BLX vs. HTGC

Last updated Jun 4, 2026

BLX (Banco Latinoamericano de Comercio Exterior, S.A) and HTGC (Hercules Capital, Inc.) are both stocks. Both are in the Financial Services sector — BLX in Banks - Regional, HTGC in Mortgage Finance. Over the past 10 years, BLX returned 14.35%/yr vs 13.30%/yr for HTGC. At a 0.35 correlation, their price movements are largely independent.

Performance

BLX vs. HTGC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Banco Latinoamericano de Comercio Exterior, S.A (BLX) 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, BLX achieves a 26.82% return, which is significantly higher than HTGC's -14.37% return. Over the past 10 years, BLX has outperformed HTGC with an annualized return of 14.35%, while HTGC has yielded a comparatively lower 13.30% annualized return.

BLX

• 1D: 0.15%
• 1M: 4.67%
• YTD: 26.82%
• 6M: 24.61%
• 1Y: 40.35%
• 3Y*: 47.63%
• 5Y*: 37.41%
• 10Y*: 14.35%

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)

BLX vs. HTGC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BLX Banco Latinoamericano de Comercio Exterior, S.A	26.82%	33.06%	53.73%	60.61%	4.31%	11.50%	-19.47%	33.06%	-31.32%	-3.40%
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 BLX and HTGC is 0.26, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.26
Correlation (3Y) Calculated over the trailing 3-year period	0.33
Correlation (5Y) Calculated over the trailing 5-year period	0.35
Correlation (10Y) Calculated over the trailing 10-year period	0.32
Correlation (All Time) Calculated using the full available price history since Jun 10, 2005	0.35

Fundamentals

Market Cap BLX : $2.37B HTGC : $3.00B
EPS BLX : $5.99 HTGC : $1.49
PE Ratio BLX : 9.19 HTGC : 10.21
PEG Ratio BLX : 0.22 HTGC : 0.31
PS Ratio BLX : 3.56 HTGC : 5.11
PB Ratio BLX : 1.39 HTGC : 1.35
Total Revenue (TTM) BLX : $597.66M HTGC : $578.18M
Gross Profit (TTM) BLX : $323.12M HTGC : $510.74M
EBITDA (TTM) BLX : $233.67M HTGC : $380.44M

Return for Risk

BLX vs. HTGC — Risk / Return Rank

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

BLX

BLX Risk / Return Rank: 82
BLX Sharpe Ratio Rank: 85
BLX Sortino Ratio Rank: 81
BLX Omega Ratio Rank: 80
BLX Calmar Ratio Rank: 83
BLX Martin Ratio Rank: 83

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.

BLX vs. HTGC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Banco Latinoamericano de Comercio Exterior, S.A (BLX) 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.

	BLX	HTGC	Difference
Sharpe ratio Return per unit of total volatility	1.76	-0.19	+1.94
Sortino ratio Return per unit of downside risk	2.42	-0.10	+2.52
Omega ratio Gain probability vs. loss probability	1.31	0.99	+0.32
Calmar ratio Return relative to maximum drawdown	3.26	-0.17	+3.44
Martin ratio Return relative to average drawdown	8.32	-0.40	+8.72
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BLX vs. HTGC - Sharpe Ratio Comparison

The current BLX Sharpe Ratio is 1.76, which is higher than the HTGC Sharpe Ratio of -0.19. The chart below compares the historical Sharpe Ratios of BLX 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

	BLX	HTGC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.76	-0.19	+1.94
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.46	0.35	+1.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.48	-0.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.21	0.35	-0.14

Drawdowns

BLX vs. HTGC - Drawdown Comparison

The maximum BLX drawdown since its inception was -95.88%, which is greater than HTGC's maximum drawdown of -68.21%. Use the drawdown chart below to compare losses from any high point for BLX and HTGC.

Drawdown Indicators

	BLX	HTGC	Difference
Max Drawdown Largest peak-to-trough decline	-95.88%	-68.21%	-27.67%
Max Drawdown (1Y) Largest decline over 1 year	-12.42%	-24.74%	+12.32%
Max Drawdown (3Y) Largest decline over 3 years	-21.01%	-27.97%	+6.96%
Max Drawdown (5Y) Largest decline over 5 years	-30.88%	-36.11%	+5.23%
Max Drawdown (10Y) Largest decline over 10 years	-68.51%	-57.54%	-10.97%
Current Drawdown Current decline from peak	-3.30%	-19.03%	+15.73%
Average Drawdown Average peak-to-trough decline	-32.93%	-10.86%	-22.07%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.86%	10.72%	-5.86%

Volatility

BLX vs. HTGC - Volatility Comparison

Banco Latinoamericano de Comercio Exterior, S.A (BLX) has a higher volatility of 8.54% compared to Hercules Capital, Inc. (HTGC) at 5.23%. This indicates that BLX's price experiences larger fluctuations and is considered to be riskier than HTGC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BLX	HTGC	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.54%	5.23%	+3.31%
Volatility (6M) Calculated over the trailing 6-month period	17.17%	20.00%	-2.83%
Volatility (1Y) Calculated over the trailing 1-year period	23.09%	23.14%	-0.05%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.69%	25.72%	-0.03%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	32.13%	27.84%	+4.29%

Dividends

BLX vs. HTGC - Dividend Comparison

BLX's dividend yield for the trailing twelve months is around 4.77%, less than HTGC's 11.89% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BLX Banco Latinoamericano de Comercio Exterior, S.A	4.77%	5.61%	5.62%	4.04%	6.17%	6.02%	7.17%	7.20%	8.90%	5.72%	5.23%	4.96%
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%

Financials

BLX vs. HTGC - Profitability Comparison

The chart below illustrates the profitability comparison between Banco Latinoamericano de Comercio Exterior, S.A and Hercules Capital, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

BLX - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Banco Latinoamericano de Comercio Exterior, S.A reported a gross profit of 78.40M and revenue of 83.10M. Therefore, the gross margin over that period was 94.3%.

HTGC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Hercules Capital, Inc. reported a gross profit of 106.20M and revenue of 123.49M. Therefore, the gross margin over that period was 86.0%.

BLX - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Banco Latinoamericano de Comercio Exterior, S.A reported an operating income of 56.40M and revenue of 83.10M, resulting in an operating margin of 67.9%.

HTGC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Hercules Capital, Inc. reported an operating income of 65.43M and revenue of 123.49M, resulting in an operating margin of 53.0%.

BLX - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Banco Latinoamericano de Comercio Exterior, S.A reported a net income of 56.40M and revenue of 83.10M, resulting in a net margin of 67.9%.

HTGC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Hercules Capital, Inc. reported a net income of 0.00 and revenue of 123.49M, resulting in a net margin of 0.0%.

Frequently Asked Questions

Can I hold both BLX and HTGC in my portfolio?

BLX and HTGC have a correlation of 0.26, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BLX or HTGC?

BLX has higher volatility (8.54%) compared to HTGC (5.23%). In terms of maximum drawdown, BLX dropped -95.88% vs HTGC's -68.21%.

Which has better risk-adjusted returns?

BLX currently has the higher Sharpe Ratio (1.76 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.