HTGC vs. USO

Last updated Aug 1, 2026

HTGC (Hercules Capital, Inc.) is a stock, while USO (United States Oil Fund LP) is Oil & Gas fund tracking the Front Month Light Sweet Crude Oil. Over the past 10 years, HTGC returned 13.55%/yr vs 5.64%/yr for USO. Their 0.19 correlation means their historical movements had little consistent relationship.

Performance

HTGC vs. USO - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hercules Capital, Inc. (HTGC) and United States Oil Fund LP (USO). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HTGC achieves a -5.31% return, which is significantly lower than USO's 86.77% return. Over the past 10 years, HTGC has outperformed USO with an annualized return of 13.55%, while USO has yielded a comparatively lower 5.64% annualized 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%

USO

• 1D: 1.33%
• 1M: 24.23%
• 6M: 62.44%
• YTD: 86.77%
• 1Y: 66.76%
• 3Y*: 20.97%
• 5Y*: 20.59%
• 10Y*: 5.64%
• ALL TIME*: -6.85%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HTGC Hercules Capital, Inc.	$24.38M	$23.62M	$24.96M
USO United States Oil Fund LP	$968.42M	$871.56M	$931.57M

HTGC vs. USO - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HTGC Hercules Capital, Inc.	-5.31%	3.54%	33.33%	42.91%	-10.42%	26.50%	14.49%	39.86%	-6.86%	1.86%
USO United States Oil Fund LP	86.77%	-8.46%	13.35%	-4.94%	28.97%	64.68%	-67.79%	32.61%	-19.57%	2.47%

Correlation

The correlation between HTGC and USO is -0.12, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.12
Correlation (3Y) Balances recent behavior with more history.	0.02
Correlation (5Y) Shows whether the relationship held over a longer period.	0.09
Correlation (10Y) Provides a long-term view across more market conditions.	0.14
Correlation (All Time) Calculated using the full available price history since Apr 10, 2006	0.19

The correlation between HTGC and USO shifts across timeframes, from -0.12 (1 year) to 0.19 (all time), reflecting how their relationship changes across market environments.

Return for Risk

HTGC vs. USO — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HTGC

HTGC Risk / Return Rank: 41
HTGC Sharpe Ratio Rank: 45
HTGC Sortino Ratio Rank: 37
HTGC Omega Ratio Rank: 37
HTGC Calmar Ratio Rank: 45
HTGC Martin Ratio Rank: 44

USO

USO Risk / Return Rank: 55
USO Sharpe Ratio Rank: 56
USO Sortino Ratio Rank: 59
USO Omega Ratio Rank: 57
USO Calmar Ratio Rank: 55
USO Martin Ratio Rank: 49

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HTGC vs. USO - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hercules Capital, Inc. (HTGC) and United States Oil Fund LP (USO). 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	USO	Difference
Sharpe ratio: Return per unit of total volatility	-0.00	1.34	-1.34
Sortino ratio: Return per unit of downside risk	0.16	1.99	-1.83
Omega ratio: Gain probability vs. loss probability	1.02	1.25	-0.23
Calmar ratio: Return relative to maximum drawdown	-0.00	1.93	-1.93
Martin ratio: Return relative to average drawdown	-0.00	5.60	-5.60

HTGC vs. USO - Sharpe Ratio Comparison

The current HTGC Sharpe Ratio is -0.00, which is lower than the USO Sharpe Ratio of 1.34. The chart below compares the historical Sharpe Ratios of HTGC and USO, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HTGC vs. USO - Drawdown Comparison

The maximum HTGC drawdown since its inception was -68.21%, smaller than the maximum USO drawdown of -98.19%. Use the drawdown chart below to compare losses from any high point for HTGC and USO.

Drawdown Indicators

	HTGC	USO	Difference
Max Drawdown Largest peak-to-trough decline	-68.21%	-98.19%	+29.98%
Max Drawdown (1Y) Largest decline over 1 year	-24.74%	-32.49%	+7.75%
Max Drawdown (3Y) Largest decline over 3 years	-27.97%	-32.49%	+4.52%
Max Drawdown (5Y) Largest decline over 5 years	-36.11%	-36.23%	+0.12%
Max Drawdown (10Y) Largest decline over 10 years	-57.54%	-86.75%	+29.21%
Current Drawdown Current decline from peak	-10.47%	-86.26%	+75.79%
Average Drawdown Average peak-to-trough decline	-10.89%	-75.38%	+64.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	11.73%	12.03%	-0.30%

Volatility

HTGC vs. USO - Volatility Comparison

The current volatility for Hercules Capital, Inc. (HTGC) is 6.80%, while United States Oil Fund LP (USO) has a volatility of 17.73%. This indicates that HTGC experiences smaller price fluctuations and is considered to be less risky than USO based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HTGC	USO	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.80%	17.73%	-10.93%
Volatility (6M) Calculated over the trailing 6-month period	20.91%	42.79%	-21.88%
Volatility (1Y) Calculated over the trailing 1-year period	24.11%	46.91%	-22.80%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.93%	37.06%	-11.13%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.91%	39.29%	-11.38%

Dividends

HTGC vs. USO - Dividend Comparison

HTGC's dividend yield for the trailing twelve months is around 13.40%, while USO has not paid dividends to shareholders.

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%
USO United States Oil Fund LP	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HTGC and USO in my portfolio?

HTGC and USO have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HTGC or USO?

USO has higher volatility (17.73%) compared to HTGC (6.80%). In terms of maximum drawdown, HTGC dropped -68.21% vs USO's -98.19%.

Which has better risk-adjusted returns?

USO currently has the higher Sharpe Ratio (1.34 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.