TSLX vs. CSQ

Last updated Jun 13, 2026

TSLX (Sixth Street Specialty Lending, Inc.) is a stock, while CSQ (Calamos Strategic Total Return Fund) is Diversified Portfolio fund actively managed by Calamos. Over the past 10 years, TSLX returned 11.35%/yr vs 16.38%/yr for CSQ. At a 0.37 correlation, their price movements are largely independent.

Performance

TSLX vs. CSQ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Sixth Street Specialty Lending, Inc. (TSLX) and Calamos Strategic Total Return Fund (CSQ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TSLX achieves a -20.08% return, which is significantly lower than CSQ's 8.10% return. Over the past 10 years, TSLX has underperformed CSQ with an annualized return of 11.35%, while CSQ has yielded a comparatively higher 16.38% annualized return.

TSLX

• 1D: -0.24%
• 1M: -2.59%
• YTD: -20.08%
• 6M: -21.60%
• 1Y: -21.35%
• 3Y*: 5.63%
• 5Y*: 4.19%
• 10Y*: 11.35%

CSQ

• 1D: 1.27%
• 1M: -0.51%
• YTD: 8.10%
• 6M: 9.75%
• 1Y: 22.69%
• 3Y*: 20.54%
• 5Y*: 10.41%
• 10Y*: 16.38%

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

TSLX vs. CSQ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
TSLX Sixth Street Specialty Lending, Inc.	-20.08%	11.52%	8.83%	35.29%	-16.37%	32.33%	9.77%	29.62%	0.36%	15.47%
CSQ Calamos Strategic Total Return Fund	8.10%	16.25%	28.11%	20.80%	-24.26%	30.77%	26.22%	38.62%	-4.89%	27.98%

Correlation

The correlation between TSLX and CSQ 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	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.42
Correlation (10Y) Calculated over the trailing 10-year period	0.39
Correlation (All Time) Calculated using the full available price history since Mar 21, 2014	0.37

The correlation between TSLX and CSQ shifts across timeframes, from 0.29 (1 year) to 0.42 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

TSLX vs. CSQ — Risk / Return Rank

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

TSLX

TSLX Risk / Return Rank: 10
TSLX Sharpe Ratio Rank: 8
TSLX Sortino Ratio Rank: 11
TSLX Omega Ratio Rank: 11
TSLX Calmar Ratio Rank: 13
TSLX Martin Ratio Rank: 9

CSQ

CSQ Risk / Return Rank: 36
CSQ Sharpe Ratio Rank: 42
CSQ Sortino Ratio Rank: 38
CSQ Omega Ratio Rank: 41
CSQ Calmar Ratio Rank: 25
CSQ Martin Ratio Rank: 34

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.

TSLX vs. CSQ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Sixth Street Specialty Lending, Inc. (TSLX) and Calamos Strategic Total Return Fund (CSQ). 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.

	TSLX	CSQ	Difference
Sharpe ratio: Return per unit of total volatility	-0.87	1.51	-2.38
Sortino ratio: Return per unit of downside risk	-1.11	2.06	-3.17
Omega ratio: Gain probability vs. loss probability	0.86	1.27	-0.41
Calmar ratio: Return relative to maximum drawdown	-0.77	1.49	-2.26
Martin ratio: Return relative to average drawdown	-1.42	6.36	-7.78

TSLX vs. CSQ - Sharpe Ratio Comparison

The current TSLX Sharpe Ratio is -0.87, which is lower than the CSQ Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of TSLX and CSQ, 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

TSLX vs. CSQ - Drawdown Comparison

The maximum TSLX drawdown since its inception was -50.27%, smaller than the maximum CSQ drawdown of -67.17%. Use the drawdown chart below to compare losses from any high point for TSLX and CSQ.

Drawdown Indicators

	TSLX	CSQ	Difference
Max Drawdown Largest peak-to-trough decline	-50.27%	-67.17%	+16.90%
Max Drawdown (1Y) Largest decline over 1 year	-27.94%	-15.25%	-12.69%
Max Drawdown (3Y) Largest decline over 3 years	-27.94%	-24.18%	-3.76%
Max Drawdown (5Y) Largest decline over 5 years	-28.77%	-33.09%	+4.32%
Max Drawdown (10Y) Largest decline over 10 years	-50.27%	-48.21%	-2.06%
Current Drawdown Current decline from peak	-27.82%	-2.35%	-25.47%
Average Drawdown Average peak-to-trough decline	-9.10%	-9.33%	+0.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.08%	3.58%	+11.50%

Volatility

TSLX vs. CSQ - Volatility Comparison

Sixth Street Specialty Lending, Inc. (TSLX) has a higher volatility of 7.90% compared to Calamos Strategic Total Return Fund (CSQ) at 5.74%. This indicates that TSLX's price experiences larger fluctuations and is considered to be riskier than CSQ based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	TSLX	CSQ	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.90%	5.74%	+2.16%
Volatility (6M) Calculated over the trailing 6-month period	20.66%	12.45%	+8.21%
Volatility (1Y) Calculated over the trailing 1-year period	24.63%	15.06%	+9.57%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.40%	20.06%	-0.66%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.47%	23.02%	-1.55%

Dividends

TSLX vs. CSQ - Dividend Comparison

TSLX's dividend yield for the trailing twelve months is around 11.42%, more than CSQ's 6.72% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CSQ Calamos Strategic Total Return Fund	6.72%	6.51%	6.95%	8.27%	9.17%	6.38%	7.03%	7.14%	9.35%	8.20%	9.64%	10.00%
TSLX Sixth Street Specialty Lending, Inc.	11.42%	9.44%	9.81%	9.72%	10.34%	15.35%	11.08%	8.43%	9.84%	8.84%	8.35%	9.62%

Frequently Asked Questions

Can I hold both TSLX and CSQ in my portfolio?

TSLX and CSQ 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, TSLX or CSQ?

TSLX has higher volatility (7.90%) compared to CSQ (5.74%). In terms of maximum drawdown, TSLX dropped -50.27% vs CSQ's -67.17%.

Which has better risk-adjusted returns?

CSQ currently has the higher Sharpe Ratio (1.51 vs -0.87), 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.