FSK vs TCPC: Correlation
FS KKR Capital Corp. (FSK) and BlackRock TCP Capital Corp. - Closed End Fund (TCPC) show a strong relationship: their 3-year correlation of weekly returns is 0.74.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are FSK and TCPC?
Across a 3-year window, the weekly returns of FSK and TCPC correlate at 0.74, strong. The relationship has been stable: the 1-year correlation (0.82) sits close to the 3-year figure. Stretching to 5 years gives 0.72, with an annualized covariance of 655.9 %².
Few assets follow FSK as closely as TCPC, which ranks #3 of 17 tracked partners. The trailing year gives FSK the advantage: -19.1% versus -30.7%, a 11.6-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.
FSK vs TCPC: side by side
| FSK (FS KKR Capital Corp.) | TCPC (BlackRock TCP Capital Corp. - Closed End Fund) | |
|---|---|---|
| 1-year return | -19.1% | -30.7% |
| 5-year return | +10.8% | -42.1% |
| Volatility (ann.) | 26.7% | 33.1% |
| Beta vs S&P 500 | 0.63 | 0.94 |
| Max drawdown (3Y) | -51.0% | -60.8% |
| Market cap | $3.4B | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 17.68% | 20.34% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | FSK | TCPC |
|---|---|---|
| 2022 | -4.7% | +5.6% |
| 2023 | +33.0% | +3.2% |
| 2024 | +25.7% | -12.3% |
| 2025 | -20.4% | -26.2% |
| 2026 | -9.9% | -16.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are FSK and TCPC good diversifiers for each other?
To a limited degree. At 0.74 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 FSK and TCPC?
The FSK/TCPC correlation stands at 0.74 on a 3-year window (1 year: 0.82, 5 years: 0.72), computed from weekly returns as of 2026-08-27.
Is TCPC a good diversifier for FSK?
To a limited degree. At 0.74 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 0.74 mean?
A reading of 0.74 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
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Related comparisons
Hubs: FSK correlations · TCPC correlations
