CION vs TCPC: Correlation
How closely do CION Investment Corporation (CION) and BlackRock TCP Capital Corp. - Closed End Fund (TCPC) trade together? Their weekly returns over three years give a correlation of 0.67, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are CION and TCPC?
Over the past 3 years, CION and TCPC moved with a correlation of 0.67, which is strong. The past 12 months show a tighter link (0.82) than the 3-year average (0.67). Over 5 years the correlation is 0.58, and the annualized covariance of weekly returns is 666.7 %².
In CION's tracked universe of 22 assets, TCPC sits right near the top at #3. The trailing year gives CION the advantage: -17.7% versus -30.7%, a 13.0-point spread.
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.
CION vs TCPC: side by side
| CION (CION Investment Corporation) | TCPC (BlackRock TCP Capital Corp. - Closed End Fund) | |
|---|---|---|
| 1-year return | -17.7% | -30.7% |
| 5-year return | +26.2% | -42.1% |
| Volatility (ann.) | 30.2% | 33.1% |
| Beta vs S&P 500 | 0.86 | 0.94 |
| Max drawdown (3Y) | -40.3% | -60.8% |
| Market cap | $0.4B | $0.3B |
| P/E (trailing) | 123.5 | – |
| Dividend yield | 17.98% | 20.34% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | CION | TCPC |
|---|---|---|
| 2022 | -14.8% | +5.6% |
| 2023 | +35.4% | +3.2% |
| 2024 | +14.8% | -12.3% |
| 2025 | -2.3% | -26.2% |
| 2026 | -14.6% | -16.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are CION and TCPC good diversifiers for each other?
To a limited degree. At 0.67 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 CION and TCPC?
As of 2026-08-27, the correlation of weekly returns between CION and TCPC is 0.67 over 3 years, 0.82 over 1 year and 0.58 over 5 years.
Is TCPC a good diversifier for CION?
To a limited degree. At 0.67 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 0.67 mean?
On the −1 to +1 scale, 0.67 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.
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Related comparisons
Hubs: CION correlations · TCPC correlations
