HQL vs. BCAT

Last updated Jun 4, 2026

HQL (Tekla Life Sciences Investors) and BCAT (BlackRock Capital Allocation Trust) are both stocks. Both are in the Financial Services sector — HQL in Asset Management, BCAT in Capital Markets. Over the past 5 years, HQL returned 8.03%/yr vs 7.59%/yr for BCAT. At a 0.45 correlation, their price movements are largely independent.

Performance

HQL vs. BCAT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Tekla Life Sciences Investors (HQL) and BlackRock Capital Allocation Trust (BCAT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HQL achieves a 7.66% return, which is significantly lower than BCAT's 20.75% return.

HQL

• 1D: -1.46%
• 1M: -1.33%
• YTD: 7.66%
• 6M: 5.52%
• 1Y: 52.68%
• 3Y*: 21.87%
• 5Y*: 8.03%
• 10Y*: 9.04%

BCAT

• 1D: -1.38%
• 1M: 4.40%
• YTD: 20.75%
• 6M: 19.94%
• 1Y: 29.15%
• 3Y*: 21.04%
• 5Y*: 7.59%
• 10Y*: —

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

HQL vs. BCAT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020
HQL Tekla Life Sciences Investors	7.66%	45.48%	11.03%	4.23%	-19.21%	5.52%	16.64%
BCAT BlackRock Capital Allocation Trust	20.75%	16.78%	19.37%	19.30%	-22.64%	-5.21%	9.35%

Correlation

The correlation between HQL and BCAT is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.42
Correlation (5Y) Calculated over the trailing 5-year period	0.48
Correlation (All Time) Calculated using the full available price history since Sep 28, 2020	0.45

Return for Risk

HQL vs. BCAT — Risk / Return Rank

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

HQL

HQL Risk / Return Rank: 91
HQL Sharpe Ratio Rank: 92
HQL Sortino Ratio Rank: 91
HQL Omega Ratio Rank: 89
HQL Calmar Ratio Rank: 91
HQL Martin Ratio Rank: 94

BCAT

BCAT Risk / Return Rank: 91
BCAT Sharpe Ratio Rank: 92
BCAT Sortino Ratio Rank: 92
BCAT Omega Ratio Rank: 91
BCAT Calmar Ratio Rank: 86
BCAT Martin Ratio Rank: 94

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.

HQL vs. BCAT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Tekla Life Sciences Investors (HQL) and BlackRock Capital Allocation Trust (BCAT). 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.

	HQL	BCAT	Difference
Sharpe ratio: Return per unit of total volatility	2.53	2.63	-0.11
Sortino ratio: Return per unit of downside risk	3.38	3.64	-0.26
Omega ratio: Gain probability vs. loss probability	1.42	1.46	-0.04
Calmar ratio: Return relative to maximum drawdown	5.16	3.67	+1.49
Martin ratio: Return relative to average drawdown	17.13	17.47	-0.34
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HQL vs. BCAT - Sharpe Ratio Comparison

The current HQL Sharpe Ratio is 2.53, which is comparable to the BCAT Sharpe Ratio of 2.63. The chart below compares the historical Sharpe Ratios of HQL and BCAT, 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

	HQL	BCAT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.53	2.63	-0.11
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.50	-0.11
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.41	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.55	-0.24

Drawdowns

HQL vs. BCAT - Drawdown Comparison

The maximum HQL drawdown since its inception was -62.65%, which is greater than BCAT's maximum drawdown of -36.13%. Use the drawdown chart below to compare losses from any high point for HQL and BCAT.

Drawdown Indicators

	HQL	BCAT	Difference
Max Drawdown Largest peak-to-trough decline	-62.65%	-36.13%	-26.52%
Max Drawdown (1Y) Largest decline over 1 year	-10.25%	-7.98%	-2.27%
Max Drawdown (3Y) Largest decline over 3 years	-25.10%	-13.69%	-11.41%
Max Drawdown (5Y) Largest decline over 5 years	-38.86%	-35.03%	-3.83%
Max Drawdown (10Y) Largest decline over 10 years	-38.86%	—	—
Current Drawdown Current decline from peak	-5.21%	-1.63%	-3.58%
Average Drawdown Average peak-to-trough decline	-22.27%	-12.80%	-9.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.08%	1.67%	+1.41%

Volatility

HQL vs. BCAT - Volatility Comparison

Tekla Life Sciences Investors (HQL) has a higher volatility of 5.88% compared to BlackRock Capital Allocation Trust (BCAT) at 3.34%. This indicates that HQL's price experiences larger fluctuations and is considered to be riskier than BCAT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HQL	BCAT	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.88%	3.34%	+2.54%
Volatility (6M) Calculated over the trailing 6-month period	14.11%	8.61%	+5.50%
Volatility (1Y) Calculated over the trailing 1-year period	21.05%	11.12%	+9.93%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	20.61%	15.22%	+5.39%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.25%	15.91%	+6.34%

Dividends

HQL vs. BCAT - Dividend Comparison

HQL's dividend yield for the trailing twelve months is around 12.05%, less than BCAT's 20.33% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BCAT BlackRock Capital Allocation Trust	20.33%	23.45%	17.48%	10.08%	9.01%	6.42%	0.48%	0.00%	0.00%	0.00%	0.00%	0.00%
HQL Tekla Life Sciences Investors	12.05%	10.85%	14.18%	9.44%	9.57%	8.79%	7.90%	8.03%	10.72%	8.25%	12.18%	11.84%

Financials

Frequently Asked Questions

Can I hold both HQL and BCAT in my portfolio?

HQL and BCAT have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HQL or BCAT?

HQL has higher volatility (5.88%) compared to BCAT (3.34%). In terms of maximum drawdown, HQL dropped -62.65% vs BCAT's -36.13%.

Which has better risk-adjusted returns?

BCAT currently has the higher Sharpe Ratio (2.63 vs 2.53), 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.