ALAAX vs. HTGC

Last updated Apr 1, 2026

Compare and contrast key facts about Invesco Income Allocation Fund (ALAAX) and Hercules Capital, Inc. (HTGC).

ALAAX is managed by Invesco. It was launched on Oct 30, 2005.

Performance

ALAAX vs. HTGC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Income Allocation Fund (ALAAX) and Hercules Capital, Inc. (HTGC). The values are adjusted to include any dividend payments, if applicable.

ALAAX vs. HTGC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALAAX Invesco Income Allocation Fund	-1.02%	11.63%	5.84%	7.13%	-11.78%	7.56%	2.33%	15.50%	-4.45%	7.99%
HTGC Hercules Capital, Inc.	-18.99%	3.54%	33.33%	42.91%	-10.42%	26.50%	14.49%	39.86%	-6.86%	1.86%

Returns By Period

In the year-to-date period, ALAAX achieves a -1.02% return, which is significantly higher than HTGC's -18.99% return. Over the past 10 years, ALAAX has underperformed HTGC with an annualized return of 4.40%, while HTGC has yielded a comparatively higher 12.98% annualized return.

ALAAX

• 1D: 0.09%
• 1M: -4.17%
• YTD: -1.02%
• 6M: 1.12%
• 1Y: 9.07%
• 3Y*: 6.98%
• 5Y*: 3.11%
• 10Y*: 4.40%

HTGC

• 1D: 4.01%
• 1M: 3.94%
• YTD: -18.99%
• 6M: -17.22%
• 1Y: -14.23%
• 3Y*: 16.72%
• 5Y*: 9.21%
• 10Y*: 12.98%

*Multi-year figures are annualized to reflect compound growth (CAGR)

Return for Risk

ALAAX vs. HTGC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

ALAAX

ALAAX Risk / Return Rank: 76
ALAAX Sharpe Ratio Rank: 77
ALAAX Sortino Ratio Rank: 79
ALAAX Omega Ratio Rank: 77
ALAAX Calmar Ratio Rank: 71
ALAAX Martin Ratio Rank: 77

HTGC

HTGC Risk / Return Rank: 17
HTGC Sharpe Ratio Rank: 17
HTGC Sortino Ratio Rank: 18
HTGC Omega Ratio Rank: 18
HTGC Calmar Ratio Rank: 23
HTGC Martin Ratio Rank: 9

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

ALAAX vs. HTGC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Income Allocation Fund (ALAAX) and Hercules Capital, Inc. (HTGC). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	ALAAX	HTGC	Difference
Sharpe ratio Return per unit of total volatility	1.39	-0.56	+1.95
Sortino ratio Return per unit of downside risk	1.97	-0.62	+2.58
Omega ratio Gain probability vs. loss probability	1.30	0.92	+0.38
Calmar ratio Return relative to maximum drawdown	1.66	-0.58	+2.24
Martin ratio Return relative to average drawdown	7.45	-1.54	+8.99
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

ALAAX vs. HTGC - Sharpe Ratio Comparison

The current ALAAX Sharpe Ratio is 1.39, which is higher than the HTGC Sharpe Ratio of -0.56. The chart below compares the historical Sharpe Ratios of ALAAX and HTGC, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	ALAAX	HTGC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	-0.56	+1.95
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.36	+0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.61	0.47	+0.14
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.35	+0.35

Correlation

The correlation between ALAAX and HTGC is 0.47, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

ALAAX vs. HTGC - Dividend Comparison

ALAAX's dividend yield for the trailing twelve months is around 4.31%, less than HTGC's 12.73% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALAAX Invesco Income Allocation Fund	4.31%	4.22%	4.13%	4.07%	3.53%	3.19%	4.07%	6.98%	3.91%	3.36%	3.66%	3.16%
HTGC Hercules Capital, Inc.	12.73%	9.99%	9.56%	11.40%	13.77%	9.76%	9.02%	9.49%	11.40%	9.45%	8.79%	10.17%

Drawdowns

ALAAX vs. HTGC - Drawdown Comparison

The maximum ALAAX drawdown since its inception was -28.28%, smaller than the maximum HTGC drawdown of -68.21%. Use the drawdown chart below to compare losses from any high point for ALAAX and HTGC.

Drawdown Indicators

	ALAAX	HTGC	Difference
Max Drawdown Largest peak-to-trough decline	-28.28%	-68.21%	+39.93%
Max Drawdown (1Y) Largest decline over 1 year	-5.28%	-24.74%	+19.46%
Max Drawdown (5Y) Largest decline over 5 years	-17.16%	-36.11%	+18.95%
Max Drawdown (10Y) Largest decline over 10 years	-24.08%	-57.54%	+33.46%
Current Drawdown Current decline from peak	-4.17%	-23.41%	+19.24%
Average Drawdown Average peak-to-trough decline	-3.32%	-10.79%	+7.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.17%	9.38%	-8.21%

Volatility

ALAAX vs. HTGC - Volatility Comparison

The current volatility for Invesco Income Allocation Fund (ALAAX) is 2.34%, while Hercules Capital, Inc. (HTGC) has a volatility of 8.67%. This indicates that ALAAX experiences smaller price fluctuations and is considered to be less risky than HTGC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	ALAAX	HTGC	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.34%	8.67%	-6.33%
Volatility (6M) Calculated over the trailing 6-month period	3.85%	19.68%	-15.83%
Volatility (1Y) Calculated over the trailing 1-year period	6.74%	25.56%	-18.82%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.68%	25.66%	-18.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.28%	27.76%	-20.48%