TCPC vs. CSWC
TCPC (BlackRock TCP Capital Corp.) and CSWC (Capital Southwest Corporation) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, TCPC returned -3.45%/yr vs 17.28%/yr for CSWC. Their 0.41 correlation means their historical movements had little consistent relationship.
Performance
TCPC vs. CSWC - Performance Comparison
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Returns By Period
In the year-to-date period, TCPC achieves a -32.17% return, which is significantly lower than CSWC's 15.19% return. Over the past 10 years, TCPC has underperformed CSWC with an annualized return of -3.45%, while CSWC has yielded a comparatively higher 17.28% annualized return.
TCPC
- 1D
- 3.69%
- 1M
- 0.30%
- 6M
- -27.25%
- YTD
- -32.17%
- 1Y
- -43.27%
- 3Y*
- -24.66%
- 5Y*
- -13.59%
- 10Y*
- -3.45%
- ALL TIME*
- 1.13%
CSWC
- 1D
- 1.48%
- 1M
- 1.71%
- 6M
- 9.30%
- YTD
- 15.19%
- 1Y
- 19.27%
- 3Y*
- 15.95%
- 5Y*
- 10.48%
- 10Y*
- 17.28%
- ALL TIME*
- 12.03%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $13.46M | $15.27M | $15.41M | |
| $1.69M | $1.95M | $2.74M |
TCPC vs. CSWC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TCPC BlackRock TCP Capital Corp. | -32.17% | -26.24% | -12.26% | 3.23% | 5.61% | 30.76% | -9.17% | 19.31% | -5.59% | -1.22% |
CSWC Capital Southwest Corporation | 15.19% | 14.28% | 2.14% | 56.10% | -24.63% | 57.40% | -1.56% | 22.80% | 29.52% | 9.99% |
Correlation
The correlation between TCPC and CSWC is 0.64, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.64 |
Correlation (3Y) Balances recent behavior with more history. | 0.57 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.58 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.49 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2012 | 0.41 |
Over the past year, TCPC and CSWC have become more correlated (0.64) than their long-term average of 0.41, meaning their price movements have been converging.
Fundamentals
TCPC:
$282.75M
CSWC:
$1.49B
TCPC:
-$1.30
CSWC:
$1.84
TCPC:
5.00
CSWC:
6.90
TCPC:
0.50
CSWC:
1.59
TCPC:
$57.18M
CSWC:
$229.38M
TCPC:
-$116.96M
CSWC:
$134.26M
TCPC:
-$43.73M
CSWC:
$112.38M
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Return for Risk
TCPC vs. CSWC — Risk / Return Rank
TCPC
CSWC
TCPC vs. CSWC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock TCP Capital Corp. (TCPC) and Capital Southwest Corporation (CSWC). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| TCPC | CSWC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.23 | ||
| Sortino ratioReturn per unit of downside risk | -3.31 | ||
| Omega ratioGain probability vs. loss probability | 0.79 | 1.18 | -0.39 |
| Calmar ratioReturn relative to maximum drawdown | -0.90 | 1.23 | -2.13 |
| Martin ratioReturn relative to average drawdown | -1.45 | 3.95 | -5.40 |
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Drawdowns
TCPC vs. CSWC - Drawdown Comparison
The maximum TCPC drawdown since its inception was -69.08%, roughly equal to the maximum CSWC drawdown of -68.33%. Use the drawdown chart below to compare losses from any high point for TCPC and CSWC.
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Drawdown Indicators
| TCPC | CSWC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.08% | -68.33% | -0.75% |
Max Drawdown (1Y)Largest decline over 1 year | -48.26% | -15.75% | -32.51% |
Max Drawdown (3Y)Largest decline over 3 years | -60.76% | -27.74% | -33.02% |
Max Drawdown (5Y)Largest decline over 5 years | -60.76% | -33.66% | -27.10% |
Max Drawdown (10Y)Largest decline over 10 years | -69.08% | -61.15% | -7.93% |
Current DrawdownCurrent decline from peak | -57.75% | -1.48% | -56.27% |
Average DrawdownAverage peak-to-trough decline | -10.46% | -18.29% | +7.83% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 29.82% | 4.89% | +24.93% |
Volatility
TCPC vs. CSWC - Volatility Comparison
BlackRock TCP Capital Corp. (TCPC) has a higher volatility of 10.49% compared to Capital Southwest Corporation (CSWC) at 4.38%. This indicates that TCPC's price experiences larger fluctuations and is considered to be riskier than CSWC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TCPC | CSWC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.49% | 4.38% | +6.11% |
Volatility (6M)Calculated over the trailing 6-month period | 28.50% | 13.26% | +15.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 35.88% | 19.06% | +16.82% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.89% | 22.03% | +4.86% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.73% | 27.41% | +7.32% |
Dividends
TCPC vs. CSWC - Dividend Comparison
TCPC's dividend yield for the trailing twelve months is around 26.11%, more than CSWC's 10.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSWC Capital Southwest Corporation | 10.70% | 11.56% | 11.59% | 10.21% | 12.46% | 10.13% | 11.49% | 13.07% | 10.77% | 7.01% | 2.35% | 216.86% |
TCPC BlackRock TCP Capital Corp. | 26.11% | 20.48% | 16.76% | 14.64% | 9.81% | 8.88% | 11.74% | 10.25% | 11.04% | 9.42% | 8.52% | 10.34% |
Financials
TCPC vs. CSWC - Financials Comparison
This section allows you to compare key financial metrics between BlackRock TCP Capital Corp. and Capital Southwest Corporation. 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
TCPC vs. CSWC - Profitability Comparison
TCPC - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 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%.
CSWC - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Capital Southwest Corporation reported a gross profit of 0.00 and revenue of 61.05M. Therefore, the gross margin over that period was 0.0%.
TCPC - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 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%.
CSWC - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Capital Southwest Corporation reported an operating income of 0.00 and revenue of 61.05M, resulting in an operating margin of 0.0%.
TCPC - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 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%.
CSWC - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Capital Southwest Corporation reported a net income of 35.68M and revenue of 61.05M, resulting in a net margin of 58.5%.
Frequently Asked Questions
TCPC and CSWC have a correlation of 0.64, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TCPC has higher volatility (10.49%) compared to CSWC (4.38%). In terms of maximum drawdown, TCPC dropped -69.08% vs CSWC's -68.33%.
CSWC currently has the higher Sharpe Ratio (1.02 vs -1.21), 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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