WHF vs. HTGC
WHF (WhiteHorse Finance, 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, WHF returned 7.98%/yr vs 13.51%/yr for HTGC. At a 0.33 correlation, their price movements are largely independent.
Performance
WHF vs. HTGC - Performance Comparison
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Returns By Period
In the year-to-date period, WHF achieves a 1.11% return, which is significantly higher than HTGC's -14.31% return. Over the past 10 years, WHF has underperformed HTGC with an annualized return of 7.98%, while HTGC has yielded a comparatively higher 13.51% annualized return.
WHF
- 1D
- 1.55%
- 1M
- -0.46%
- YTD
- 1.11%
- 6M
- 1.26%
- 1Y
- -11.96%
- 3Y*
- -6.52%
- 5Y*
- -3.42%
- 10Y*
- 7.98%
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%
WHF vs. HTGC - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WHF WhiteHorse Finance, Inc. | 1.11% | -15.36% | -8.52% | 6.26% | -6.23% | 25.77% | 19.14% | 20.83% | 4.80% | 21.87% |
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 WHF and HTGC is 0.43, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.43 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.38 |
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 6, 2012 | 0.33 |
Fundamentals
WHF:
$145.21M
HTGC:
$3.00B
WHF:
$0.69
HTGC:
$1.49
WHF:
9.52
HTGC:
10.22
WHF:
3.15
HTGC:
5.12
WHF:
0.58
HTGC:
1.35
WHF:
$47.81M
HTGC:
$578.18M
WHF:
$14.33M
HTGC:
$510.74M
WHF:
-$4.37M
HTGC:
$380.44M
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Return for Risk
WHF vs. HTGC — Risk / Return Rank
WHF
HTGC
WHF vs. HTGC - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WhiteHorse Finance, Inc. (WHF) 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.
| WHF | HTGC | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.18 | ||
| Sortino ratioReturn per unit of downside risk | -0.25 | ||
| Omega ratioGain probability vs. loss probability | 0.95 | 0.98 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | -0.45 | -0.23 | -0.22 |
| Martin ratioReturn relative to average drawdown | -0.82 | -0.52 | -0.31 |
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Drawdowns
WHF vs. HTGC - Drawdown Comparison
The maximum WHF drawdown since its inception was -57.48%, smaller than the maximum HTGC drawdown of -68.21%. Use the drawdown chart below to compare losses from any high point for WHF and HTGC.
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Drawdown Indicators
| WHF | HTGC | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -57.48% | -68.21% | +10.73% |
Max Drawdown (1Y)Largest decline over 1 year | -26.51% | -24.74% | -1.77% |
Max Drawdown (3Y)Largest decline over 3 years | -37.91% | -27.97% | -9.94% |
Max Drawdown (5Y)Largest decline over 5 years | -37.91% | -36.11% | -1.80% |
Max Drawdown (10Y)Largest decline over 10 years | -57.48% | -57.54% | +0.06% |
Current DrawdownCurrent decline from peak | -29.51% | -18.98% | -10.53% |
Average DrawdownAverage peak-to-trough decline | -9.00% | -10.87% | +1.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 14.53% | 11.15% | +3.38% |
Volatility
WHF vs. HTGC - Volatility Comparison
WhiteHorse Finance, Inc. (WHF) has a higher volatility of 10.10% compared to Hercules Capital, Inc. (HTGC) at 5.98%. This indicates that WHF'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
| WHF | HTGC | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 10.10% | 5.98% | +4.12% |
Volatility (6M)Calculated over the trailing 6-month period | 20.68% | 20.17% | +0.51% |
Volatility (1Y)Calculated over the trailing 1-year period | 28.23% | 23.43% | +4.80% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 22.97% | 25.77% | -2.80% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.57% | 27.87% | +3.70% |
Dividends
WHF vs. HTGC - Dividend Comparison
WHF's dividend yield for the trailing twelve months is around 18.02%, more 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% |
WHF WhiteHorse Finance, Inc. | 18.02% | 20.72% | 18.44% | 12.60% | 11.26% | 10.03% | 13.96% | 11.79% | 11.16% | 10.58% | 11.67% | 12.37% |
Financials
WHF vs. HTGC - Financials Comparison
This section allows you to compare key financial metrics between WhiteHorse Finance, 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
WHF vs. HTGC - Profitability Comparison
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 - 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 - 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 - 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 - 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%.
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
WHF and HTGC have a correlation of 0.43, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WHF has higher volatility (10.10%) compared to HTGC (5.98%). In terms of maximum drawdown, WHF dropped -57.48% vs HTGC's -68.21%.
HTGC currently has the higher Sharpe Ratio (-0.25 vs -0.43), 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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