TSLX vs. NLY
TSLX (Sixth Street Specialty Lending, Inc.) and NLY (Annaly Capital Management, Inc.) are both stocks. TSLX operates in Asset Management (Financial Services), while NLY operates in REIT - Mortgage (Real Estate). Over the past 10 years, TSLX returned 10.76%/yr vs 6.03%/yr for NLY. Their 0.35 correlation means their historical movements had little consistent relationship.
Performance
TSLX vs. NLY - Performance Comparison
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Returns By Period
In the year-to-date period, TSLX achieves a -16.79% return, which is significantly lower than NLY's 8.59% return. Over the past 10 years, TSLX has outperformed NLY with an annualized return of 10.76%, while NLY has yielded a comparatively lower 6.03% annualized return.
TSLX
- 1D
- -0.46%
- 1M
- -0.75%
- 6M
- -17.66%
- YTD
- -16.79%
- 1Y
- -21.10%
- 3Y*
- 4.64%
- 5Y*
- 4.06%
- 10Y*
- 10.76%
- ALL TIME*
- 11.42%
NLY
- 1D
- -1.56%
- 1M
- 0.71%
- 6M
- 5.52%
- YTD
- 8.59%
- 1Y
- 26.32%
- 3Y*
- 19.32%
- 5Y*
- 5.63%
- 10Y*
- 6.03%
- ALL TIME*
- 9.44%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $189.27M | $166.36M | $168.00M | |
| $7.89M | $8.57M | $12.27M |
TSLX vs. NLY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TSLX Sixth Street Specialty Lending, Inc. | -16.79% | 11.52% | 8.83% | 35.29% | -16.37% | 32.33% | 9.77% | 29.62% | 0.36% | 15.47% |
NLY Annaly Capital Management, Inc. | 8.59% | 40.00% | 8.07% | 4.94% | -21.41% | 2.48% | 2.38% | 7.22% | -7.22% | 31.92% |
Correlation
The correlation between TSLX and NLY is 0.30, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.30 |
Correlation (3Y) Balances recent behavior with more history. | 0.39 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.45 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.40 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2014 | 0.35 |
The correlation between TSLX and NLY shifts across timeframes, from 0.30 (1 year) to 0.45 (5 years), reflecting how their relationship changes across market environments.
Fundamentals
TSLX:
$1.63B
NLY:
$17.05B
TSLX:
$435.52
NLY:
$4.25
TSLX:
0.04
NLY:
5.34
TSLX:
0.02
NLY:
4.61
TSLX:
0.00
NLY:
1.10
TSLX:
$91.48B
NLY:
$3.42B
TSLX:
$215.15M
NLY:
$3.40B
TSLX:
$192.45M
NLY:
$8.16B
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Return for Risk
TSLX vs. NLY — Risk / Return Rank
TSLX
NLY
TSLX vs. NLY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sixth Street Specialty Lending, Inc. (TSLX) and Annaly Capital Management, Inc. (NLY). 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 | NLY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.28 | ||
| Sortino ratioReturn per unit of downside risk | -3.16 | ||
| Omega ratioGain probability vs. loss probability | 0.86 | 1.25 | -0.38 |
| Calmar ratioReturn relative to maximum drawdown | -0.79 | 1.85 | -2.64 |
| Martin ratioReturn relative to average drawdown | -1.32 | 5.29 | -6.61 |
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Drawdowns
TSLX vs. NLY - Drawdown Comparison
The maximum TSLX drawdown since its inception was -50.27%, smaller than the maximum NLY drawdown of -60.09%. Use the drawdown chart below to compare losses from any high point for TSLX and NLY.
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Drawdown Indicators
| TSLX | NLY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.27% | -60.09% | +9.82% |
Max Drawdown (1Y)Largest decline over 1 year | -28.25% | -14.88% | -13.37% |
Max Drawdown (3Y)Largest decline over 3 years | -29.05% | -26.28% | -2.77% |
Max Drawdown (5Y)Largest decline over 5 years | -29.05% | -50.21% | +21.16% |
Max Drawdown (10Y)Largest decline over 10 years | -50.27% | -60.09% | +9.82% |
Current DrawdownCurrent decline from peak | -24.84% | -2.99% | -21.85% |
Average DrawdownAverage peak-to-trough decline | -9.28% | -13.78% | +4.50% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 16.89% | 5.20% | +11.69% |
Volatility
TSLX vs. NLY - Volatility Comparison
Sixth Street Specialty Lending, Inc. (TSLX) has a higher volatility of 7.53% compared to Annaly Capital Management, Inc. (NLY) at 6.05%. This indicates that TSLX's price experiences larger fluctuations and is considered to be riskier than NLY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| TSLX | NLY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.53% | 6.05% | +1.48% |
Volatility (6M)Calculated over the trailing 6-month period | 21.68% | 15.18% | +6.50% |
Volatility (1Y)Calculated over the trailing 1-year period | 25.78% | 19.60% | +6.18% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.69% | 25.52% | -5.83% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.65% | 28.19% | -6.54% |
Dividends
TSLX vs. NLY - Dividend Comparison
TSLX's dividend yield for the trailing twelve months is around 11.01%, less than NLY's 12.54% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
NLY Annaly Capital Management, Inc. | 12.54% | 12.52% | 14.21% | 13.42% | 16.70% | 11.25% | 10.77% | 11.15% | 12.22% | 10.09% | 12.04% | 12.79% |
TSLX Sixth Street Specialty Lending, Inc. | 11.01% | 9.44% | 9.81% | 9.72% | 10.34% | 15.35% | 11.08% | 8.43% | 9.84% | 8.84% | 8.35% | 9.62% |
Financials
TSLX vs. NLY - Financials Comparison
This section allows you to compare key financial metrics between Sixth Street Specialty Lending, Inc. and Annaly Capital Management, Inc.. 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
TSLX vs. NLY - Profitability Comparison
TSLX - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Sixth Street Specialty Lending, Inc. reported a gross profit of 0.00 and revenue of 91.19B. Therefore, the gross margin over that period was 0.0%.
NLY - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Aug 2026, Annaly Capital Management, Inc. reported a gross profit of -1.61B and revenue of -1.63B. Therefore, the gross margin over that period was 98.9%.
TSLX - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Sixth Street Specialty Lending, Inc. reported an operating income of 0.00 and revenue of 91.19B, resulting in an operating margin of 0.0%.
NLY - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Aug 2026, Annaly Capital Management, Inc. reported an operating income of -1.56B and revenue of -1.63B, resulting in an operating margin of 95.8%.
TSLX - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Sixth Street Specialty Lending, Inc. reported a net income of 41.05B and revenue of 91.19B, resulting in a net margin of 45.0%.
NLY - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Aug 2026, Annaly Capital Management, Inc. reported a net income of 822.67M and revenue of -1.63B, resulting in a net margin of -50.5%.
Frequently Asked Questions
TSLX and NLY have a correlation of 0.30, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLX has higher volatility (7.53%) compared to NLY (6.05%). In terms of maximum drawdown, TSLX dropped -50.27% vs NLY's -60.09%.
NLY currently has the higher Sharpe Ratio (1.41 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.
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