OFS vs TCPC: Correlation
OFS Capital Corporation - Closed End Fund (OFS) and BlackRock TCP Capital Corp. - Closed End Fund (TCPC) show a moderate relationship: their 3-year correlation of weekly returns is 0.44.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OFS and TCPC?
On 3 years of weekly data the OFS/TCPC correlation comes out at 0.44, moderate. The past 12 months show a tighter link (0.54) than the 3-year average (0.44). The 5-year figure is 0.44, and annualized covariance runs at 497.0 %².
TCPC is one of the assets that tracks OFS most closely: it ranks #2 out of the 13 assets we track against OFS. Their recent paths diverged sharply: over the last 12 months TCPC outperformed by 16.7 percentage points (-47.4% for OFS against -30.7% for TCPC).
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.
OFS vs TCPC: side by side
| OFS (OFS Capital Corporation - Closed End Fund) | TCPC (BlackRock TCP Capital Corp. - Closed End Fund) | |
|---|---|---|
| 1-year return | -47.4% | -30.7% |
| 5-year return | -31.5% | -42.1% |
| Volatility (ann.) | 34.0% | 33.1% |
| Beta vs S&P 500 | 0.69 | 0.94 |
| Max drawdown (3Y) | -67.0% | -60.8% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 23.22% | 20.34% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OFS | TCPC |
|---|---|---|
| 2022 | +3.3% | +5.6% |
| 2023 | +29.9% | +3.2% |
| 2024 | -20.2% | -12.3% |
| 2025 | -31.6% | -26.2% |
| 2026 | -14.3% | -16.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OFS and TCPC good diversifiers for each other?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between OFS and TCPC?
Using weekly returns as of 2026-08-27: 0.44 over 3 years, with 0.54 over the last year and 0.44 over 5 years.
Is TCPC a good diversifier for OFS?
A fair diversifier. At 0.44, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.44 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: OFS correlations · TCPC correlations
