Decision confidence is a prototypical metacognitive representation that is thought to approximate the probability that a decision is correct. The perception of being correct has also been associated with affective valence such that being correct feels more positive and being mistaken more negative. This suggests that, similarly to confidence, affective valence reflects the probability that a decision is correct. However, both fields of research have seen very little interaction. Here, we test this proposal in two perceptual decision-making experiments where we compare the relationships of theoretically relevant variables (e.g. evidence, accuracy, and expectancy) with both confidence and affect ratings. The findings indicate that confidence and affect ratings are similarly sensitive to changes in accuracy, evidence, and expectancy, indicating that both track the subjective probability that a decision is correct. We identify various mechanisms that can explain these results. We also envision future research for clarifying the role of cognitive and affective aspects of confidence relying on deeper integration of the respective research fields.