SPY vs TCPC: Correlation
Measured on weekly returns over the past three years, SPDR S&P 500 ETF Trust (SPY) 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 SPY and TCPC?
Over the past 3 years, SPY and TCPC moved with a correlation of 0.41, which is moderate. The past 12 months show a tighter link (0.54) than the 3-year average (0.41). Over 5 years the correlation is 0.41, and the annualized covariance of weekly returns is 195.7 %².
Among the 4755 assets we track against SPY, TCPC ranks #1088 by 3-year correlation. Correlation aside, the last 12 months split them widely, with SPY ahead by 51.3 points (+20.6% versus -30.7%). Note the risk asymmetry: TCPC runs 2.3 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.
SPY vs TCPC: side by side
| SPY (SPDR S&P 500 ETF Trust) | TCPC (BlackRock TCP Capital Corp. - Closed End Fund) | |
|---|---|---|
| 1-year return | +20.6% | -30.7% |
| 5-year return | +82.4% | -42.1% |
| Volatility (ann.) | 14.5% | 33.1% |
| Beta vs S&P 500 | 1.00 | 0.94 |
| Max drawdown (3Y) | -18.8% | -60.8% |
| Market cap | – | $0.3B |
| P/E (trailing) | – | – |
| Dividend yield | 1.01% | 20.34% |
| Expense ratio | 0.09% | – |
| Assets under management | $795.3B | – |
| Sector / category | ETF · US Large Cap | US Listed |
SPY is a Large Blend fund from State Street Investment Management: $795.3B under management, 504 holdings, a 0.09% expense ratio, a 1.01% trailing dividend yield.
Year-by-year returns
| Year | SPY | TCPC |
|---|---|---|
| 2022 | -18.2% | +5.6% |
| 2023 | +26.2% | +3.2% |
| 2024 | +24.9% | -12.3% |
| 2025 | +17.7% | -26.2% |
| 2026 | +13.7% | -16.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are SPY and TCPC good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between SPY and TCPC?
Using weekly returns as of 2026-08-27: 0.41 over 3 years, with 0.54 over the last year and 0.41 over 5 years.
Is TCPC a good diversifier for SPY?
Yes, to a useful degree: a correlation of 0.41 leaves real independence between the two, which historically damped combined 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: SPY correlations · TCPC correlations
