TCPC vs. PFLT
TCPC (BlackRock TCP Capital Corp.) and PFLT (PennantPark Floating Rate Capital Ltd.) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, TCPC returned -3.14%/yr vs 4.93%/yr for PFLT. At a 0.48 correlation, their price movements are largely independent.
Performance
TCPC vs. PFLT - Performance Comparison
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Returns By Period
In the year-to-date period, TCPC achieves a -33.58% return, which is significantly lower than PFLT's -16.15% return. Over the past 10 years, TCPC has underperformed PFLT with an annualized return of -3.14%, while PFLT has yielded a comparatively higher 4.93% annualized return.
TCPC
- 1D
- -3.23%
- 1M
- -7.14%
- YTD
- -33.58%
- 6M
- -32.72%
- 1Y
- -47.68%
- 3Y*
- -20.04%
- 5Y*
- -13.84%
- 10Y*
- -3.14%
PFLT
- 1D
- -3.07%
- 1M
- -9.66%
- YTD
- -16.15%
- 6M
- -14.30%
- 1Y
- -19.29%
- 3Y*
- -0.23%
- 5Y*
- -0.54%
- 10Y*
- 4.93%
TCPC vs. PFLT - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TCPC BlackRock TCP Capital Corp. | -33.58% | -26.24% | -12.26% | 3.23% | 5.61% | 30.76% | -9.17% | 19.31% | -5.59% | -1.22% |
PFLT PennantPark Floating Rate Capital Ltd. | -16.15% | -4.17% | 0.62% | 23.05% | -5.53% | 32.64% | -1.41% | 15.52% | -8.29% | 5.49% |
Correlation
The correlation between TCPC and PFLT is 0.68, 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 | 0.68 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
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 4, 2012 | 0.48 |
Over the past year, TCPC and PFLT have become more correlated (0.68) than their long-term average of 0.48, meaning their price movements have been converging.
Fundamentals
TCPC:
-$1.29
PFLT:
$1.69
TCPC:
4.90
PFLT:
2.21
TCPC:
$57.18M
PFLT:
$229.78M
TCPC:
-$116.96M
PFLT:
$45.40M
TCPC:
-$43.73M
PFLT:
$38.59M
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Return for Risk
TCPC vs. PFLT — Risk / Return Rank
TCPC
PFLT
TCPC vs. PFLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for BlackRock TCP Capital Corp. (TCPC) and PennantPark Floating Rate Capital Ltd. (PFLT). 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 | PFLT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.48 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 0.74 | 0.86 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | -0.95 | -0.80 | -0.15 |
| Martin ratioReturn relative to average drawdown | -1.59 | -1.61 | +0.02 |
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Drawdowns
TCPC vs. PFLT - Drawdown Comparison
The maximum TCPC drawdown since its inception was -69.08%, roughly equal to the maximum PFLT drawdown of -69.77%. Use the drawdown chart below to compare losses from any high point for TCPC and PFLT.
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Drawdown Indicators
| TCPC | PFLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -69.08% | -69.77% | +0.69% |
Max Drawdown (1Y)Largest decline over 1 year | -50.21% | -24.19% | -26.02% |
Max Drawdown (3Y)Largest decline over 3 years | -58.91% | -25.22% | -33.69% |
Max Drawdown (5Y)Largest decline over 5 years | -58.91% | -29.64% | -29.27% |
Max Drawdown (10Y)Largest decline over 10 years | -69.08% | -69.77% | +0.69% |
Current DrawdownCurrent decline from peak | -58.63% | -25.22% | -33.41% |
Average DrawdownAverage peak-to-trough decline | -10.07% | -8.34% | -1.73% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 30.10% | 12.02% | +18.08% |
Volatility
TCPC vs. PFLT - Volatility Comparison
BlackRock TCP Capital Corp. (TCPC) has a higher volatility of 11.31% compared to PennantPark Floating Rate Capital Ltd. (PFLT) at 8.39%. This indicates that TCPC's price experiences larger fluctuations and is considered to be riskier than PFLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TCPC | PFLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 11.31% | 8.39% | +2.92% |
Volatility (6M)Calculated over the trailing 6-month period | 30.56% | 17.35% | +13.21% |
Volatility (1Y)Calculated over the trailing 1-year period | 34.21% | 20.97% | +13.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 26.45% | 21.31% | +5.14% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 34.53% | 29.01% | +5.52% |
Dividends
TCPC vs. PFLT - Dividend Comparison
TCPC's dividend yield for the trailing twelve months is around 26.67%, more than PFLT's 16.70% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
PFLT PennantPark Floating Rate Capital Ltd. | 16.70% | 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. | 26.67% | 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. PFLT - Financials Comparison
This section allows you to compare key financial metrics between BlackRock TCP Capital Corp. and PennantPark Floating Rate Capital Ltd.. 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. PFLT - Profitability Comparison
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 - 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 - 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 - 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 - 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%.
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%.
Frequently Asked Questions
TCPC and PFLT have a correlation of 0.68, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TCPC has higher volatility (11.31%) compared to PFLT (8.39%). In terms of maximum drawdown, TCPC dropped -69.08% vs PFLT's -69.77%.
PFLT currently has the higher Sharpe Ratio (-0.92 vs -1.40), 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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