HTGC vs. WHF

Last updated Jun 3, 2026

HTGC (Hercules Capital, Inc.) and WHF (WhiteHorse Finance, Inc.) are both stocks. Both are in the Financial Services sector — HTGC in Mortgage Finance, WHF in Asset Management. Over the past 10 years, HTGC returned 13.52%/yr vs 9.00%/yr for WHF. At a 0.33 correlation, their price movements are largely independent.

Performance

HTGC vs. WHF - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hercules Capital, Inc. (HTGC) and WhiteHorse Finance, Inc. (WHF). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HTGC achieves a -12.68% return, which is significantly lower than WHF's 6.36% return. Over the past 10 years, HTGC has outperformed WHF with an annualized return of 13.52%, while WHF has yielded a comparatively lower 9.00% annualized return.

HTGC

• 1D: -1.08%
• 1M: -2.32%
• YTD: -12.68%
• 6M: -10.54%
• 1Y: -1.58%
• 3Y*: 13.19%
• 5Y*: 9.47%
• 10Y*: 13.52%

WHF

• 1D: -1.01%
• 1M: -6.87%
• YTD: 6.36%
• 6M: 3.77%
• 1Y: -6.60%
• 3Y*: -2.03%
• 5Y*: -2.79%
• 10Y*: 9.00%

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

HTGC vs. WHF - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HTGC Hercules Capital, Inc.	-12.68%	3.54%	33.33%	42.91%	-10.42%	26.50%	14.49%	39.86%	-6.86%	1.86%
WHF WhiteHorse Finance, Inc.	6.36%	-15.36%	-8.52%	6.26%	-6.23%	25.77%	19.14%	20.83%	4.80%	21.87%

Correlation

The correlation between HTGC and WHF 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	0.39
Correlation (5Y) Calculated over the trailing 5-year period	0.39
Correlation (10Y) Calculated over the trailing 10-year period	0.35
Correlation (All Time) Calculated using the full available price history since Dec 7, 2012	0.33

Fundamentals

Market Cap HTGC : $3.05B WHF : $152.74M
EPS HTGC : $1.49 WHF : $0.69
PE Ratio HTGC : 10.41 WHF : 10.01
PS Ratio HTGC : 5.21 WHF : 3.31
PB Ratio HTGC : 1.37 WHF : 0.61
Total Revenue (TTM) HTGC : $578.18M WHF : $47.81M
Gross Profit (TTM) HTGC : $510.74M WHF : $14.33M
EBITDA (TTM) HTGC : $380.44M WHF : -$4.37M

Return for Risk

HTGC vs. WHF — Risk / Return Rank

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

HTGC

HTGC Risk / Return Rank: 35
HTGC Sharpe Ratio Rank: 37
HTGC Sortino Ratio Rank: 31
HTGC Omega Ratio Rank: 31
HTGC Calmar Ratio Rank: 37
HTGC Martin Ratio Rank: 37

WHF

WHF Risk / Return Rank: 29
WHF Sharpe Ratio Rank: 30
WHF Sortino Ratio Rank: 26
WHF Omega Ratio Rank: 26
WHF Calmar Ratio Rank: 32
WHF Martin Ratio Rank: 32

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.

HTGC vs. WHF - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hercules Capital, Inc. (HTGC) and WhiteHorse Finance, Inc. (WHF). 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.

	HTGC	WHF	Difference
Sharpe ratio Return per unit of total volatility	-0.07	-0.24	+0.17
Sortino ratio Return per unit of downside risk	0.06	-0.15	+0.21
Omega ratio Gain probability vs. loss probability	1.01	0.98	+0.03
Calmar ratio Return relative to maximum drawdown	-0.08	-0.25	+0.18
Martin ratio Return relative to average drawdown	-0.18	-0.48	+0.30
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HTGC vs. WHF - Sharpe Ratio Comparison

The current HTGC Sharpe Ratio is -0.07, which is higher than the WHF Sharpe Ratio of -0.24. The chart below compares the historical Sharpe Ratios of HTGC and WHF, 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

	HTGC	WHF	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.07	-0.24	+0.17
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.37	-0.12	+0.49
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.49	0.29	+0.20
Sharpe Ratio (All Time) Calculated using the full available price history	0.36	0.24	+0.11

Drawdowns

HTGC vs. WHF - Drawdown Comparison

The maximum HTGC drawdown since its inception was -68.21%, which is greater than WHF's maximum drawdown of -57.48%. Use the drawdown chart below to compare losses from any high point for HTGC and WHF.

Drawdown Indicators

	HTGC	WHF	Difference
Max Drawdown Largest peak-to-trough decline	-68.21%	-57.48%	-10.73%
Max Drawdown (1Y) Largest decline over 1 year	-24.74%	-26.51%	+1.77%
Max Drawdown (3Y) Largest decline over 3 years	-27.97%	-37.91%	+9.94%
Max Drawdown (5Y) Largest decline over 5 years	-36.11%	-37.91%	+1.80%
Max Drawdown (10Y) Largest decline over 10 years	-57.54%	-57.48%	-0.06%
Current Drawdown Current decline from peak	-17.44%	-25.85%	+8.41%
Average Drawdown Average peak-to-trough decline	-10.86%	-8.92%	-1.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	10.67%	14.08%	-3.41%

Volatility

HTGC vs. WHF - Volatility Comparison

The current volatility for Hercules Capital, Inc. (HTGC) is 5.02%, while WhiteHorse Finance, Inc. (WHF) has a volatility of 10.15%. This indicates that HTGC experiences smaller price fluctuations and is considered to be less risky than WHF based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HTGC	WHF	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.02%	10.15%	-5.13%
Volatility (6M) Calculated over the trailing 6-month period	19.92%	20.58%	-0.66%
Volatility (1Y) Calculated over the trailing 1-year period	23.06%	28.10%	-5.04%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.71%	22.96%	+2.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.83%	31.54%	-3.71%

Dividends

HTGC vs. WHF - Dividend Comparison

HTGC's dividend yield for the trailing twelve months is around 11.66%, less than WHF's 22.71% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HTGC Hercules Capital, Inc.	11.66%	9.99%	9.56%	11.40%	13.77%	9.76%	9.02%	9.49%	11.40%	9.45%	8.79%	10.17%
WHF WhiteHorse Finance, Inc.	22.71%	20.72%	18.44%	12.60%	11.26%	10.03%	13.96%	11.79%	11.16%	10.58%	11.67%	12.37%

Financials

HTGC vs. WHF - Profitability Comparison

The chart below illustrates the profitability comparison between Hercules Capital, Inc. and WhiteHorse Finance, Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

HTGC - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Hercules Capital, Inc. reported a gross profit of 106.20M and revenue of 123.49M. Therefore, the gross margin over that period was 86.0%.

WHF - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, WhiteHorse Finance, Inc. reported a gross profit of 0.00 and revenue of 15.86M. Therefore, the gross margin over that period was 0.0%.

HTGC - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Hercules Capital, Inc. reported an operating income of 65.43M and revenue of 123.49M, resulting in an operating margin of 53.0%.

WHF - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, WhiteHorse Finance, Inc. reported an operating income of 0.00 and revenue of 15.86M, resulting in an operating margin of 0.0%.

HTGC - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Hercules Capital, Inc. reported a net income of 0.00 and revenue of 123.49M, resulting in a net margin of 0.0%.

WHF - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, WhiteHorse Finance, Inc. reported a net income of 5.73M and revenue of 15.86M, resulting in a net margin of 36.1%.

Frequently Asked Questions

Can I hold both HTGC and WHF in my portfolio?

HTGC and WHF 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, HTGC or WHF?

WHF has higher volatility (10.15%) compared to HTGC (5.02%). In terms of maximum drawdown, HTGC dropped -68.21% vs WHF's -57.48%.

Which has better risk-adjusted returns?

HTGC currently has the higher Sharpe Ratio (-0.07 vs -0.24), 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.