TCPC vs. VTSAX

Last updated Jun 23, 2026

TCPC (BlackRock TCP Capital Corp.) is a stock, while VTSAX (Vanguard Total Stock Market Index Fund Admiral Shares) is Large Cap Blend Equities fund managed by Vanguard. Over the past 10 years, TCPC returned -3.14%/yr vs 15.06%/yr for VTSAX. At a 0.38 correlation, their price movements are largely independent.

Performance

TCPC vs. VTSAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BlackRock TCP Capital Corp. (TCPC) and Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TCPC achieves a -33.58% return, which is significantly lower than VTSAX's 10.72% return. Over the past 10 years, TCPC has underperformed VTSAX with an annualized return of -3.14%, while VTSAX has yielded a comparatively higher 15.06% 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%

VTSAX

• 1D: 1.14%
• 1M: 0.90%
• YTD: 10.72%
• 6M: 9.93%
• 1Y: 27.56%
• 3Y*: 20.66%
• 5Y*: 12.87%
• 10Y*: 15.06%

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

TCPC vs. VTSAX - 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%
VTSAX Vanguard Total Stock Market Index Fund Admiral Shares	10.72%	17.12%	23.23%	26.51%	-19.52%	25.72%	20.98%	30.79%	-5.18%	21.16%

Correlation

The correlation between TCPC and VTSAX is 0.29, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.29
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (5Y) Calculated over the trailing 5-year period	0.41
Correlation (10Y) Calculated over the trailing 10-year period	0.40
Correlation (All Time) Calculated using the full available price history since Apr 4, 2012	0.38

The correlation between TCPC and VTSAX shifts across timeframes, from 0.29 (1 year) to 0.41 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TCPC vs. VTSAX — 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: 4
TCPC Martin Ratio Rank: 4

VTSAX

VTSAX Risk / Return Rank: 65
VTSAX Sharpe Ratio Rank: 63
VTSAX Sortino Ratio Rank: 57
VTSAX Omega Ratio Rank: 58
VTSAX Calmar Ratio Rank: 70
VTSAX Martin Ratio Rank: 80

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. VTSAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BlackRock TCP Capital Corp. (TCPC) and Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX). 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	VTSAX	Difference
Sharpe ratio: Return per unit of total volatility	-1.40	2.14	-3.54
Sortino ratio: Return per unit of downside risk	-2.12	2.90	-5.03
Omega ratio: Gain probability vs. loss probability	0.74	1.38	-0.64
Calmar ratio: Return relative to maximum drawdown	-0.95	3.07	-4.02
Martin ratio: Return relative to average drawdown	-1.59	13.77	-15.36

TCPC vs. VTSAX - Sharpe Ratio Comparison

The current TCPC Sharpe Ratio is -1.40, which is lower than the VTSAX Sharpe Ratio of 2.14. The chart below compares the historical Sharpe Ratios of TCPC and VTSAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

TCPC vs. VTSAX - Drawdown Comparison

The maximum TCPC drawdown since its inception was -69.08%, which is greater than VTSAX's maximum drawdown of -55.33%. Use the drawdown chart below to compare losses from any high point for TCPC and VTSAX.

Drawdown Indicators

	TCPC	VTSAX	Difference
Max Drawdown Largest peak-to-trough decline	-69.08%	-55.33%	-13.75%
Max Drawdown (1Y) Largest decline over 1 year	-50.21%	-8.92%	-41.29%
Max Drawdown (3Y) Largest decline over 3 years	-58.91%	-19.36%	-39.55%
Max Drawdown (5Y) Largest decline over 5 years	-58.91%	-25.36%	-33.55%
Max Drawdown (10Y) Largest decline over 10 years	-69.08%	-34.97%	-34.11%
Current Drawdown Current decline from peak	-58.63%	-1.13%	-57.50%
Average Drawdown Average peak-to-trough decline	-10.07%	-8.99%	-1.08%
Ulcer Index Depth and duration of drawdowns from previous peaks	30.10%	1.99%	+28.11%

Volatility

TCPC vs. VTSAX - Volatility Comparison

BlackRock TCP Capital Corp. (TCPC) has a higher volatility of 11.31% compared to Vanguard Total Stock Market Index Fund Admiral Shares (VTSAX) at 4.88%. This indicates that TCPC's price experiences larger fluctuations and is considered to be riskier than VTSAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TCPC	VTSAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	11.31%	4.88%	+6.43%
Volatility (6M) Calculated over the trailing 6-month period	30.56%	10.11%	+20.45%
Volatility (1Y) Calculated over the trailing 1-year period	34.21%	12.80%	+21.41%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.45%	17.45%	+9.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	34.53%	18.45%	+16.08%

Dividends

TCPC vs. VTSAX - Dividend Comparison

TCPC's dividend yield for the trailing twelve months is around 26.67%, more than VTSAX's 1.01% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
VTSAX Vanguard Total Stock Market Index Fund Admiral Shares	1.01%	1.11%	1.26%	1.42%	1.65%	1.20%	1.41%	1.76%	2.03%	1.71%	1.92%	1.98%

Frequently Asked Questions

Can I hold both TCPC and VTSAX in my portfolio?

TCPC and VTSAX have a correlation of 0.29, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TCPC or VTSAX?

TCPC has higher volatility (11.31%) compared to VTSAX (4.88%). In terms of maximum drawdown, TCPC dropped -69.08% vs VTSAX's -55.33%.

Which has better risk-adjusted returns?

VTSAX currently has the higher Sharpe Ratio (2.14 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.