TRIN vs. HTGC

Last updated Jun 3, 2026

TRIN (Trinity Capital Inc.) and HTGC (Hercules Capital, Inc.) are both stocks. Both are in the Financial Services sector — TRIN in Asset Management, HTGC in Mortgage Finance. Over the past 5 years, TRIN returned 19.14%/yr vs 9.47%/yr for HTGC. At a 0.47 correlation, their price movements are largely independent.

Performance

TRIN vs. HTGC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Trinity Capital Inc. (TRIN) 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, TRIN achieves a 24.59% return, which is significantly higher than HTGC's -12.68% return.

TRIN

• 1D: 0.70%
• 1M: 5.01%
• YTD: 24.59%
• 6M: 29.76%
• 1Y: 39.88%
• 3Y*: 28.38%
• 5Y*: 19.14%
• 10Y*: —

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)

TRIN vs. HTGC - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
TRIN Trinity Capital Inc.	24.59%	16.01%	14.83%	53.97%	-26.60%	27.12%
HTGC Hercules Capital, Inc.	-12.68%	3.54%	33.33%	42.91%	-10.42%	24.34%

Correlation

The correlation between TRIN and HTGC is 0.63, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (5Y) Calculated over the trailing 5-year period	0.50
Correlation (All Time) Calculated using the full available price history since Feb 1, 2021	0.47

The correlation between TRIN and HTGC shifts across timeframes, from 0.47 (all time) to 0.63 (1 year), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap TRIN : $1.45B HTGC : $3.05B
EPS TRIN : $2.07 HTGC : $1.49
PE Ratio TRIN : 8.36 HTGC : 10.41
PS Ratio TRIN : 4.67 HTGC : 5.21
PB Ratio TRIN : 1.24 HTGC : 1.37
Total Revenue (TTM) TRIN : $276.05M HTGC : $578.18M
Gross Profit (TTM) TRIN : $219.75M HTGC : $510.74M
EBITDA (TTM) TRIN : $195.35M HTGC : $380.44M

Return for Risk

TRIN vs. HTGC — Risk / Return Rank

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

TRIN

TRIN Risk / Return Rank: 83
TRIN Sharpe Ratio Rank: 87
TRIN Sortino Ratio Rank: 85
TRIN Omega Ratio Rank: 83
TRIN Calmar Ratio Rank: 79
TRIN Martin Ratio Rank: 79

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.

TRIN vs. HTGC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Trinity Capital Inc. (TRIN) 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.

	TRIN	HTGC	Difference
Sharpe ratio Return per unit of total volatility	2.02	-0.07	+2.09
Sortino ratio Return per unit of downside risk	2.73	0.06	+2.67
Omega ratio Gain probability vs. loss probability	1.34	1.01	+0.33
Calmar ratio Return relative to maximum drawdown	2.60	-0.08	+2.68
Martin ratio Return relative to average drawdown	6.55	-0.18	+6.73
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

TRIN vs. HTGC - Sharpe Ratio Comparison

The current TRIN Sharpe Ratio is 2.02, which is higher than the HTGC Sharpe Ratio of -0.07. The chart below compares the historical Sharpe Ratios of TRIN 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

	TRIN	HTGC	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.02	-0.07	+2.09
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.72	0.37	+0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.49	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.66	0.36	+0.31

Drawdowns

TRIN vs. HTGC - Drawdown Comparison

The maximum TRIN drawdown since its inception was -43.12%, smaller than the maximum HTGC drawdown of -68.21%. Use the drawdown chart below to compare losses from any high point for TRIN and HTGC.

Drawdown Indicators

	TRIN	HTGC	Difference
Max Drawdown Largest peak-to-trough decline	-43.12%	-68.21%	+25.09%
Max Drawdown (1Y) Largest decline over 1 year	-14.99%	-24.74%	+9.75%
Max Drawdown (3Y) Largest decline over 3 years	-15.58%	-27.97%	+12.39%
Max Drawdown (5Y) Largest decline over 5 years	-43.12%	-36.11%	-7.01%
Max Drawdown (10Y) Largest decline over 10 years	—	-57.54%	—
Current Drawdown Current decline from peak	0.00%	-17.44%	+17.44%
Average Drawdown Average peak-to-trough decline	-8.95%	-10.86%	+1.91%
Ulcer Index Depth and duration of drawdowns from previous peaks	5.95%	10.67%	-4.72%

Volatility

TRIN vs. HTGC - Volatility Comparison

Trinity Capital Inc. (TRIN) has a higher volatility of 6.04% compared to Hercules Capital, Inc. (HTGC) at 5.02%. This indicates that TRIN'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

	TRIN	HTGC	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.04%	5.02%	+1.02%
Volatility (6M) Calculated over the trailing 6-month period	15.36%	19.92%	-4.56%
Volatility (1Y) Calculated over the trailing 1-year period	19.87%	23.06%	-3.19%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	26.56%	25.71%	+0.85%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	26.81%	27.83%	-1.02%

Dividends

TRIN vs. HTGC - Dividend Comparison

TRIN's dividend yield for the trailing twelve months is around 13.77%, more than HTGC's 11.66% 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%
TRIN Trinity Capital Inc.	13.77%	13.92%	14.10%	14.04%	21.32%	7.17%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

TRIN vs. HTGC - Profitability Comparison

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

TRIN - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Trinity Capital Inc. reported a gross profit of 66.05M and revenue of 83.32M. Therefore, the gross margin over that period was 79.3%.

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%.

TRIN - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Trinity Capital Inc. reported an operating income of 61.68M and revenue of 83.32M, resulting in an operating margin of 74.0%.

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%.

TRIN - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Trinity Capital Inc. reported a net income of 45.52M and revenue of 83.32M, resulting in a net margin of 54.6%.

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%.

Frequently Asked Questions

Can I hold both TRIN and HTGC in my portfolio?

TRIN and HTGC have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, TRIN or HTGC?

TRIN has higher volatility (6.04%) compared to HTGC (5.02%). In terms of maximum drawdown, TRIN dropped -43.12% vs HTGC's -68.21%.

Which has better risk-adjusted returns?

TRIN currently has the higher Sharpe Ratio (2.02 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.