HTGC vs QQQ: Correlation
Hercules Capital, Inc. (HTGC) and Invesco QQQ Trust (QQQ) show a moderate relationship: their 3-year correlation of weekly returns is 0.43.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HTGC and QQQ?
Over the past 3 years, HTGC and QQQ moved with a correlation of 0.43, which is moderate. Little has changed lately, as the 1-year reading of 0.40 lands near the 3-year figure. Over 5 years the correlation is 0.46, and the annualized covariance of weekly returns is 189.9 %².
Among the 16 assets we track against HTGC, QQQ ranks #11 by 3-year correlation. The last year tells two different stories: QQQ led by 24.9 percentage points, +1.4% for HTGC against +26.3% for QQQ.
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 QQQ: side by side
| HTGC (Hercules Capital, Inc.) | QQQ (Invesco QQQ Trust) | |
|---|---|---|
| 1-year return | +1.4% | +26.3% |
| 5-year return | +82.3% | +95.4% |
| Volatility (ann.) | 22.4% | 19.6% |
| Beta vs S&P 500 | 0.79 | 1.28 |
| Max drawdown (3Y) | -28.0% | -22.8% |
| Market cap | $3.3B | – |
| P/E (trailing) | 8.7 | – |
| Dividend yield | 9.07% | 0.44% |
| Expense ratio | – | 0.18% |
| Assets under management | – | $452.8B |
| Sector / category | US Listed | ETF · US Growth & Tech |
QQQ is a Large Growth fund from Invesco: $452.8B under management, 104 holdings, a 0.18% expense ratio, a 0.44% trailing dividend yield.
Year-by-year returns
| Year | HTGC | QQQ |
|---|---|---|
| 2022 | -9.5% | -32.6% |
| 2023 | +42.9% | +54.9% |
| 2024 | +32.8% | +25.6% |
| 2025 | +3.5% | +20.8% |
| 2026 | +1.8% | +17.7% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HTGC and QQQ good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HTGC and QQQ?
As of 2026-08-27, the correlation of weekly returns between HTGC and QQQ is 0.43 over 3 years, 0.40 over 1 year and 0.46 over 5 years.
Is QQQ a good diversifier for HTGC?
Yes, to a useful degree: a correlation of 0.43 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.43 mean?
Correlation ranges from −1 to +1. Values near +1 mean two assets move together, near 0 that they move independently, and negative values that they tend to move in opposite directions. It measures co-movement, not performance.
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Related comparisons
Hubs: HTGC correlations · QQQ correlations
