FAQ
What is the correlation between ARCC and OCSL?
The ARCC/OCSL correlation stands at 0.76 on a 3-year window (1 year: 0.79, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is OCSL a good diversifier for ARCC?
To a limited degree. At 0.76 the two still catch most of the same waves, so the pair smooths returns a little without insulating either from a shared selloff.
What does a correlation of 0.76 mean?
On the −1 to +1 scale, 0.76 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-ocsl.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/arcc-vs-ocsl/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: ARCC correlations · OCSL correlations
