HTGC vs WAFU: Correlation
Measured on weekly returns over the past three years, Hercules Capital, Inc. (HTGC) and Wah Fu Education Group Limited (WAFU) carry a correlation of 0.31, a moderate link.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HTGC and WAFU?
Over the past 3 years, HTGC and WAFU moved with a correlation of 0.31, which is moderate. Lately the two have drifted apart, with the 1-year correlation at 0.14 versus 0.31 over 3 years. Over 5 years the correlation is 0.24, and the annualized covariance of weekly returns is 296.4 %².
Out of 16 assets tracked against HTGC, WAFU lands near the bottom at #13. Twelve-month performance is nearly a tie, at +1.4% for HTGC and -2.9% for WAFU. One caveat on sizing: WAFU is 1.9 times as volatile as the other leg, so an equal-dollar split is far from equal-risk.
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 WAFU: side by side
| HTGC (Hercules Capital, Inc.) | WAFU (Wah Fu Education Group Limited) | |
|---|---|---|
| 1-year return | +1.4% | -2.9% |
| 5-year return | +82.3% | -79.7% |
| Volatility (ann.) | 22.4% | 42.3% |
| Beta vs S&P 500 | 0.79 | 0.61 |
| Max drawdown (3Y) | -28.0% | -55.1% |
| Market cap | $3.3B | – |
| P/E (trailing) | 8.7 | – |
| Dividend yield | 9.07% | 0.00% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HTGC | WAFU |
|---|---|---|
| 2022 | -9.5% | -43.4% |
| 2023 | +42.9% | -4.2% |
| 2024 | +32.8% | -22.4% |
| 2025 | +3.5% | -7.1% |
| 2026 | +1.8% | -10.9% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HTGC and WAFU good diversifiers for each other?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
FAQ
What is the correlation between HTGC and WAFU?
Using weekly returns as of 2026-08-27: 0.31 over 3 years, with 0.14 over the last year and 0.24 over 5 years.
Is WAFU a good diversifier for HTGC?
Yes, to a useful degree: a correlation of 0.31 leaves real independence between the two, which historically damped combined volatility.
What does a correlation of 0.31 mean?
A reading of 0.31 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/htgc-vs-wafu.json
Drop this badge in a README or notebook; it updates with the data:
[](https://www.pairbook.io/pair/htgc-vs-wafu/)
Free with attribution; caching and terms are described in the API documentation.
Related comparisons
Hubs: HTGC correlations · WAFU correlations
