BDCZ vs HTGC: Correlation
ETRACS MarketVector Business Development Companies Liquid (BDCZ) and Hercules Capital, Inc. (HTGC) show a very strong relationship: their 3-year correlation of weekly returns is 0.80.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are BDCZ and HTGC?
Across a 3-year window, the weekly returns of BDCZ and HTGC correlate at 0.80, very strong, meaning they move nearly in lockstep. The relationship has been stable: the 1-year correlation (0.78) sits close to the 3-year figure. Stretching to 5 years gives 0.80, with an annualized covariance of 286.7 %².
Among the 49 assets we track against BDCZ, HTGC ranks #12 by 3-year correlation. Over the last 12 months HTGC came out ahead by 5.4 percentage points (-4.0% against +1.4%).
How is this computed?
Pearson correlation on weekly returns: ρ(A,B) = cov(rA, rB) / (σA · σB), over windows of 52, 156 and 260 weeks. Covariance is annualized (×52) and expressed in %². Full definitions on the methodology page.
BDCZ vs HTGC: side by side
| BDCZ (ETRACS MarketVector Business Development Companies Liquid) | HTGC (Hercules Capital, Inc.) | |
|---|---|---|
| 1-year return | -4.0% | +1.4% |
| 5-year return | +29.0% | +82.3% |
| Volatility (ann.) | 16.0% | 22.4% |
| Beta vs S&P 500 | 0.58 | 0.79 |
| Max drawdown (3Y) | -20.8% | -28.0% |
| Market cap | – | $3.3B |
| P/E (trailing) | – | 8.7 |
| Dividend yield | 0.00% | 9.07% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | BDCZ | HTGC |
|---|---|---|
| 2022 | -9.1% | -9.5% |
| 2023 | +25.3% | +42.9% |
| 2024 | +12.2% | +32.8% |
| 2025 | -3.7% | +3.5% |
| 2026 | +0.4% | +1.8% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are BDCZ and HTGC good diversifiers for each other?
No: a correlation of 0.80 means BDCZ and HTGC tend to fall together, which is precisely when diversification is supposed to help.
FAQ
What is the correlation between BDCZ and HTGC?
Using weekly returns as of 2026-08-27: 0.80 over 3 years, with 0.78 over the last year and 0.80 over 5 years.
Is HTGC a good diversifier for BDCZ?
No: a correlation of 0.80 means BDCZ and HTGC tend to fall together, which is precisely when diversification is supposed to help.
What does a correlation of 0.80 mean?
A reading of 0.80 sits on a scale from −1 (opposite moves) through 0 (unrelated) to +1 (identical moves). Correlation captures direction, not magnitude or performance.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/bdcz-vs-htgc.json
Markdown for the live badge, attribution link included:
[](https://www.pairbook.io/pair/bdcz-vs-htgc/)
No key needed, free to use. Full endpoint list in the API documentation.
Related comparisons
Hubs: BDCZ correlations · HTGC correlations
