TCPC vs VXX: Correlation
BlackRock TCP Capital Corp. - Closed End Fund (TCPC) and iPath Series B S&P 500 VIX Short-Term Futures ETN (VXX) show a negative relationship: their 3-year correlation of weekly returns is -0.41.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are TCPC and VXX?
Over the past 3 years, TCPC and VXX moved with a correlation of -0.41, which is negative, meaning they tend to move in opposite directions. Recent behaviour matches the longer record: -0.42 over 1 year against -0.41 over 3. Over 5 years the correlation is -0.37, and the annualized covariance of weekly returns is -820.7 %².
Out of 18 assets tracked against TCPC, VXX lands near the bottom at #18. The last year tells two different stories: TCPC led by 19.0 percentage points, -30.7% for TCPC against -49.7% for VXX. Note the risk asymmetry: VXX runs 1.8 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.
TCPC vs VXX: side by side
| TCPC (BlackRock TCP Capital Corp. - Closed End Fund) | VXX (iPath Series B S&P 500 VIX Short-Term Futures ETN) | |
|---|---|---|
| 1-year return | -30.7% | -49.7% |
| 5-year return | -42.1% | -95.6% |
| Volatility (ann.) | 33.1% | 60.9% |
| Beta vs S&P 500 | 0.94 | -3.31 |
| Max drawdown (3Y) | -60.8% | -83.3% |
| Market cap | $0.3B | – |
| P/E (trailing) | – | – |
| Dividend yield | 20.34% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | TCPC | VXX |
|---|---|---|
| 2022 | +5.6% | -23.8% |
| 2023 | +3.2% | -72.5% |
| 2024 | -12.3% | -26.2% |
| 2025 | -26.2% | -42.2% |
| 2026 | -16.9% | -31.6% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are TCPC and VXX good diversifiers for each other?
Yes. With a correlation of -0.41, TCPC and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
FAQ
What is the correlation between TCPC and VXX?
As of 2026-08-27, the correlation of weekly returns between TCPC and VXX is -0.41 over 3 years, -0.42 over 1 year and -0.37 over 5 years.
Is VXX a good diversifier for TCPC?
Yes. With a correlation of -0.41, TCPC and VXX have moved largely independently, which makes them a genuinely diversifying pair by historical standards.
What does a correlation of -0.41 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/tcpc-vs-vxx.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/tcpc-vs-vxx/)
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Related comparisons
Hubs: TCPC correlations · VXX correlations
