HTGC vs MAIN: Correlation
Measured on weekly returns over the past three years, Hercules Capital, Inc. (HTGC) and Main Street Capital Corporation (MAIN) carry a correlation of 0.71, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HTGC and MAIN?
Across a 3-year window, the weekly returns of HTGC and MAIN correlate at 0.71, strong. The relationship has been stable: the 1-year correlation (0.73) sits close to the 3-year figure. Stretching to 5 years gives 0.72, with an annualized covariance of 312.5 %².
By 3-year correlation, MAIN places #4 of the 16 assets tracked against HTGC. Their 12-month results are close: +1.4% for HTGC against -2.5% for MAIN.
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.
HTGC vs MAIN: side by side
| HTGC (Hercules Capital, Inc.) | MAIN (Main Street Capital Corporation) | |
|---|---|---|
| 1-year return | +1.4% | -2.5% |
| 5-year return | +82.3% | +106.5% |
| Volatility (ann.) | 22.4% | 19.6% |
| Beta vs S&P 500 | 0.79 | 0.69 |
| Max drawdown (3Y) | -28.0% | -22.4% |
| Market cap | $3.3B | $5.5B |
| P/E (trailing) | 8.7 | 11.7 |
| Dividend yield | 9.07% | 5.29% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HTGC | MAIN |
|---|---|---|
| 2022 | -9.5% | -11.4% |
| 2023 | +42.9% | +28.2% |
| 2024 | +32.8% | +47.3% |
| 2025 | +3.5% | +10.7% |
| 2026 | +1.8% | +1.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HTGC and MAIN good diversifiers for each other?
Only partially. A correlation of 0.71 means HTGC and MAIN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
FAQ
What is the correlation between HTGC and MAIN?
As of 2026-08-27, the correlation of weekly returns between HTGC and MAIN is 0.71 over 3 years, 0.73 over 1 year and 0.72 over 5 years.
Is MAIN a good diversifier for HTGC?
Only partially. A correlation of 0.71 means HTGC and MAIN share most of their swings. Pairing them dampens volatility somewhat, but it will not protect against a common drawdown.
What does a correlation of 0.71 mean?
On the −1 to +1 scale, 0.71 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
$ curl https://www.pairbook.io/api/v1/pairs/htgc-vs-main.json
Embed this badge (it refreshes with the data), with attribution:
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Related comparisons
Hubs: HTGC correlations · MAIN correlations
