PFLT vs. TCPC
PFLT (PennantPark Floating Rate Capital Ltd.) and TCPC (BlackRock TCP Capital Corp.) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, PFLT returned 6.36%/yr vs -1.99%/yr for TCPC. At a 0.47 correlation, their price movements are largely independent.
Performance
PFLT vs. TCPC - Performance Comparison
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Returns By Period
In the year-to-date period, PFLT achieves a -7.87% return, which is significantly higher than TCPC's -28.47% return. Over the past 10 years, PFLT has outperformed TCPC with an annualized return of 6.36%, while TCPC has yielded a comparatively lower -1.99% annualized return.
PFLT
- 1D
- -3.48%
- 1M
- -11.26%
- YTD
- -7.87%
- 6M
- -8.24%
- 1Y
- -9.99%
- 3Y*
- 2.12%
- 5Y*
- 1.67%
- 10Y*
- 6.36%
TCPC
- 1D
- -4.85%
- 1M
- -15.03%
- YTD
- -28.47%
- 6M
- -33.44%
- 1Y
- -43.27%
- 3Y*
- -17.65%
- 5Y*
- -13.29%
- 10Y*
- -1.99%
PFLT vs. TCPC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
PFLT PennantPark Floating Rate Capital Ltd. | -7.87% | -4.17% | 0.62% | 23.05% | -5.53% | 32.64% | -1.41% | 15.52% | -8.29% | 5.49% |
TCPC BlackRock TCP Capital Corp. | -28.47% | -26.24% | -12.26% | 3.23% | 5.61% | 30.76% | -9.17% | 19.31% | -5.59% | -1.22% |
Correlation
The correlation between PFLT and TCPC is 0.66, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.66 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.56 |
Correlation (All Time) Calculated using the full available price history since Apr 5, 2012 | 0.47 |
The correlation between PFLT and TCPC shifts across timeframes, from 0.47 (all time) to 0.66 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
PFLT:
$1.69
TCPC:
-$1.29
PFLT:
2.45
TCPC:
5.53
PFLT:
$229.78M
TCPC:
$57.18M
PFLT:
$45.40M
TCPC:
-$116.96M
PFLT:
$38.59M
TCPC:
-$43.73M
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Return for Risk
PFLT vs. TCPC — Risk / Return Rank
PFLT
TCPC
PFLT vs. TCPC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PennantPark Floating Rate Capital Ltd. (PFLT) and BlackRock TCP Capital Corp. (TCPC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.
| PFLT | TCPC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.79 | ||
| Sortino ratioReturn per unit of downside risk | +1.32 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 0.77 | +0.17 |
| Calmar ratioReturn relative to maximum drawdown | -0.46 | -0.86 | +0.41 |
| Martin ratioReturn relative to average drawdown | -0.88 | -1.53 | +0.65 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| PFLT | TCPC | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | -0.51 | -1.30 | +0.79 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.08 | -0.51 | +0.59 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.22 | -0.06 | +0.28 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.25 | 0.05 | +0.20 |
Drawdowns
PFLT vs. TCPC - Drawdown Comparison
The maximum PFLT drawdown since its inception was -69.77%, roughly equal to the maximum TCPC drawdown of -69.08%. Use the drawdown chart below to compare losses from any high point for PFLT and TCPC.
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Drawdown Indicators
| PFLT | TCPC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.77% | -69.08% | -0.69% |
Max Drawdown (1Y)Largest decline over 1 year | -21.90% | -50.21% | +28.31% |
Max Drawdown (3Y)Largest decline over 3 years | -22.96% | -58.91% | +35.95% |
Max Drawdown (5Y)Largest decline over 5 years | -29.64% | -58.91% | +29.27% |
Max Drawdown (10Y)Largest decline over 10 years | -69.77% | -69.08% | -0.69% |
Current DrawdownCurrent decline from peak | -17.83% | -55.44% | +37.61% |
Average DrawdownAverage peak-to-trough decline | -8.07% | -9.91% | +1.84% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.33% | 28.30% | -16.97% |
Volatility
PFLT vs. TCPC - Volatility Comparison
The current volatility for PennantPark Floating Rate Capital Ltd. (PFLT) is 5.73%, while BlackRock TCP Capital Corp. (TCPC) has a volatility of 11.24%. This indicates that PFLT experiences smaller price fluctuations and is considered to be less risky than TCPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| PFLT | TCPC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.73% | 11.24% | -5.51% |
Volatility (6M)Calculated over the trailing 6-month period | 16.05% | 29.82% | -13.77% |
Volatility (1Y)Calculated over the trailing 1-year period | 19.85% | 33.47% | -13.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 21.11% | 26.25% | -5.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 28.91% | 34.43% | -5.52% |
Dividends
PFLT vs. TCPC - Dividend Comparison
PFLT's dividend yield for the trailing twelve months is around 15.28%, less than TCPC's 26.81% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFLT PennantPark Floating Rate Capital Ltd. | 15.28% | 13.27% | 11.25% | 9.98% | 10.38% | 8.93% | 10.83% | 9.24% | 9.59% | 8.31% | 8.08% | 10.04% |
TCPC BlackRock TCP Capital Corp. | 26.81% | 20.48% | 16.76% | 14.64% | 9.81% | 8.88% | 11.74% | 10.25% | 11.04% | 9.42% | 8.52% | 10.34% |
Financials
PFLT vs. TCPC - Financials Comparison
This section allows you to compare key financial metrics between PennantPark Floating Rate Capital Ltd. and BlackRock TCP Capital Corp.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
PFLT vs. TCPC - Profitability Comparison
PFLT - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, PennantPark Floating Rate Capital Ltd. reported a gross profit of 1.39M and revenue of 110.28M. Therefore, the gross margin over that period was 1.3%.
TCPC - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, BlackRock TCP Capital Corp. reported a gross profit of 0.00 and revenue of 42.58M. Therefore, the gross margin over that period was 0.0%.
PFLT - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, PennantPark Floating Rate Capital Ltd. reported an operating income of 3.99M and revenue of 110.28M, resulting in an operating margin of 3.6%.
TCPC - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, BlackRock TCP Capital Corp. reported an operating income of 0.00 and revenue of 42.58M, resulting in an operating margin of 0.0%.
PFLT - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, PennantPark Floating Rate Capital Ltd. reported a net income of 85.16M and revenue of 110.28M, resulting in a net margin of 77.2%.
TCPC - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, BlackRock TCP Capital Corp. reported a net income of 0.00 and revenue of 42.58M, resulting in a net margin of 0.0%.
Frequently Asked Questions
PFLT and TCPC have a correlation of 0.66, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TCPC has higher volatility (11.24%) compared to PFLT (5.73%). In terms of maximum drawdown, PFLT dropped -69.77% vs TCPC's -69.08%.
PFLT currently has the higher Sharpe Ratio (-0.51 vs -1.30), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.
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