(FORTUNE Magazine) – For all the effort that goes into our FORTUNE 500 list, we may omit a ranking or two. Luckily, Golf Digest picks up the slack. In its March issue, the magazine's staff ranks the top 200 FORTUNE 500 CEOs--by golf handicap.

Sun Microsystems CEO Scott McNealy, who boasts a 3.3 handicap, is No. 1 on the list. (In comparison, Sun ranks No. 164 on the FORTUNE 500.) McNealy was once captain of Harvard's golf team, something he says is "kind of like being the Florida State ski captain." Other notable CEOs on the list are Charles Schwab (No. 9), IBM's Lou Gerstner (No. 31), AT&T's Mike Armstrong (No. 50), and Gateway's Ted Waitt (No. 133).

Even though he's been bumped from the top ten, GE's Jack Welch is the man to beat. After last year's golf rankings were published, McNealy challenged runner-up Welch to a couple of rounds. He may have regretted it--Welch won. Now McNealy wants a rematch and is encouraging other CEOs to get Welch onto the fairway. "I guarantee you, if I beat him, there's going to be a press release. The two times he beat me, he told everyone he knew on the planet."

The most interesting part of the list: Golf prowess and financial success aren't linked. Nine of the top 15 golfers saw their company's stock price drop last year. Makes you wonder if they were spending too much time on the green.

--Christine Y. Chen