HTGC vs TSLX: Correlation
Measured on weekly returns over the past three years, Hercules Capital, Inc. (HTGC) and Sixth Street Specialty Lending, Inc. (TSLX) carry a correlation of 0.73, a strong link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HTGC and TSLX?
Across a 3-year window, the weekly returns of HTGC and TSLX correlate at 0.73, strong. Little has changed lately, as the 1-year reading of 0.78 lands near the 3-year figure. Stretching to 5 years gives 0.72, with an annualized covariance of 334.3 %².
Few assets follow HTGC as closely as TSLX, which ranks #2 of 16 tracked partners. Correlation aside, the last 12 months split them widely, with HTGC ahead by 16.4 points (+1.4% versus -15.0%).
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 TSLX: side by side
| HTGC (Hercules Capital, Inc.) | TSLX (Sixth Street Specialty Lending, Inc.) | |
|---|---|---|
| 1-year return | +1.4% | -15.0% |
| 5-year return | +82.3% | +35.2% |
| Volatility (ann.) | 22.4% | 20.5% |
| Beta vs S&P 500 | 0.79 | 0.60 |
| Max drawdown (3Y) | -28.0% | -29.0% |
| Market cap | $3.3B | $1.8B |
| P/E (trailing) | 8.7 | 19.9 |
| Dividend yield | 9.07% | 10.04% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HTGC | TSLX |
|---|---|---|
| 2022 | -9.5% | -16.4% |
| 2023 | +42.9% | +35.3% |
| 2024 | +32.8% | +8.8% |
| 2025 | +3.5% | +11.5% |
| 2026 | +1.8% | -9.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HTGC and TSLX good diversifiers for each other?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
FAQ
What is the correlation between HTGC and TSLX?
As of 2026-08-27, the correlation of weekly returns between HTGC and TSLX is 0.73 over 3 years, 0.78 over 1 year and 0.72 over 5 years.
Is TSLX a good diversifier for HTGC?
Somewhat, no more. With 0.73 correlation, most large moves hit both names, and the diversification benefit stays modest.
What does a correlation of 0.73 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.
Use this data
$ curl https://www.pairbook.io/api/v1/pairs/htgc-vs-tslx.json
Embed this badge (it refreshes with the data), with attribution:
[](https://www.pairbook.io/pair/htgc-vs-tslx/)
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Related comparisons
Hubs: HTGC correlations · TSLX correlations
