HRZN vs TCPC: Correlation
Measured on weekly returns over the past three years, Horizon Technology Finance Corporation (HRZN) and BlackRock TCP Capital Corp. - Closed End Fund (TCPC) carry a correlation of 0.44, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HRZN and TCPC?
Across a 3-year window, the weekly returns of HRZN and TCPC correlate at 0.44, moderate. Little has changed lately, as the 1-year reading of 0.42 lands near the 3-year figure. Stretching to 5 years gives 0.46, with an annualized covariance of 477.3 %².
By 3-year correlation, TCPC places #5 of the 16 assets tracked against HRZN. Correlation aside, the last 12 months split them widely, with HRZN ahead by 16.1 points (-14.6% versus -30.7%).
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.
HRZN vs TCPC: side by side
| HRZN (Horizon Technology Finance Corporation) | TCPC (BlackRock TCP Capital Corp. - Closed End Fund) | |
|---|---|---|
| 1-year return | -14.6% | -30.7% |
| 5-year return | -44.7% | -42.1% |
| Volatility (ann.) | 32.9% | 33.1% |
| Beta vs S&P 500 | 0.55 | 0.94 |
| Max drawdown (3Y) | -59.4% | -60.8% |
| Market cap | $0.3B | $0.3B |
| P/E (trailing) | 13.0 | – |
| Dividend yield | 23.38% | 20.34% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HRZN | TCPC |
|---|---|---|
| 2022 | -19.7% | +5.6% |
| 2023 | +27.0% | +3.2% |
| 2024 | -22.9% | -12.3% |
| 2025 | -14.4% | -26.2% |
| 2026 | -14.7% | -16.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HRZN and TCPC good diversifiers for each other?
Reasonably. At 0.44, HRZN and TCPC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HRZN and TCPC?
The HRZN/TCPC correlation stands at 0.44 on a 3-year window (1 year: 0.42, 5 years: 0.46), computed from weekly returns as of 2026-08-27.
Is TCPC a good diversifier for HRZN?
Reasonably. At 0.44, HRZN and TCPC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.44 mean?
On the −1 to +1 scale, 0.44 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: HRZN correlations · TCPC correlations
