TCPC vs. BBDC

Last updated Apr 1, 2026

Compare and contrast key facts about BlackRock TCP Capital Corp. (TCPC) and Barings BDC, Inc. (BBDC).

Performance

TCPC vs. BBDC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock TCP Capital Corp. (TCPC) and Barings BDC, Inc. (BBDC). The values are adjusted to include any dividend payments, if applicable.

TCPC vs. BBDC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
TCPC BlackRock TCP Capital Corp.	-30.77%	-26.24%	-12.26%	3.23%	5.61%	30.76%	-9.17%	19.31%	-7.69%
BBDC Barings BDC, Inc.	-7.54%	8.84%	23.86%	18.53%	-18.59%	29.31%	-3.48%	20.40%	-13.52%

Fundamentals

EPS TCPC : $1.29 BBDC : $400.78
PE Ratio TCPC : 2.79 BBDC : 0.02
PEG Ratio TCPC : 0.09 BBDC : 0.00
PS Ratio TCPC : 2.77 BBDC : 3.03
Total Revenue (TTM) TCPC : $110.78M BBDC : $190.47M
Gross Profit (TTM) TCPC : $58.19M BBDC : $115.30M
EBITDA (TTM) TCPC : $129.18M BBDC : $100.74M

Returns By Period

In the year-to-date period, TCPC achieves a -30.77% return, which is significantly lower than BBDC's -7.54% return.

TCPC

• 1D: 1.98%
• 1M: -7.41%
• YTD: -30.77%
• 6M: -36.20%
• 1Y: -46.47%
• 3Y*: -17.42%
• 5Y*: -12.93%
• 10Y*: -2.38%

BBDC

• 1D: 1.60%
• 1M: 0.56%
• YTD: -7.54%
• 6M: -0.22%
• 1Y: -2.12%
• 3Y*: 13.78%
• 5Y*: 6.68%
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

TCPC vs. BBDC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

TCPC

TCPC Risk / Return Rank: 3
TCPC Sharpe Ratio Rank: 1
TCPC Sortino Ratio Rank: 2
TCPC Omega Ratio Rank: 3
TCPC Calmar Ratio Rank: 7
TCPC Martin Ratio Rank: 2

BBDC

BBDC Risk / Return Rank: 34
BBDC Sharpe Ratio Rank: 37
BBDC Sortino Ratio Rank: 31
BBDC Omega Ratio Rank: 31
BBDC Calmar Ratio Rank: 37
BBDC Martin Ratio Rank: 35

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

TCPC vs. BBDC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock TCP Capital Corp. (TCPC) and Barings BDC, Inc. (BBDC). 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.

	TCPC	BBDC	Difference
Sharpe ratio Return per unit of total volatility	-1.33	-0.10	-1.23
Sortino ratio Return per unit of downside risk	-2.01	0.01	-2.02
Omega ratio Gain probability vs. loss probability	0.75	1.00	-0.25
Calmar ratio Return relative to maximum drawdown	-0.92	-0.16	-0.76
Martin ratio Return relative to average drawdown	-2.02	-0.47	-1.56
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TCPC vs. BBDC - Sharpe Ratio Comparison

The current TCPC Sharpe Ratio is -1.33, which is lower than the BBDC Sharpe Ratio of -0.10. The chart below compares the historical Sharpe Ratios of TCPC and BBDC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	TCPC	BBDC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-1.33	-0.10	-1.23
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.51	0.35	-0.87
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	-0.07	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.04	0.25	-0.21

Correlation

The correlation between TCPC and BBDC is 0.52, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

TCPC vs. BBDC - Dividend Comparison

TCPC's dividend yield for the trailing twelve months is around 27.70%, more than BBDC's 13.85% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
TCPC BlackRock TCP Capital Corp.	27.70%	20.48%	16.76%	14.64%	9.81%	8.88%	11.74%	10.25%	11.04%	9.42%	8.52%	10.34%
BBDC Barings BDC, Inc.	13.85%	12.96%	10.87%	11.89%	11.66%	7.44%	7.07%	5.25%	21.24%	0.00%	0.00%	0.00%

Drawdowns

TCPC vs. BBDC - Drawdown Comparison

The maximum TCPC drawdown since its inception was -69.08%, which is greater than BBDC's maximum drawdown of -48.45%. Use the drawdown chart below to compare losses from any high point for TCPC and BBDC.

Drawdown Indicators

	TCPC	BBDC	Difference
Max Drawdown Largest peak-to-trough decline	-69.08%	-48.45%	-20.63%
Max Drawdown (1Y) Largest decline over 1 year	-50.21%	-17.03%	-33.18%
Max Drawdown (5Y) Largest decline over 5 years	-58.91%	-27.55%	-31.36%
Max Drawdown (10Y) Largest decline over 10 years	-69.08%	—	—
Current Drawdown Current decline from peak	-56.88%	-10.67%	-46.21%
Average Drawdown Average peak-to-trough decline	-9.39%	-8.04%	-1.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	22.89%	6.10%	+16.79%

Volatility

TCPC vs. BBDC - Volatility Comparison

BlackRock TCP Capital Corp. (TCPC) has a higher volatility of 12.76% compared to Barings BDC, Inc. (BBDC) at 6.29%. This indicates that TCPC's price experiences larger fluctuations and is considered to be riskier than BBDC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCPC	BBDC	Difference
Volatility (1M) Calculated over the trailing 1-month period	12.76%	6.29%	+6.47%
Volatility (6M) Calculated over the trailing 6-month period	27.01%	13.12%	+13.89%
Volatility (1Y) Calculated over the trailing 1-year period	34.98%	21.57%	+13.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.36%	18.95%	+6.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.07%	24.20%	+9.87%

Financials