TCPC vs SPY

Comparison between BlackRock TCP Capital Corp (TCPC, Company) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed TCPC, delivering a return of +14.0% compared to -13.3%

TCPC vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	TCPC(COMPANY)	SPY(ETF)
Market Cap / Net Assets	$315M	$735B
Expense Ratio	N/A	0.09%
Max Drawdown	81.21%	56.47%
Sharpe Ratio	-1.52	2.00
5Y Beta	0.78	1.00
Industry	Asset Management	N/A
P/E Ratio	-2.51	28.99
Forward P/E	9.19	22.43
PEG Ratio	-0.01	N/A
Dividend Yield	19.50%	N/A
5Y Dividends CAGR	0.47%	5.43%
5Y EPS CAGR	N/A	26.05%
Debt to Equity	163.83%	32.40%
Free Cash Flow Yield	82.97%	N/A
P/S Ratio	1.60	3.74
P/B Ratio	0.57	5.61

Market Cap / Net Assets

TCPC

$315M

Winner

SPY

$735B

Expense Ratio

TCPC

N/A

SPY

0.09%

Max Drawdown

TCPC

81.21%

Winner

SPY

56.47%

Sharpe Ratio

TCPC

-1.52

Winner

SPY

2.00

5Y Beta

Winner

TCPC

0.78

SPY

1.00

Industry

TCPC

Asset Management

SPY

N/A

P/E Ratio

Winner

TCPC

-2.51

SPY

28.99

Forward P/E

Winner

TCPC

9.19

SPY

22.43

PEG Ratio

TCPC

-0.01

SPY

N/A

Dividend Yield

TCPC

19.50%

SPY

N/A

5Y Dividends CAGR

TCPC

0.47%

Winner

SPY

5.43%

5Y EPS CAGR

TCPC

N/A

SPY

26.05%

Debt to Equity

TCPC

163.83%

Winner

SPY

32.40%

Free Cash Flow Yield

TCPC

82.97%

SPY

N/A

P/S Ratio

Winner

TCPC

1.60

SPY

3.74

P/B Ratio

Winner

TCPC

0.57

SPY

5.61

TCPC vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	TCPC	SPY
1 month	-15.03%	+5.05%
3 months	-1.52%	+11.17%
6 months	-33.53%	+10.92%
1 year	-43.32%	+27.98%
5 years(CAGR)	-13.28%	+14.04%
10 years(CAGR)	-1.90%	+15.50%
Max(CAGR)	+1.43%	+8.56%

TCPC

-15.03%

Winner

SPY

+5.05%

TCPC

-1.52%

Winner

SPY

+11.17%

TCPC

-33.53%

Winner

SPY

+10.92%

TCPC

-43.32%

Winner

SPY

+27.98%

5Y(CAGR)

TCPC

-13.28%

Winner

SPY

+14.04%

10Y(CAGR)

TCPC

-1.90%

Winner

SPY

+15.50%

Max(CAGR)

TCPC

+1.43%

Winner

SPY

+8.56%

TCPC vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	TCPC	SPY
2026	-29.56%	+10.71%
2025	-27.56%	+18.00%
2024	-12.65%	+25.59%
2023	+2.43%	+26.72%
2022	+5.01%	-18.64%
2021	+32.17%	+30.52%
2020	-8.06%	+17.28%
2019	+17.63%	+31.09%
2018	-6.11%	-5.24%
2017	-1.05%	+20.78%
2016	+30.31%	+13.59%
2015	-8.79%	+1.31%
2014	+9.94%	+14.56%
2013	+24.80%	+29.00%
2012	+8.99%	+14.17%
2011	N/A	+0.85%
2010	N/A	+13.14%
2009	N/A	+22.67%
2008	N/A	-36.25%
2007	N/A	+5.32%
2006	N/A	+13.85%
2005	N/A	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

TCPC vs SPY Drawdown Comparison

The maximum drawdown for TCPC was -68.74%, occurring on Mar 18, 2020. Recovery took 257 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current TCPC drawdown is -55.44%. The current SPY drawdown is -0.70%.

Rank	TCPC	SPY
#1	-68.74% Feb 20, 2020 - Feb 26, 2021	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-58.90% Jan 10, 2024 - Mar 27, 2026	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-25.96% Aug 16, 2022 - Aug 4, 2023	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-22.34% Jun 26, 2014 - Jun 30, 2016	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-16.63% Aug 4, 2023 - Dec 14, 2023	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-15.32% Apr 1, 2022 - Aug 11, 2022	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-13.49% Oct 5, 2017 - Feb 22, 2019	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-10.77% Jul 15, 2013 - Oct 17, 2013	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-10.14% Feb 21, 2014 - Jun 13, 2014	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-9.55% Jun 19, 2019 - Nov 7, 2019	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-7.80% Oct 21, 2021 - Mar 3, 2022	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-7.64% Sep 28, 2012 - Feb 28, 2013	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-7.12% Mar 15, 2013 - May 20, 2013	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-6.90% Jun 8, 2021 - Oct 21, 2021	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-6.82% Mar 31, 2017 - Oct 5, 2017	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between TCPC and SPY is 0.57 which considered as a moderate positive correlation - the stocks show some tendency to move together.

0.57

-101

Dividend Comparison (1999 - 2026)

TCPC vs SPY dividend yield comparison.

Year	TCPC	SPY
2026	4.56%	0.24%
2025	20.48%	1.07%
2024	16.76%	1.21%
2023	14.64%	1.40%
2022	9.81%	1.65%
2021	8.88%	1.20%
2020	11.74%	1.52%
2019	10.25%	1.75%
2018	11.04%	2.04%
2017	9.42%	1.80%
2016	8.52%	2.03%
2015	10.34%	2.06%
2014	9.18%	1.87%
2013	9.12%	1.81%
2012	7.39%	2.18%
2011	0.00%	2.05%
2010	0.00%	1.80%
2009	0.00%	1.95%
2008	0.00%	3.02%
2007	0.00%	1.85%
2006	0.00%	1.73%
2005	0.00%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%