ALAAX vs. HTGC

Last updated Jun 4, 2026

ALAAX (Invesco Income Allocation Fund) is Diversified Portfolio fund managed by Invesco, while HTGC (Hercules Capital, Inc.) is a stock. Over the past 10 years, ALAAX returned 4.74%/yr vs 13.30%/yr for HTGC. At a 0.47 correlation, their price movements are largely independent.

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.

Returns By Period

In the year-to-date period, ALAAX achieves a 4.91% return, which is significantly higher than HTGC's -14.37% return. Over the past 10 years, ALAAX has underperformed HTGC with an annualized return of 4.74%, while HTGC has yielded a comparatively higher 13.30% annualized return.

ALAAX

• 1D: 0.26%
• 1M: 2.10%
• YTD: 4.91%
• 6M: 5.28%
• 1Y: 13.65%
• 3Y*: 9.23%
• 5Y*: 3.64%
• 10Y*: 4.74%

HTGC

• 1D: -1.93%
• 1M: -5.03%
• YTD: -14.37%
• 6M: -14.09%
• 1Y: -4.30%
• 3Y*: 12.45%
• 5Y*: 9.03%
• 10Y*: 13.30%

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

ALAAX vs. HTGC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
ALAAX Invesco Income Allocation Fund	4.91%	11.63%	5.84%	7.13%	-11.78%	7.56%	2.33%	15.50%	-4.45%	7.99%
HTGC Hercules Capital, Inc.	-14.37%	3.54%	33.33%	42.91%	-10.42%	26.50%	14.49%	39.86%	-6.86%	1.86%

Correlation

The correlation between ALAAX and HTGC is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.36
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.46
Correlation (10Y) Calculated over the trailing 10-year period	0.45
Correlation (All Time) Calculated using the full available price history since Jan 4, 2006	0.47

The correlation between ALAAX and HTGC shifts across timeframes, from 0.36 (1 year) to 0.47 (all time), reflecting how their relationship changes across market environments.

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: 78
ALAAX Sharpe Ratio Rank: 82
ALAAX Sortino Ratio Rank: 81
ALAAX Omega Ratio Rank: 79
ALAAX Calmar Ratio Rank: 71
ALAAX Martin Ratio Rank: 75

HTGC

HTGC Risk / Return Rank: 31
HTGC Sharpe Ratio Rank: 33
HTGC Sortino Ratio Rank: 28
HTGC Omega Ratio Rank: 27
HTGC Calmar Ratio Rank: 34
HTGC Martin Ratio Rank: 33

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	2.66	-0.19	+2.85
Sortino ratio: Return per unit of downside risk	3.88	-0.10	+3.98
Omega ratio: Gain probability vs. loss probability	1.52	0.99	+0.54
Calmar ratio: Return relative to maximum drawdown	3.29	-0.17	+3.46
Martin ratio: Return relative to average drawdown	14.19	-0.40	+14.59
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 2.66, which is higher than the HTGC Sharpe Ratio of -0.19. The chart below compares the historical Sharpe Ratios of ALAAX and HTGC, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	ALAAX	HTGC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.66	-0.19	+2.85
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.54	0.35	+0.19
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.65	0.48	+0.17
Sharpe Ratio (All Time) Calculated using the full available price history	0.74	0.35	+0.38

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	-4.25%	-24.74%	+20.49%
Max Drawdown (3Y) Largest decline over 3 years	-6.67%	-27.97%	+21.30%
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	0.00%	-19.03%	+19.03%
Average Drawdown Average peak-to-trough decline	-3.30%	-10.86%	+7.56%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.98%	10.72%	-9.74%

Volatility

ALAAX vs. HTGC - Volatility Comparison

The current volatility for Invesco Income Allocation Fund (ALAAX) is 1.84%, while Hercules Capital, Inc. (HTGC) has a volatility of 5.23%. 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	1.84%	5.23%	-3.39%
Volatility (6M) Calculated over the trailing 6-month period	4.25%	20.00%	-15.75%
Volatility (1Y) Calculated over the trailing 1-year period	5.26%	23.14%	-17.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.75%	25.72%	-18.97%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.32%	27.84%	-20.52%

Dividends

ALAAX vs. HTGC - Dividend Comparison

ALAAX's dividend yield for the trailing twelve months is around 4.09%, less than HTGC's 11.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
ALAAX Invesco Income Allocation Fund	4.09%	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.	11.89%	9.99%	9.56%	11.40%	13.77%	9.76%	9.02%	9.49%	11.40%	9.45%	8.79%	10.17%

Frequently Asked Questions

Can I hold both ALAAX and HTGC in my portfolio?

ALAAX and HTGC have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, ALAAX or HTGC?

HTGC has higher volatility (5.23%) compared to ALAAX (1.84%). In terms of maximum drawdown, ALAAX dropped -28.28% vs HTGC's -68.21%.

Which has better risk-adjusted returns?

ALAAX currently has the higher Sharpe Ratio (2.66 vs -0.19), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.