Shadow script displays incorrect (darker) color

Hey everyone,

I wanted to add a shadow to my UI image (using the built-in shadow script) but Unity somehow doesn't display the correct color that I set the shadow to in the editor & game view. The color is significantly darker. Alpha is set to 100% and there is no other UI that is overlapping my image or shadow. "Use Graphic Alpha" is set to true and the "Effect Distance" is (0, -5).
Am I doing something wrong? Is there any way to fix this?

On the left is the color that I entered into the "Effect Color" field. On the right is the color that is being displayed in the editor and game view.