GAIN vs. HRZN

Last updated Apr 2, 2026

Compare and contrast key facts about Gladstone Investment Corporation (GAIN) and Horizon Technology Finance Corporation (HRZN).

Performance

GAIN vs. HRZN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Gladstone Investment Corporation (GAIN) and Horizon Technology Finance Corporation (HRZN). The values are adjusted to include any dividend payments, if applicable.

GAIN vs. HRZN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
GAIN Gladstone Investment Corporation	4.44%	17.11%	5.33%	31.01%	-17.55%	82.14%	-16.56%	53.31%	-9.67%	44.63%
HRZN Horizon Technology Finance Corporation	-32.19%	-14.44%	-22.87%	26.99%	-19.72%	29.74%	14.08%	26.88%	11.71%	18.62%

Fundamentals

Market Cap GAIN : $568.99M HRZN : $176.59M
EPS GAIN : $1.68 HRZN : $1.05
PE Ratio GAIN : 8.53 HRZN : 3.96
PEG Ratio GAIN : 0.19 HRZN : 0.08
PS Ratio GAIN : 4.98 HRZN : 4.33
PB Ratio GAIN : 0.96 HRZN : 0.55
Total Revenue (TTM) GAIN : $110.43M HRZN : $41.52M
Gross Profit (TTM) GAIN : $60.00M HRZN : -$3.93M
EBITDA (TTM) GAIN : $64.46M HRZN : -$10.37M

Returns By Period

In the year-to-date period, GAIN achieves a 4.44% return, which is significantly higher than HRZN's -32.19% return. Over the past 10 years, GAIN has outperformed HRZN with an annualized return of 18.61%, while HRZN has yielded a comparatively lower 1.00% annualized return.

GAIN

• 1D: 0.99%
• 1M: 4.28%
• YTD: 4.44%
• 6M: 6.57%
• 1Y: 18.30%
• 3Y*: 16.66%
• 5Y*: 14.94%
• 10Y*: 18.61%

HRZN

• 1D: -0.95%
• 1M: -30.17%
• YTD: -32.19%
• 6M: -24.71%
• 1Y: -46.83%
• 3Y*: -17.16%
• 5Y*: -12.04%
• 10Y*: 1.00%

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

Return for Risk

GAIN vs. HRZN — Risk / Return Rank

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

GAIN

GAIN Risk / Return Rank: 70
GAIN Sharpe Ratio Rank: 70
GAIN Sortino Ratio Rank: 66
GAIN Omega Ratio Rank: 65
GAIN Calmar Ratio Rank: 70
GAIN Martin Ratio Rank: 81

HRZN

HRZN Risk / Return Rank: 3
HRZN Sharpe Ratio Rank: 2
HRZN Sortino Ratio Rank: 5
HRZN Omega Ratio Rank: 3
HRZN Calmar Ratio Rank: 4
HRZN Martin Ratio Rank: 2

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.

GAIN vs. HRZN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Gladstone Investment Corporation (GAIN) and Horizon Technology Finance Corporation (HRZN). 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.

	GAIN	HRZN	Difference
Sharpe ratio Return per unit of total volatility	0.85	-1.13	+1.98
Sortino ratio Return per unit of downside risk	1.45	-1.48	+2.93
Omega ratio Gain probability vs. loss probability	1.19	0.75	+0.44
Calmar ratio Return relative to maximum drawdown	1.47	-0.96	+2.43
Martin ratio Return relative to average drawdown	6.29	-1.97	+8.27
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GAIN vs. HRZN - Sharpe Ratio Comparison

The current GAIN Sharpe Ratio is 0.85, which is higher than the HRZN Sharpe Ratio of -1.13. The chart below compares the historical Sharpe Ratios of GAIN and HRZN, 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

	GAIN	HRZN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.85	-1.13	+1.98
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.69	-0.40	+1.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.73	0.03	+0.71
Sharpe Ratio (All Time) Calculated using the full available price history	0.24	0.08	+0.16

Correlation

The correlation between GAIN and HRZN is 0.37, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.

Dividends

GAIN vs. HRZN - Dividend Comparison

GAIN's dividend yield for the trailing twelve months is around 10.46%, less than HRZN's 30.46% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
GAIN Gladstone Investment Corporation	10.46%	10.74%	12.53%	17.24%	9.88%	6.06%	9.22%	7.06%	9.24%	7.94%	8.87%	9.68%
HRZN Horizon Technology Finance Corporation	30.46%	20.47%	15.24%	10.40%	10.86%	7.85%	9.44%	9.28%	10.67%	10.70%	12.96%	11.76%

Drawdowns

GAIN vs. HRZN - Drawdown Comparison

The maximum GAIN drawdown since its inception was -80.87%, which is greater than HRZN's maximum drawdown of -61.42%. Use the drawdown chart below to compare losses from any high point for GAIN and HRZN.

Drawdown Indicators

	GAIN	HRZN	Difference
Max Drawdown Largest peak-to-trough decline	-80.87%	-61.42%	-19.45%
Max Drawdown (1Y) Largest decline over 1 year	-13.01%	-48.21%	+35.20%
Max Drawdown (5Y) Largest decline over 5 years	-26.26%	-61.42%	+35.16%
Max Drawdown (10Y) Largest decline over 10 years	-56.28%	-61.42%	+5.14%
Current Drawdown Current decline from peak	-0.26%	-60.18%	+59.92%
Average Drawdown Average peak-to-trough decline	-16.03%	-12.76%	-3.27%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.05%	23.59%	-20.54%

Volatility

GAIN vs. HRZN - Volatility Comparison

The current volatility for Gladstone Investment Corporation (GAIN) is 7.40%, while Horizon Technology Finance Corporation (HRZN) has a volatility of 30.22%. This indicates that GAIN experiences smaller price fluctuations and is considered to be less risky than HRZN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GAIN	HRZN	Difference
Volatility (1M) Calculated over the trailing 1-month period	7.40%	30.22%	-22.82%
Volatility (6M) Calculated over the trailing 6-month period	12.19%	34.94%	-22.75%
Volatility (1Y) Calculated over the trailing 1-year period	21.60%	41.59%	-19.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.91%	30.50%	-8.59%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	25.40%	35.80%	-10.40%

Financials