TSLX vs. HTGC
TSLX (Sixth Street Specialty Lending, Inc.) and HTGC (Hercules Capital, Inc.) are both stocks. Both operate in the Asset Management industry within the Financial Services sector. Over the past 10 years, TSLX returned 10.94%/yr vs 13.51%/yr for HTGC. A 0.51 correlation means they provide meaningful diversification when combined.
Performance
TSLX vs. HTGC - Performance Comparison
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Returns By Period
In the year-to-date period, TSLX achieves a -21.20% return, which is significantly lower than HTGC's -14.31% return. Over the past 10 years, TSLX has underperformed HTGC with an annualized return of 10.94%, while HTGC has yielded a comparatively higher 13.51% annualized return.
TSLX
- 1D
- -2.17%
- 1M
- -2.89%
- YTD
- -21.20%
- 6M
- -20.17%
- 1Y
- -22.87%
- 3Y*
- 6.24%
- 5Y*
- 4.26%
- 10Y*
- 10.94%
HTGC
- 1D
- -1.68%
- 1M
- -0.72%
- YTD
- -14.31%
- 6M
- -12.31%
- 1Y
- -5.78%
- 3Y*
- 14.02%
- 5Y*
- 8.78%
- 10Y*
- 13.51%
TSLX vs. HTGC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
TSLX Sixth Street Specialty Lending, Inc. | -21.20% | 11.52% | 8.83% | 35.29% | -16.37% | 32.33% | 9.77% | 29.62% | 0.36% | 15.47% |
HTGC Hercules Capital, Inc. | -14.31% | 3.54% | 33.33% | 42.91% | -10.42% | 26.50% | 14.49% | 39.86% | -6.86% | 1.86% |
Correlation
The correlation between TSLX and HTGC is 0.69, 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 | 0.69 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.66 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.67 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.59 |
Correlation (All Time) Calculated using the full available price history since Mar 21, 2014 | 0.51 |
The correlation between TSLX and HTGC shifts across timeframes, from 0.51 (all time) to 0.69 (1 year), reflecting how their relationship changes across market environments.
Fundamentals
TSLX:
$1.54B
HTGC:
$3.00B
TSLX:
$436.19
HTGC:
$1.49
TSLX:
0.04
HTGC:
10.22
TSLX:
0.05
HTGC:
0.31
TSLX:
0.02
HTGC:
5.12
TSLX:
0.00
HTGC:
1.35
TSLX:
$91.48B
HTGC:
$578.18M
TSLX:
$215.15M
HTGC:
$510.74M
TSLX:
$192.45M
HTGC:
$380.44M
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Return for Risk
TSLX vs. HTGC — Risk / Return Rank
TSLX
HTGC
TSLX vs. HTGC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Sixth Street Specialty Lending, Inc. (TSLX) 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.
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.
| TSLX | HTGC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.68 | ||
| Sortino ratioReturn per unit of downside risk | -1.03 | ||
| Omega ratioGain probability vs. loss probability | 0.85 | 0.98 | -0.13 |
| Calmar ratioReturn relative to maximum drawdown | -0.80 | -0.23 | -0.56 |
| Martin ratioReturn relative to average drawdown | -1.47 | -0.52 | -0.95 |
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Drawdowns
TSLX vs. HTGC - Drawdown Comparison
The maximum TSLX drawdown since its inception was -50.27%, smaller than the maximum HTGC drawdown of -68.21%. Use the drawdown chart below to compare losses from any high point for TSLX and HTGC.
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Drawdown Indicators
| TSLX | HTGC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -50.27% | -68.21% | +17.94% |
Max Drawdown (1Y)Largest decline over 1 year | -28.83% | -24.74% | -4.09% |
Max Drawdown (3Y)Largest decline over 3 years | -28.83% | -27.97% | -0.86% |
Max Drawdown (5Y)Largest decline over 5 years | -28.83% | -36.11% | +7.28% |
Max Drawdown (10Y)Largest decline over 10 years | -50.27% | -57.54% | +7.27% |
Current DrawdownCurrent decline from peak | -28.83% | -18.98% | -9.85% |
Average DrawdownAverage peak-to-trough decline | -9.13% | -10.87% | +1.74% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.58% | 11.15% | +4.43% |
Volatility
TSLX vs. HTGC - Volatility Comparison
Sixth Street Specialty Lending, Inc. (TSLX) has a higher volatility of 7.42% compared to Hercules Capital, Inc. (HTGC) at 5.98%. This indicates that TSLX'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.
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Volatility by Period
| TSLX | HTGC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 7.42% | 5.98% | +1.44% |
Volatility (6M)Calculated over the trailing 6-month period | 20.78% | 20.17% | +0.61% |
Volatility (1Y)Calculated over the trailing 1-year period | 24.67% | 23.43% | +1.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 19.42% | 25.77% | -6.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 21.49% | 27.87% | -6.38% |
Dividends
TSLX vs. HTGC - Dividend Comparison
TSLX's dividend yield for the trailing twelve months is around 11.63%, less than HTGC's 11.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HTGC Hercules Capital, Inc. | 11.88% | 9.99% | 9.56% | 11.40% | 13.77% | 9.76% | 9.02% | 9.49% | 11.40% | 9.45% | 8.79% | 10.17% |
TSLX Sixth Street Specialty Lending, Inc. | 11.63% | 9.44% | 9.81% | 9.72% | 10.34% | 15.35% | 11.08% | 8.43% | 9.84% | 8.84% | 8.35% | 9.62% |
Financials
TSLX vs. HTGC - Financials Comparison
This section allows you to compare key financial metrics between Sixth Street Specialty Lending, Inc. and Hercules Capital, Inc.. You can select fields from income statements, balance sheets, and cash flow statements to easily visualize and compare the financial health of both companies.
Total Revenue: Total amount of money received from sales and other business activities
TSLX vs. HTGC - Profitability Comparison
TSLX - Gross Margin
Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Sixth Street Specialty Lending, Inc. reported a gross profit of 0.00 and revenue of 91.19B. Therefore, the gross margin over that period was 0.0%.
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%.
TSLX - Operating Margin
Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Sixth Street Specialty Lending, Inc. reported an operating income of 0.00 and revenue of 91.19B, resulting in an operating margin of 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%.
TSLX - Net Margin
Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Sixth Street Specialty Lending, Inc. reported a net income of 41.05B and revenue of 91.19B, resulting in a net margin of 45.0%.
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%.
Frequently Asked Questions
TSLX and HTGC have a correlation of 0.69, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TSLX has higher volatility (7.42%) compared to HTGC (5.98%). In terms of maximum drawdown, TSLX dropped -50.27% vs HTGC's -68.21%.
HTGC currently has the higher Sharpe Ratio (-0.25 vs -0.93), 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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