HCXY vs SPY

Comparison between Hercules Capital Inc (HCXY, Company) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceSPY has outperformed HCXY, delivering a return of +13.9% compared to +4.9%

HCXY vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	HCXY(COMPANY)	SPY(ETF)
Market Cap / Net Assets	$4.56B	$735B
Expense Ratio	N/A	0.09%
Max Drawdown	34.76%	56.47%
Sharpe Ratio	0.21	1.67
5Y Beta	-0.02	1.00
Industry	Investment Banking & Investment Services	N/A
P/E Ratio	13.27	28.81
Forward P/E	N/A	22.07
PEG Ratio	0.76	N/A
Dividend Yield	5.01%	N/A
5Y Dividends CAGR	4.56%	5.43%
5Y EPS CAGR	N/A	25.84%
Debt to Equity	103.18%	34.16%
Free Cash Flow Yield	-9.35%	N/A
P/S Ratio	N/A	3.69
P/B Ratio	N/A	5.54

Market Cap / Net Assets

HCXY

$4.56B

Winner

SPY

$735B

Expense Ratio

HCXY

N/A

SPY

0.09%

Max Drawdown

Winner

HCXY

34.76%

SPY

56.47%

Sharpe Ratio

HCXY

0.21

Winner

SPY

1.67

5Y Beta

Winner

HCXY

-0.02

SPY

1.00

Industry

HCXY

Investment Banking & Investment Services

SPY

N/A

P/E Ratio

Winner

HCXY

13.27

SPY

28.81

Forward P/E

HCXY

N/A

SPY

22.07

PEG Ratio

HCXY

0.76

SPY

N/A

Dividend Yield

HCXY

5.01%

SPY

N/A

5Y Dividends CAGR

HCXY

4.56%

Winner

SPY

5.43%

5Y EPS CAGR

HCXY

N/A

SPY

25.84%

Debt to Equity

HCXY

103.18%

Winner

SPY

34.16%

Free Cash Flow Yield

HCXY

-9.35%

SPY

N/A

P/S Ratio

HCXY

N/A

SPY

3.69

P/B Ratio

HCXY

N/A

SPY

5.54

HCXY vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	HCXY	SPY
1 month	-1.04%	+5.49%
3 months	-0.67%	+8.03%
6 months	+1.15%	+13.34%
1 year	+5.46%	+28.89%
5 years(CAGR)	+4.85%	+13.90%
10 years(CAGR)	N/A	+15.59%
Max(CAGR)	+6.70%	+8.51%

HCXY

-1.04%

Winner

SPY

+5.49%

HCXY

-0.67%

Winner

SPY

+8.03%

HCXY

+1.15%

Winner

SPY

+13.34%

HCXY

+5.46%

Winner

SPY

+28.89%

5Y(CAGR)

HCXY

+4.85%

Winner

SPY

+13.90%

10Y(CAGR)

HCXY

N/A

SPY

+15.59%

Max(CAGR)

HCXY

+6.70%

Winner

SPY

+8.51%

HCXY vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	HCXY	SPY
2026	-0.20%	+9.02%
2025	+7.15%	+18.00%
2024	+6.06%	+25.59%
2023	+11.82%	+26.72%
2022	-2.14%	-18.64%
2021	+4.59%	+30.52%
2020	+7.89%	+17.28%
2019	+19.30%	+31.09%
2018	-2.28%	-5.24%
2017	N/A	+20.78%
2016	N/A	+13.59%
2015	N/A	+1.31%
2014	N/A	+14.56%
2013	N/A	+29.00%
2012	N/A	+14.17%
2011	N/A	+0.85%
2010	N/A	+13.14%
2009	N/A	+22.67%
2008	N/A	-36.25%
2007	N/A	+5.32%
2006	N/A	+13.85%
2005	N/A	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

HCXY vs SPY Drawdown Comparison

The maximum drawdown for HCXY was -34.76%, occurring on Mar 20, 2020. Recovery took 146 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current HCXY drawdown is -1.84%. The current SPY drawdown is -0.73%.

Rank	HCXY	SPY
#1	-34.76% Feb 26, 2020 - Sep 23, 2020	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-15.28% Oct 14, 2021 - Jan 13, 2023	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-11.53% Feb 7, 2023 - Jul 17, 2023	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-9.12% Sep 28, 2018 - Jan 4, 2019	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-7.45% Jul 21, 2023 - Nov 8, 2023	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-4.21% Jul 22, 2019 - Aug 28, 2019	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-4.00% Nov 8, 2023 - Dec 22, 2023	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-3.97% Jul 15, 2021 - Oct 14, 2021	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-3.91% Jan 14, 2021 - Apr 14, 2021	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-3.58% Feb 5, 2024 - May 14, 2024	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-3.58% Oct 22, 2024 - Feb 26, 2025	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-3.55% Jan 13, 2023 - Feb 7, 2023	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-3.42% Sep 9, 2019 - Nov 29, 2019	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-3.26% Nov 4, 2020 - Nov 13, 2020	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-3.20% Feb 18, 2026 - Mar 31, 2026	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between HCXY and SPY is 0.97 which considered as a very strong positive correlation - the stocks move almost identically together.

0.97

-101

Dividend Comparison (1999 - 2026)

HCXY vs SPY dividend yield comparison.

Year	HCXY	SPY
2026	3.16%	0.24%
2025	6.13%	1.07%
2024	6.21%	1.21%
2023	6.19%	1.40%
2022	6.35%	1.65%
2021	5.86%	1.20%
2020	5.83%	1.52%
2019	5.93%	1.75%
2018	0.67%	2.04%
2017	0.00%	1.80%
2016	0.00%	2.03%
2015	0.00%	2.06%
2014	0.00%	1.87%
2013	0.00%	1.81%
2012	0.00%	2.18%
2011	0.00%	2.05%
2010	0.00%	1.80%
2009	0.00%	1.95%
2008	0.00%	3.02%
2007	0.00%	1.85%
2006	0.00%	1.73%
2005	0.00%	1.73%
2004	0.00%	1.82%
2003	0.00%	1.47%
2002	0.00%	1.70%
2001	0.00%	1.25%
2000	0.00%	1.15%
1999	0.00%	0.24%