OM vs TCPC: Correlation
Measured on weekly returns over the past three years, Outset Medical, Inc. (OM) and BlackRock TCP Capital Corp. - Closed End Fund (TCPC) carry a correlation of 0.41, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are OM and TCPC?
Over the past 3 years, OM and TCPC moved with a correlation of 0.41, which is moderate. The past 12 months show a weaker link (0.21) than the 3-year average (0.41). Over 5 years the correlation is 0.37, and the annualized covariance of weekly returns is 1518.7 %².
TCPC is one of the assets that tracks OM most closely: it ranks #3 out of the 10 assets we track against OM. The last year tells two different stories: TCPC led by 40.0 percentage points, -70.7% for OM against -30.7% for TCPC. Note the risk asymmetry: OM runs 3.4 times the annualized volatility of the other leg, so equal-weighting the two is not an equal-risk position.
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.
OM vs TCPC: side by side
| OM (Outset Medical, Inc.) | TCPC (BlackRock TCP Capital Corp. - Closed End Fund) | |
|---|---|---|
| 1-year return | -70.7% | -30.7% |
| 5-year return | -99.4% | -42.1% |
| Volatility (ann.) | 112.6% | 33.1% |
| Beta vs S&P 500 | 1.98 | 0.94 |
| Max drawdown (3Y) | -98.5% | -60.8% |
| Market cap | $0.1B | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 0.00% | 20.34% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | OM | TCPC |
|---|---|---|
| 2022 | -44.0% | +5.6% |
| 2023 | -79.0% | +3.2% |
| 2024 | -79.5% | -12.3% |
| 2025 | -77.7% | -26.2% |
| 2026 | +10.2% | -16.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are OM and TCPC good diversifiers for each other?
Reasonably. At 0.41, OM and TCPC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between OM and TCPC?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.21 over the last year and 0.37 over 5 years.
Is TCPC a good diversifier for OM?
Reasonably. At 0.41, OM and TCPC keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.41 mean?
On the −1 to +1 scale, 0.41 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: OM correlations · TCPC correlations
