SA vs. HTGC

Last updated Jun 3, 2026

SA (Seabridge Gold Inc.) and HTGC (Hercules Capital, Inc.) are both stocks. SA operates in Gold (Basic Materials), while HTGC operates in Mortgage Finance (Financial Services). Over the past 10 years, SA returned 10.29%/yr vs 13.52%/yr for HTGC. At a 0.12 correlation, their price movements are largely independent.

Performance

SA vs. HTGC - Performance Comparison

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

Returns By Period

In the year-to-date period, SA achieves a 20.04% return, which is significantly higher than HTGC's -12.68% return. Over the past 10 years, SA has underperformed HTGC with an annualized return of 10.29%, while HTGC has yielded a comparatively higher 13.52% annualized return.

SA

• 1D: 6.70%
• 1M: 26.54%
• YTD: 20.04%
• 6M: 21.52%
• 1Y: 177.28%
• 3Y*: 36.36%
• 5Y*: 13.92%
• 10Y*: 10.29%

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%

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

SA vs. HTGC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SA Seabridge Gold Inc.	20.04%	159.33%	-5.94%	-3.58%	-23.71%	-21.74%	52.46%	4.46%	17.08%	38.65%
HTGC Hercules Capital, Inc.	-12.68%	3.54%	33.33%	42.91%	-10.42%	26.50%	14.49%	39.86%	-6.86%	1.86%

Correlation

The correlation between SA and HTGC is 0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.05
Correlation (3Y) Calculated over the trailing 3-year period	0.16
Correlation (5Y) Calculated over the trailing 5-year period	0.18
Correlation (10Y) Calculated over the trailing 10-year period	0.11
Correlation (All Time) Calculated using the full available price history since Jun 10, 2005	0.12

The correlation between SA and HTGC shifts across timeframes, from 0.05 (1 year) to 0.18 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap SA : $3.80B HTGC : $3.05B
EPS SA : -$0.68 HTGC : $1.49
PB Ratio SA : 3.16 HTGC : 1.37
Total Revenue (TTM) SA : $0.00 HTGC : $578.18M
Gross Profit (TTM) SA : -$90.03K HTGC : $510.74M
EBITDA (TTM) SA : -$31.30M HTGC : $380.44M

Return for Risk

SA vs. HTGC — Risk / Return Rank

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

SA

SA Risk / Return Rank: 90
SA Sharpe Ratio Rank: 94
SA Sortino Ratio Rank: 87
SA Omega Ratio Rank: 88
SA Calmar Ratio Rank: 91
SA Martin Ratio Rank: 91

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

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.

SA vs. HTGC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Seabridge Gold Inc. (SA) and Hercules Capital, Inc. (HTGC). 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.

	SA	HTGC	Difference
Sharpe ratio Return per unit of total volatility	2.89	-0.07	+2.96
Sortino ratio Return per unit of downside risk	2.95	0.06	+2.89
Omega ratio Gain probability vs. loss probability	1.40	1.01	+0.39
Calmar ratio Return relative to maximum drawdown	5.00	-0.08	+5.07
Martin ratio Return relative to average drawdown	13.43	-0.18	+13.61
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SA vs. HTGC - Sharpe Ratio Comparison

The current SA Sharpe Ratio is 2.89, which is higher than the HTGC Sharpe Ratio of -0.07. The chart below compares the historical Sharpe Ratios of SA and HTGC, 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

	SA	HTGC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.89	-0.07	+2.96
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	0.37	-0.09
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.20	0.49	-0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.19	0.36	-0.17

Drawdowns

SA vs. HTGC - Drawdown Comparison

The maximum SA drawdown since its inception was -90.99%, which is greater than HTGC's maximum drawdown of -68.21%. Use the drawdown chart below to compare losses from any high point for SA and HTGC.

Drawdown Indicators

	SA	HTGC	Difference
Max Drawdown Largest peak-to-trough decline	-90.99%	-68.21%	-22.78%
Max Drawdown (1Y) Largest decline over 1 year	-37.92%	-24.74%	-13.18%
Max Drawdown (3Y) Largest decline over 3 years	-52.51%	-27.97%	-24.54%
Max Drawdown (5Y) Largest decline over 5 years	-56.12%	-36.11%	-20.01%
Max Drawdown (10Y) Largest decline over 10 years	-61.10%	-57.54%	-3.56%
Current Drawdown Current decline from peak	-9.73%	-17.44%	+7.71%
Average Drawdown Average peak-to-trough decline	-51.33%	-10.86%	-40.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	14.11%	10.67%	+3.44%

Volatility

SA vs. HTGC - Volatility Comparison

Seabridge Gold Inc. (SA) has a higher volatility of 21.79% compared to Hercules Capital, Inc. (HTGC) at 5.02%. This indicates that SA's price experiences larger fluctuations and is considered to be riskier than HTGC based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SA	HTGC	Difference
Volatility (1M) Calculated over the trailing 1-month period	21.79%	5.02%	+16.77%
Volatility (6M) Calculated over the trailing 6-month period	50.26%	19.92%	+30.34%
Volatility (1Y) Calculated over the trailing 1-year period	61.85%	23.06%	+38.79%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	50.78%	25.71%	+25.07%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	51.11%	27.83%	+23.28%

Dividends

SA vs. HTGC - Dividend Comparison

SA has not paid dividends to shareholders, while HTGC's dividend yield for the trailing twelve months is around 11.66%.

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%
SA Seabridge Gold Inc.	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both SA and HTGC in my portfolio?

SA and HTGC have a correlation of 0.05, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SA or HTGC?

SA has higher volatility (21.79%) compared to HTGC (5.02%). In terms of maximum drawdown, SA dropped -90.99% vs HTGC's -68.21%.

Which has better risk-adjusted returns?

SA currently has the higher Sharpe Ratio (2.89 vs -0.07), 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.