HCXY vs. ^GSPC

Last updated Apr 2, 2026

Compare and contrast key facts about Hercules Capital, Inc. (HCXY) and S&P 500 Index (^GSPC).

Performance

HCXY vs. ^GSPC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hercules Capital, Inc. (HCXY) and S&P 500 Index (^GSPC). The values are adjusted to include any dividend payments, if applicable.

HCXY vs. ^GSPC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
HCXY Hercules Capital, Inc.	-0.56%	7.78%	6.10%	9.52%	-1.82%	5.48%	8.24%	20.03%	-2.27%
^GSPC S&P 500 Index	-3.95%	16.39%	23.31%	24.23%	-19.44%	26.89%	16.26%	28.88%	-13.97%

Returns By Period

In the year-to-date period, HCXY achieves a -0.56% return, which is significantly higher than ^GSPC's -3.95% return.

HCXY

• 1D: 0.71%
• 1M: -0.50%
• YTD: -0.56%
• 6M: 1.40%
• 1Y: 5.26%
• 3Y*: 7.96%
• 5Y*: 5.02%
• 10Y*: —

^GSPC

• 1D: 0.72%
• 1M: -4.45%
• YTD: -3.95%
• 6M: -2.02%
• 1Y: 16.73%
• 3Y*: 16.96%
• 5Y*: 10.34%
• 10Y*: 12.24%

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

Return for Risk

HCXY vs. ^GSPC — Risk / Return Rank

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

HCXY

HCXY Risk / Return Rank: 63
HCXY Sharpe Ratio Rank: 62
HCXY Sortino Ratio Rank: 53
HCXY Omega Ratio Rank: 54
HCXY Calmar Ratio Rank: 72
HCXY Martin Ratio Rank: 72

^GSPC

^GSPC Risk / Return Rank: 67
^GSPC Sharpe Ratio Rank: 63
^GSPC Sortino Ratio Rank: 64
^GSPC Omega Ratio Rank: 69
^GSPC Calmar Ratio Rank: 60
^GSPC Martin Ratio Rank: 77

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.

HCXY vs. ^GSPC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hercules Capital, Inc. (HCXY) and S&P 500 Index (^GSPC). 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.

	HCXY	^GSPC	Difference
Sharpe ratio Return per unit of total volatility	0.61	0.92	-0.30
Sortino ratio Return per unit of downside risk	0.96	1.41	-0.45
Omega ratio Gain probability vs. loss probability	1.13	1.21	-0.09
Calmar ratio Return relative to maximum drawdown	1.64	1.41	+0.23
Martin ratio Return relative to average drawdown	4.18	6.61	-2.44
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HCXY vs. ^GSPC - Sharpe Ratio Comparison

The current HCXY Sharpe Ratio is 0.61, which is lower than the ^GSPC Sharpe Ratio of 0.92. The chart below compares the historical Sharpe Ratios of HCXY and ^GSPC, 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

	HCXY	^GSPC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.61	0.92	-0.30
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.38	0.61	-0.24
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.39	0.46	-0.07

Correlation

The correlation between HCXY and ^GSPC is 0.10, 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.

Drawdowns

HCXY vs. ^GSPC - Drawdown Comparison

The maximum HCXY drawdown since its inception was -34.76%, smaller than the maximum ^GSPC drawdown of -56.78%. Use the drawdown chart below to compare losses from any high point for HCXY and ^GSPC.

Drawdown Indicators

	HCXY	^GSPC	Difference
Max Drawdown Largest peak-to-trough decline	-34.76%	-56.78%	+22.02%
Max Drawdown (1Y) Largest decline over 1 year	-3.20%	-12.14%	+8.94%
Max Drawdown (5Y) Largest decline over 5 years	-15.23%	-25.43%	+10.20%
Max Drawdown (10Y) Largest decline over 10 years	—	-33.92%	—
Current Drawdown Current decline from peak	-2.52%	-5.78%	+3.26%
Average Drawdown Average peak-to-trough decline	-2.72%	-10.75%	+8.03%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.26%	2.60%	-1.34%

Volatility

HCXY vs. ^GSPC - Volatility Comparison

The current volatility for Hercules Capital, Inc. (HCXY) is 1.81%, while S&P 500 Index (^GSPC) has a volatility of 5.37%. This indicates that HCXY experiences smaller price fluctuations and is considered to be less risky than ^GSPC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HCXY	^GSPC	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.81%	5.37%	-3.56%
Volatility (6M) Calculated over the trailing 6-month period	5.53%	9.55%	-4.02%
Volatility (1Y) Calculated over the trailing 1-year period	8.59%	18.33%	-9.74%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.33%	16.90%	-3.57%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	17.62%	18.05%	-0.43%