GECC vs TCPC: Correlation
Great Elm Capital Corp. - Closed End Fund (GECC) and BlackRock TCP Capital Corp. - Closed End Fund (TCPC) show a moderate relationship: their 3-year correlation of weekly returns is 0.52.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are GECC and TCPC?
Across a 3-year window, the weekly returns of GECC and TCPC correlate at 0.52, moderate. Little has changed lately, as the 1-year reading of 0.57 lands near the 3-year figure. Stretching to 5 years gives 0.40, with an annualized covariance of 521.7 %².
In GECC's tracked universe of 13 assets, TCPC sits right near the top at #2. The trailing year gives TCPC the advantage: -36.2% versus -30.7%, a 5.5-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.
GECC vs TCPC: side by side
| GECC (Great Elm Capital Corp. - Closed End Fund) | TCPC (BlackRock TCP Capital Corp. - Closed End Fund) | |
|---|---|---|
| 1-year return | -36.2% | -30.7% |
| 5-year return | -40.4% | -42.1% |
| Volatility (ann.) | 30.5% | 33.1% |
| Beta vs S&P 500 | 0.62 | 0.94 |
| Max drawdown (3Y) | -54.0% | -60.8% |
| Market cap | $0.1B | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 21.54% | 20.34% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | GECC | TCPC |
|---|---|---|
| 2022 | -47.4% | +5.6% |
| 2023 | +49.4% | +3.2% |
| 2024 | +18.9% | -12.3% |
| 2025 | -25.4% | -26.2% |
| 2026 | -6.2% | -16.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are GECC and TCPC good diversifiers for each other?
Only partially. A correlation of 0.52 means GECC and TCPC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between GECC and TCPC?
The GECC/TCPC correlation stands at 0.52 on a 3-year window (1 year: 0.57, 5 years: 0.40), computed from weekly returns as of 2026-08-27.
Is TCPC a good diversifier for GECC?
Only partially. A correlation of 0.52 means GECC and TCPC share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.52 mean?
A reading of 0.52 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: GECC correlations · TCPC correlations
