HTGC vs. KMLM
HTGC (Hercules Capital, Inc.) is a stock, while KMLM (KFA Mount Lucas Index Strategy ETF) is Systematic Trend fund tracking the KFA MLM Index. Over the past 5 years, HTGC returned 11.05%/yr vs 5.77%/yr for KMLM. Their -0.03 correlation means they have often moved in opposite directions in the past.
Performance
HTGC vs. KMLM - Performance Comparison
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Returns By Period
In the year-to-date period, HTGC achieves a -5.31% return, which is significantly lower than KMLM's 12.95% return.
HTGC
- 1D
- 3.01%
- 1M
- 5.45%
- 6M
- -3.83%
- YTD
- -5.31%
- 1Y
- -2.08%
- 3Y*
- 10.85%
- 5Y*
- 11.05%
- 10Y*
- 13.55%
- ALL TIME*
- 11.95%
KMLM
- 1D
- 0.24%
- 1M
- 6.85%
- 6M
- 12.90%
- YTD
- 12.95%
- 1Y
- 18.19%
- 3Y*
- 0.08%
- 5Y*
- 5.77%
- 10Y*
- —
- ALL TIME*
- 7.46%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $24.38M | $23.62M | $24.96M | |
| $14.29M | $9.53M | $7.83M |
HTGC vs. KMLM - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | |
|---|---|---|---|---|---|---|---|
HTGC Hercules Capital, Inc. | -5.31% | 3.54% | 33.33% | 42.91% | -10.42% | 26.50% | 6.50% |
KMLM KFA Mount Lucas Index Strategy ETF | 12.95% | -2.98% | -1.69% | -5.66% | 30.61% | 7.04% | 5.74% |
Correlation
The correlation between HTGC and KMLM is -0.10, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.10 |
Correlation (3Y) Balances recent behavior with more history. | -0.02 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.04 |
Correlation (All Time) Calculated using the full available price history since Dec 2, 2020 | -0.03 |
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Return for Risk
HTGC vs. KMLM — Risk / Return Rank
HTGC
KMLM
HTGC vs. KMLM - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Hercules Capital, Inc. (HTGC) and KFA Mount Lucas Index Strategy ETF (KMLM). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| HTGC | KMLM | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.56 | ||
| Sortino ratioReturn per unit of downside risk | -1.98 | ||
| Omega ratioGain probability vs. loss probability | 1.02 | 1.28 | -0.26 |
| Calmar ratioReturn relative to maximum drawdown | -0.00 | 1.86 | -1.86 |
| Martin ratioReturn relative to average drawdown | -0.00 | 6.03 | -6.03 |
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Drawdowns
HTGC vs. KMLM - Drawdown Comparison
The maximum HTGC drawdown since its inception was -68.21%, which is greater than KMLM's maximum drawdown of -27.47%. Use the drawdown chart below to compare losses from any high point for HTGC and KMLM.
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Drawdown Indicators
| HTGC | KMLM | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -68.21% | -27.47% | -40.74% |
Max Drawdown (1Y)Largest decline over 1 year | -24.74% | -9.61% | -15.13% |
Max Drawdown (3Y)Largest decline over 3 years | -27.97% | -22.28% | -5.69% |
Max Drawdown (5Y)Largest decline over 5 years | -36.11% | -27.47% | -8.64% |
Max Drawdown (10Y)Largest decline over 10 years | -57.54% | — | — |
Current DrawdownCurrent decline from peak | -10.47% | -11.93% | +1.46% |
Average DrawdownAverage peak-to-trough decline | -10.89% | -12.79% | +1.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 11.73% | 2.95% | +8.78% |
Volatility
HTGC vs. KMLM - Volatility Comparison
Hercules Capital, Inc. (HTGC) has a higher volatility of 6.80% compared to KFA Mount Lucas Index Strategy ETF (KMLM) at 3.70%. This indicates that HTGC's price experiences larger fluctuations and is considered to be riskier than KMLM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HTGC | KMLM | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.80% | 3.70% | +3.10% |
Volatility (6M)Calculated over the trailing 6-month period | 20.91% | 10.31% | +10.60% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.11% | 11.49% | +12.62% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.93% | 14.53% | +11.40% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 27.91% | 14.66% | +13.25% |
Dividends
HTGC vs. KMLM - Dividend Comparison
HTGC's dividend yield for the trailing twelve months is around 13.40%, more than KMLM's 4.45% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HTGC Hercules Capital, Inc. | 13.40% | 9.99% | 9.56% | 11.40% | 13.77% | 9.76% | 9.02% | 9.49% | 11.40% | 9.45% | 8.79% | 10.17% |
KMLM KFA Mount Lucas Index Strategy ETF | 4.45% | 5.02% | 0.82% | 0.00% | 13.22% | 6.94% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
HTGC and KMLM have a correlation of -0.10, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HTGC has higher volatility (6.80%) compared to KMLM (3.70%). In terms of maximum drawdown, HTGC dropped -68.21% vs KMLM's -27.47%.
KMLM currently has the higher Sharpe Ratio (1.55 vs -0.00), 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.
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