RWAY vs TCPC: Correlation
How closely do Runway Growth Finance Corp. (RWAY) and BlackRock TCP Capital Corp. - Closed End Fund (TCPC) trade together? Their weekly returns over three years give a correlation of 0.68, which is strong.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are RWAY and TCPC?
On 3 years of weekly data the RWAY/TCPC correlation comes out at 0.68, strong. Little has changed lately, as the 1-year reading of 0.77 lands near the 3-year figure. The 5-year figure is 0.59, and annualized covariance runs at 665.5 %².
TCPC is one of the assets that tracks RWAY most closely: it ranks #1 out of the 13 assets we track against RWAY. Neither side won the trailing year by much: -27.2% against -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.
RWAY vs TCPC: side by side
| RWAY (Runway Growth Finance Corp.) | TCPC (BlackRock TCP Capital Corp. - Closed End Fund) | |
|---|---|---|
| 1-year return | -27.2% | -30.7% |
| 5-year return | +2.3% | -42.1% |
| Volatility (ann.) | 29.4% | 33.1% |
| Beta vs S&P 500 | 0.69 | 0.94 |
| Max drawdown (3Y) | -45.3% | -60.8% |
| Market cap | $0.3B | $0.3B |
| P/E (trailing) | 27.4 | – |
| Dividend yield | 20.21% | 20.34% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | RWAY | TCPC |
|---|---|---|
| 2022 | -0.6% | +5.6% |
| 2023 | +25.7% | +3.2% |
| 2024 | +1.7% | -12.3% |
| 2025 | -6.6% | -26.2% |
| 2026 | -15.0% | -16.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are RWAY and TCPC good diversifiers for each other?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between RWAY and TCPC?
Using weekly returns as of 2026-08-27: 0.68 over 3 years, with 0.77 over the last year and 0.59 over 5 years.
Is TCPC a good diversifier for RWAY?
Somewhat, no more. With 0.68 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.68 mean?
A reading of 0.68 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: RWAY correlations · TCPC correlations
