HTGC vs WHF: Correlation
Hercules Capital, Inc. (HTGC) and WhiteHorse Finance, Inc. - Closed End Fund (WHF) show a moderate relationship: their 3-year correlation of weekly returns is 0.49.
Data as of 2026-08-27 · refreshed every trading day · weekly returns · methodology
How correlated are HTGC and WHF?
On 3 years of weekly data the HTGC/WHF correlation comes out at 0.49, moderate. The relationship has been stable: the 1-year correlation (0.49) sits close to the 3-year figure. The 5-year figure is 0.50, and annualized covariance runs at 249.3 %².
Among the 16 assets we track against HTGC, WHF ranks #8 by 3-year correlation. Their 12-month results are close: +1.4% for HTGC against -2.5% for WHF.
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 WHF: side by side
| HTGC (Hercules Capital, Inc.) | WHF (WhiteHorse Finance, Inc. - Closed End Fund) | |
|---|---|---|
| 1-year return | +1.4% | -2.5% |
| 5-year return | +82.3% | -11.5% |
| Volatility (ann.) | 22.4% | 22.6% |
| Beta vs S&P 500 | 0.79 | 0.25 |
| Max drawdown (3Y) | -28.0% | -37.9% |
| Market cap | $3.3B | $0.2B |
| P/E (trailing) | 8.7 | 9.1 |
| Dividend yield | 9.07% | 16.12% |
| Sector / category | US Listed | US Listed |
Year-by-year returns
| Year | HTGC | WHF |
|---|---|---|
| 2022 | -9.5% | -6.2% |
| 2023 | +42.9% | +6.3% |
| 2024 | +32.8% | -8.5% |
| 2025 | +3.5% | -15.4% |
| 2026 | +1.8% | +10.1% |
Calendar-year price returns; the current year is year-to-date as of the data date above.
Are HTGC and WHF good diversifiers for each other?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
FAQ
What is the correlation between HTGC and WHF?
The HTGC/WHF correlation stands at 0.49 on a 3-year window (1 year: 0.49, 5 years: 0.50), computed from weekly returns as of 2026-08-27.
Is WHF a good diversifier for HTGC?
A fair diversifier. At 0.49, enough of each asset's movement is its own that the pair has smoothed outcomes historically.
What does a correlation of 0.49 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 · WHF correlations
