HRZN vs PFLT: Correlation
Horizon Technology Finance Corporation (HRZN) and PennantPark Floating Rate Capital Ltd. (PFLT) show a moderate relationship: their 3-year correlation of weekly returns is 0.47.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HRZN and PFLT?
On 3 years of weekly data the HRZN/PFLT correlation comes out at 0.47, moderate. The relationship has been stable: the 1-year correlation (0.38) sits close to the 3-year figure. The 5-year figure is 0.51, and annualized covariance runs at 309.6 %².
PFLT is one of the assets that tracks HRZN most closely: it ranks #1 out of the 16 assets we track against HRZN. Their 12-month results are close: -14.6% for HRZN against -16.0% for PFLT. Risk is not evenly split, since HRZN carries 1.6 times the volatility of the other side.
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.
HRZN vs PFLT: side by side
| HRZN (Horizon Technology Finance Corporation) | PFLT (PennantPark Floating Rate Capital Ltd.) | |
|---|---|---|
| 1-year return | -14.6% | -16.0% |
| 5-year return | -44.7% | +1.5% |
| Volatility (ann.) | 32.9% | 20.1% |
| Beta vs S&P 500 | 0.55 | 0.69 |
| Max drawdown (3Y) | -59.4% | -28.4% |
| Market cap | $0.3B | $0.7B |
| P/E (trailing) | 13.0 | 14.6 |
| Dividend yield | 23.38% | 16.43% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HRZN | PFLT |
|---|---|---|
| 2022 | -19.7% | -5.5% |
| 2023 | +27.0% | +23.1% |
| 2024 | -22.9% | +0.7% |
| 2025 | -14.4% | -4.1% |
| 2026 | -14.7% | -12.0% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HRZN and PFLT good diversifiers for each other?
Reasonably. At 0.47, HRZN and PFLT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
FAQ
What is the correlation between HRZN and PFLT?
The HRZN/PFLT correlation stands at 0.47 on a 3-year window (1 year: 0.38, 5 years: 0.51), computed from weekly returns as of 2026-08-27.
Is PFLT a good diversifier for HRZN?
Reasonably. At 0.47, HRZN and PFLT keep a meaningful degree of independence, and combining them has historically reduced portfolio volatility.
What does a correlation of 0.47 mean?
On the −1 to +1 scale, 0.47 describes how much the two returns move together: +1 is lockstep, 0 is independence, negative values mean opposite directions. It says nothing about which performed better.
Use this data
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Related comparisons
Hubs: HRZN correlations · PFLT correlations
