diff --git a/bin/resources/shaders/dx11/convert.fx b/bin/resources/shaders/dx11/convert.fx
index 0134560798..9d5870b0d3 100644
--- a/bin/resources/shaders/dx11/convert.fx
+++ b/bin/resources/shaders/dx11/convert.fx
@@ -125,7 +125,7 @@ PS_OUTPUT ps_hdr_init(PS_INPUT input)
 {
 	PS_OUTPUT output;
 	float4 value = sample_c(input.t);
-	output.c = float4(round(value.rgb * 255), value.a);
+	output.c = float4(round(value.rgb * 255) / 65535, value.a);
 	return output;
 }
 
@@ -133,7 +133,7 @@ PS_OUTPUT ps_hdr_resolve(PS_INPUT input)
 {
 	PS_OUTPUT output;
 	float4 value = sample_c(input.t);
-	output.c = float4(float3(int3(value.rgb) & 255) / 255, value.a);
+	output.c = float4(float3(uint3(value.rgb * 65535.5) & 255) / 255, value.a);
 	return output;
 }
 
diff --git a/bin/resources/shaders/dx11/tfx.fx b/bin/resources/shaders/dx11/tfx.fx
index b792e7e7dd..28b1e8a53e 100644
--- a/bin/resources/shaders/dx11/tfx.fx
+++ b/bin/resources/shaders/dx11/tfx.fx
@@ -715,7 +715,7 @@ void ps_fbmask(inout float4 C, float2 pos_xy)
 	if (PS_FBMASK)
 	{
 		float4 RT = trunc(RtTexture.Load(int3(pos_xy, 0)) * 255.0f + 0.1f);
-		C = (float4)(((uint4)(int4)C & (FbMask ^ 0xFF)) | ((uint4)RT & FbMask));
+		C = (float4)(((uint4)C & ~FbMask) | ((uint4)RT & FbMask));
 	}
 }
 
@@ -736,18 +736,9 @@ void ps_dither(inout float3 C, float2 pos_xy)
 
 void ps_color_clamp_wrap(inout float3 C)
 {
-	if (PS_HDR && PS_COLCLIP) // COLCLIP flag indicates accumulation blend under HDR
-	{
-		int3 color = int3(C);
-		if (PS_DFMT == FMT_16)
-			color &= (int3)0xF8;
-		// -128 to 127 gives us longer before we run out of float precision
-		// Especially for games that mainly use 1 and 255 (sly), since that maps to 1 and -1
-		C = float3((color << 24) >> 24);
-	}
 	// When dithering the bottom 3 bits become meaningless and cause lines in the picture
 	// so we need to limit the color depth on dithered items
-	else if (SW_BLEND || PS_DITHER || PS_FBMASK)
+	if (SW_BLEND || PS_DITHER || PS_FBMASK)
 	{
 		// Standard Clamp
 		if (PS_COLCLIP == 0 && PS_HDR == 0)
@@ -756,7 +747,7 @@ void ps_color_clamp_wrap(inout float3 C)
 		// In 16 bits format, only 5 bits of color are used. It impacts shadows computation of Castlevania
 		if (PS_DFMT == FMT_16 && PS_BLEND_MIX == 0)
 			C = (float3)((int3)C & (int3)0xF8);
-		else if (PS_COLCLIP == 1 && PS_HDR == 0)
+		else if (PS_COLCLIP == 1 || PS_HDR == 1)
 			C = (float3)((int3)C & (int3)0xFF);
 	}
 }
@@ -952,7 +943,7 @@ PS_OUTPUT ps_main(PS_INPUT input)
 	ps_fbmask(C, input.p.xy);
 
 #if !PS_NO_COLOR
-	output.c0 = PS_HDR ? float4(C.rgb, C.a / 255.0f) : C / 255.0f;
+	output.c0 = PS_HDR ? float4(C.rgb / 65535.0f, C.a / 255.0f) : C / 255.0f;
 #if !PS_NO_COLOR1
 	output.c1 = (float4)(alpha_blend);
 #endif
diff --git a/bin/resources/shaders/opengl/convert.glsl b/bin/resources/shaders/opengl/convert.glsl
index 8900d9f693..710bee3a40 100644
--- a/bin/resources/shaders/opengl/convert.glsl
+++ b/bin/resources/shaders/opengl/convert.glsl
@@ -322,7 +322,7 @@ void ps_datm0()
 void ps_hdr_init()
 {
     vec4 value = sample_c();
-    SV_Target0 = vec4(round(value.rgb * 255.0f), value.a);
+    SV_Target0 = vec4(round(value.rgb * 255.0f) / 65535.0f, value.a);
 }
 #endif
 
@@ -330,7 +330,7 @@ void ps_hdr_init()
 void ps_hdr_resolve()
 {
     vec4 value = sample_c();
-    SV_Target0 = vec4(vec3(ivec3(value.rgb) & 255) / 255.0f, value.a);
+    SV_Target0 = vec4(vec3(uvec3(value.rgb * 65535.0f) & 255u) / 255.0f, value.a);
 }
 #endif
 
diff --git a/bin/resources/shaders/opengl/tfx_fs.glsl b/bin/resources/shaders/opengl/tfx_fs.glsl
index 4546cea1f8..599010dd57 100644
--- a/bin/resources/shaders/opengl/tfx_fs.glsl
+++ b/bin/resources/shaders/opengl/tfx_fs.glsl
@@ -620,7 +620,7 @@ void ps_fbmask(inout vec4 C)
     // FIXME do I need special case for 16 bits
 #if PS_FBMASK
     vec4 RT = trunc(fetch_rt() * 255.0f + 0.1f);
-    C = vec4((uvec4(ivec4(C)) & (FbMask ^ 0xFFu)) | (uvec4(RT) & FbMask));
+    C = vec4((uvec4(C) & ~FbMask) | (uvec4(RT) & FbMask));
 #endif
 }
 
@@ -638,18 +638,9 @@ void ps_dither(inout vec3 C)
 
 void ps_color_clamp_wrap(inout vec3 C)
 {
-#if PS_HDR && PS_COLCLIP // COLCLIP flag indicates accumulation blend under HDR
-    ivec3 color = ivec3(C);
-#if PS_DFMT == FMT_16
-    color &= 0xF8;
-#endif
-    // -128 to 127 gives us longer before we run out of float precision
-    // Especially for games that mainly use 1 and 255 (sly), since that maps to 1 and -1
-    C = vec3((color << 24) >> 24);
-
     // When dithering the bottom 3 bits become meaningless and cause lines in the picture
     // so we need to limit the color depth on dithered items
-#elif SW_BLEND || PS_DITHER || PS_FBMASK
+#if SW_BLEND || PS_DITHER || PS_FBMASK
 
     // Correct the Color value based on the output format
 #if PS_COLCLIP == 0 && PS_HDR == 0
@@ -666,7 +657,7 @@ void ps_color_clamp_wrap(inout vec3 C)
 #if PS_DFMT == FMT_16 && PS_BLEND_MIX == 0
     // In 16 bits format, only 5 bits of colors are used. It impacts shadows computation of Castlevania
     C = vec3(ivec3(C) & ivec3(0xF8));
-#elif PS_COLCLIP == 1 && PS_HDR == 0
+#elif PS_COLCLIP == 1 || PS_HDR == 1
     C = vec3(ivec3(C) & ivec3(0xFF));
 #endif
 
@@ -934,8 +925,8 @@ void ps_main()
     ps_fbmask(C);
 
 #if !PS_NO_COLOR
-#if PS_HDR
-    SV_Target0 = vec4(C.rgb, C.a / 255.0f);
+#if PS_HDR == 1
+    SV_Target0 = vec4(C.rgb / 65535.0f, C.a / 255.0f);
 #else
     SV_Target0 = C / 255.0f;
 #endif
diff --git a/bin/resources/shaders/vulkan/convert.glsl b/bin/resources/shaders/vulkan/convert.glsl
index fe23bab1a4..e23190313f 100644
--- a/bin/resources/shaders/vulkan/convert.glsl
+++ b/bin/resources/shaders/vulkan/convert.glsl
@@ -94,7 +94,7 @@ void ps_datm0()
 void ps_hdr_init()
 {
 	vec4 value = sample_c(v_tex);
-	o_col0 = vec4(roundEven(value.rgb * 255.0f), value.a);
+	o_col0 = vec4(roundEven(value.rgb * 255.0f) / 65535.0f, value.a);
 }
 #endif
 
@@ -102,7 +102,7 @@ void ps_hdr_init()
 void ps_hdr_resolve()
 {
 	vec4 value = sample_c(v_tex);
-	o_col0 = vec4(vec3(ivec3(value.rgb) & 255) / 255.0f, value.a);
+	o_col0 = vec4(vec3(uvec3(value.rgb * 65535.5f) & 255u) / 255.0f, value.a);
 }
 #endif
 
diff --git a/bin/resources/shaders/vulkan/tfx.glsl b/bin/resources/shaders/vulkan/tfx.glsl
index 6a02a556aa..8ca8068aeb 100644
--- a/bin/resources/shaders/vulkan/tfx.glsl
+++ b/bin/resources/shaders/vulkan/tfx.glsl
@@ -946,7 +946,7 @@ void ps_fbmask(inout vec4 C)
 {
 	#if PS_FBMASK
 		vec4 RT = trunc(sample_from_rt() * 255.0f + 0.1f);
-		C = vec4((uvec4(ivec4(C)) & (FbMask ^ 0xFFu)) | (uvec4(RT) & FbMask));
+		C = vec4((uvec4(C) & ~FbMask) | (uvec4(RT) & FbMask));
 	#endif
 }
 
@@ -967,18 +967,9 @@ void ps_dither(inout vec3 C)
 
 void ps_color_clamp_wrap(inout vec3 C)
 {
-#if PS_HDR && PS_COLCLIP // COLCLIP flag indicates accumulation blend under HDR
-    ivec3 color = ivec3(C);
-#if PS_DFMT == FMT_16
-    color &= 0xF8;
-#endif
-    // -128 to 127 gives us longer before we run out of float precision
-    // Especially for games that mainly use 1 and 255 (sly), since that maps to 1 and -1
-    C = vec3((color << 24) >> 24);
-
     // When dithering the bottom 3 bits become meaningless and cause lines in the picture
     // so we need to limit the color depth on dithered items
-#elif SW_BLEND || PS_DITHER || PS_FBMASK
+#if SW_BLEND || PS_DITHER || PS_FBMASK
 
     // Correct the Color value based on the output format
 #if PS_COLCLIP == 0 && PS_HDR == 0
@@ -995,7 +986,7 @@ void ps_color_clamp_wrap(inout vec3 C)
 #if PS_DFMT == FMT_16 && PS_BLEND_MIX == 0
     // In 16 bits format, only 5 bits of colors are used. It impacts shadows computation of Castlevania
     C = vec3(ivec3(C) & ivec3(0xF8));
-#elif PS_COLCLIP == 1 && PS_HDR == 0
+#elif PS_COLCLIP == 1 || PS_HDR == 1
     C = vec3(ivec3(C) & ivec3(0xFF));
 #endif
 
@@ -1235,8 +1226,8 @@ void main()
   ps_fbmask(C);
 
 #if !PS_NO_COLOR
-#if PS_HDR
-	o_col0 = vec4(C.rgb, C.a / 255.0f);
+#if PS_HDR == 1
+	o_col0 = vec4(C.rgb / 65535.0f, C.a / 255.0f);
 #else
 	o_col0 = C / 255.0f;
 #endif
diff --git a/pcsx2/GS/Renderers/Common/GSTexture.cpp b/pcsx2/GS/Renderers/Common/GSTexture.cpp
index e2b3652c73..41e0075c54 100644
--- a/pcsx2/GS/Renderers/Common/GSTexture.cpp
+++ b/pcsx2/GS/Renderers/Common/GSTexture.cpp
@@ -84,7 +84,7 @@ u32 GSTexture::GetCompressedBytesPerBlock() const
 	static constexpr u32 bytes_per_block[] = {
 		1, // Invalid
 		4, // Color/RGBA8
-		16, // HDRColor/RGBA32F
+		8, // HDRColor/RGBA16
 		32, // DepthStencil
 		1, // UNorm8/R8
 		2, // UInt16/R16UI
diff --git a/pcsx2/GS/Renderers/Common/GSTexture.h b/pcsx2/GS/Renderers/Common/GSTexture.h
index ee363fc738..6b22539d49 100644
--- a/pcsx2/GS/Renderers/Common/GSTexture.h
+++ b/pcsx2/GS/Renderers/Common/GSTexture.h
@@ -39,7 +39,7 @@ public:
 	{
 		Invalid = 0,  ///< Used for initialization
 		Color,        ///< Standard (RGBA8) color texture
-		HDRColor,     ///< Float-based color texture for colclip emulation (RGBA32F)
+		HDRColor,     ///< Color texture with more bits for colclip emulation (RGBA16Unorm)
 		DepthStencil, ///< Depth stencil texture
 		UNorm8,       ///< A8UNorm texture for paletted textures and the OSD font
 		UInt16,       ///< UInt16 texture for reading back 16-bit depth
diff --git a/pcsx2/GS/Renderers/DX11/GSDevice11.cpp b/pcsx2/GS/Renderers/DX11/GSDevice11.cpp
index bb8cf10f0f..fdbfe51775 100644
--- a/pcsx2/GS/Renderers/DX11/GSDevice11.cpp
+++ b/pcsx2/GS/Renderers/DX11/GSDevice11.cpp
@@ -465,7 +465,7 @@ GSTexture* GSDevice11::CreateSurface(GSTexture::Type type, int width, int height
 	switch (format)
 	{
 		case GSTexture::Format::Color:        dxformat = DXGI_FORMAT_R8G8B8A8_UNORM;     break;
-		case GSTexture::Format::HDRColor:     dxformat = DXGI_FORMAT_R32G32B32A32_FLOAT; break;
+		case GSTexture::Format::HDRColor:     dxformat = DXGI_FORMAT_R16G16B16A16_UNORM; break;
 		case GSTexture::Format::DepthStencil: dxformat = DXGI_FORMAT_R32G8X24_TYPELESS;  break;
 		case GSTexture::Format::UNorm8:       dxformat = DXGI_FORMAT_A8_UNORM;           break;
 		case GSTexture::Format::UInt16:       dxformat = DXGI_FORMAT_R16_UINT;           break;
diff --git a/pcsx2/GS/Renderers/DX12/GSDevice12.cpp b/pcsx2/GS/Renderers/DX12/GSDevice12.cpp
index 0d1eb62934..2893b5dd65 100644
--- a/pcsx2/GS/Renderers/DX12/GSDevice12.cpp
+++ b/pcsx2/GS/Renderers/DX12/GSDevice12.cpp
@@ -284,7 +284,7 @@ void GSDevice12::LookupNativeFormat(GSTexture::Format format, DXGI_FORMAT* d3d_f
 	static constexpr std::array<std::array<DXGI_FORMAT, 4>, static_cast<int>(GSTexture::Format::BC7) + 1> s_format_mapping = {{
 		{DXGI_FORMAT_UNKNOWN, DXGI_FORMAT_UNKNOWN, DXGI_FORMAT_UNKNOWN, DXGI_FORMAT_UNKNOWN}, // Invalid
 		{DXGI_FORMAT_R8G8B8A8_UNORM, DXGI_FORMAT_R8G8B8A8_UNORM, DXGI_FORMAT_R8G8B8A8_UNORM, DXGI_FORMAT_UNKNOWN}, // Color
-		{DXGI_FORMAT_R32G32B32A32_FLOAT, DXGI_FORMAT_R32G32B32A32_FLOAT, DXGI_FORMAT_R32G32B32A32_FLOAT, DXGI_FORMAT_UNKNOWN}, // HDRColor
+		{DXGI_FORMAT_R16G16B16A16_UNORM, DXGI_FORMAT_R16G16B16A16_UNORM, DXGI_FORMAT_R16G16B16A16_UNORM, DXGI_FORMAT_UNKNOWN}, // HDRColor
 		{DXGI_FORMAT_D32_FLOAT_S8X24_UINT, DXGI_FORMAT_R32_FLOAT_X8X24_TYPELESS, DXGI_FORMAT_UNKNOWN, DXGI_FORMAT_D32_FLOAT_S8X24_UINT}, // DepthStencil
 		{DXGI_FORMAT_A8_UNORM, DXGI_FORMAT_A8_UNORM, DXGI_FORMAT_A8_UNORM, DXGI_FORMAT_UNKNOWN}, // UNorm8
 		{DXGI_FORMAT_R16_UINT, DXGI_FORMAT_R16_UINT, DXGI_FORMAT_R16_UINT, DXGI_FORMAT_UNKNOWN}, // UInt16
@@ -1161,7 +1161,7 @@ bool GSDevice12::CompileConvertPipelines()
 			{
 				pxAssert(!arr[ds]);
 
-				gpb.SetRenderTarget(0, is_setup ? DXGI_FORMAT_R32G32B32A32_FLOAT : DXGI_FORMAT_R8G8B8A8_UNORM);
+				gpb.SetRenderTarget(0, is_setup ? DXGI_FORMAT_R16G16B16A16_UNORM : DXGI_FORMAT_R8G8B8A8_UNORM);
 				gpb.SetDepthStencilFormat(ds ? DXGI_FORMAT_D32_FLOAT_S8X24_UINT : DXGI_FORMAT_UNKNOWN);
 				arr[ds] = gpb.Create(g_d3d12_context->GetDevice(), m_shader_cache, false);
 				if (!arr[ds])
diff --git a/pcsx2/GS/Renderers/HW/GSRendererHW.cpp b/pcsx2/GS/Renderers/HW/GSRendererHW.cpp
index 3db87c2f24..18064fa069 100644
--- a/pcsx2/GS/Renderers/HW/GSRendererHW.cpp
+++ b/pcsx2/GS/Renderers/HW/GSRendererHW.cpp
@@ -2767,7 +2767,6 @@ void GSRendererHW::EmulateBlending(bool& DATE_PRIMID, bool& DATE_BARRIER, bool&
 			// A fast algo that requires 2 passes
 			GL_INS("COLCLIP Fast HDR mode ENABLED");
 			m_conf.ps.hdr = 1;
-			m_conf.ps.colclip = accumulation_blend; // reuse as a flag for accumulation blend
 			blend_mix = false;
 			sw_blending = true; // Enable sw blending for the HDR algo
 		}
@@ -2865,13 +2864,23 @@ void GSRendererHW::EmulateBlending(bool& DATE_PRIMID, bool& DATE_BARRIER, bool&
 				m_conf.ps.blend_d = 2;
 			}
 
-			if (m_conf.ps.blend_a == 2)
+			if (blend.op == GSDevice::OP_REV_SUBTRACT)
 			{
-				// The blend unit does a reverse subtraction so it means
-				// the shader must output a positive value.
-				// Replace 0 - Cs by Cs - 0
-				m_conf.ps.blend_a = m_conf.ps.blend_b;
-				m_conf.ps.blend_b = 2;
+				ASSERT(m_conf.ps.blend_a == 2);
+				if (m_conf.ps.hdr)
+				{
+					// HDR uses unorm, which is always positive
+					// Have the shader do the inversion, then clip to remove the negative
+					m_conf.blend.op = GSDevice::OP_ADD;
+				}
+				else
+				{
+					// The blend unit does a reverse subtraction so it means
+					// the shader must output a positive value.
+					// Replace 0 - Cs by Cs - 0
+					m_conf.ps.blend_a = m_conf.ps.blend_b;
+					m_conf.ps.blend_b = 2;
+				}
 			}
 
 			// Dual source output not needed (accumulation blend replaces it with ONE).
diff --git a/pcsx2/GS/Renderers/Metal/GSDeviceMTL.mm b/pcsx2/GS/Renderers/Metal/GSDeviceMTL.mm
index fa759986fc..69198e70c5 100644
--- a/pcsx2/GS/Renderers/Metal/GSDeviceMTL.mm
+++ b/pcsx2/GS/Renderers/Metal/GSDeviceMTL.mm
@@ -374,7 +374,7 @@ static constexpr MTLPixelFormat ConvertPixelFormat(GSTexture::Format format)
 		case GSTexture::Format::UInt16:       return MTLPixelFormatR16Uint;
 		case GSTexture::Format::UNorm8:       return MTLPixelFormatA8Unorm;
 		case GSTexture::Format::Color:        return MTLPixelFormatRGBA8Unorm;
-		case GSTexture::Format::HDRColor:     return MTLPixelFormatRGBA32Float;
+		case GSTexture::Format::HDRColor:     return MTLPixelFormatRGBA16Unorm;
 		case GSTexture::Format::DepthStencil: return MTLPixelFormatDepth32Float_Stencil8;
 		case GSTexture::Format::Invalid:      return MTLPixelFormatInvalid;
 		case GSTexture::Format::BC1:          return MTLPixelFormatBC1_RGBA;
diff --git a/pcsx2/GS/Renderers/Metal/convert.metal b/pcsx2/GS/Renderers/Metal/convert.metal
index e6b58137c4..e4eedc5ddd 100644
--- a/pcsx2/GS/Renderers/Metal/convert.metal
+++ b/pcsx2/GS/Renderers/Metal/convert.metal
@@ -111,16 +111,16 @@ fragment float4 ps_primid_init_datm1(float4 p [[position]], DirectReadTextureIn<
 	return tex.read(p).a < (127.5f / 255.f) ? -1 : FLT_MAX;
 }
 
-fragment half4 ps_hdr_init(float4 p [[position]], DirectReadTextureIn<half> tex)
+fragment float4 ps_hdr_init(float4 p [[position]], DirectReadTextureIn<float> tex)
 {
-	half4 in = tex.read(p);
-	return half4(round(in.rgb * 255.h), in.a);
+	float4 in = tex.read(p);
+	return float4(round(in.rgb * 255.f) / 65535.f, in.a);
 }
 
 fragment float4 ps_hdr_resolve(float4 p [[position]], DirectReadTextureIn<float> tex)
 {
 	float4 in = tex.read(p);
-	return float4(float3(int3(in.rgb) & 255) / 255.f, in.a);
+	return float4(float3(uint3(in.rgb * 65535.5f) & 255) / 255.f, in.a);
 }
 
 fragment float4 ps_filter_transparency(ConvertShaderData data [[stage_in]], ConvertPSRes res)
diff --git a/pcsx2/GS/Renderers/Metal/tfx.metal b/pcsx2/GS/Renderers/Metal/tfx.metal
index 821cbeba11..57c13faa15 100644
--- a/pcsx2/GS/Renderers/Metal/tfx.metal
+++ b/pcsx2/GS/Renderers/Metal/tfx.metal
@@ -784,17 +784,6 @@ struct PSMain
 
 	void ps_color_clamp_wrap(thread float4& C)
 	{
-		if (PS_HDR && PS_COLCLIP) // COLCLIP flag indicates accumulation blend under HDR
-		{
-			int3 color = int3(C.rgb);
-			if (PS_DFMT == FMT_16)
-				color &= 0xF8;
-			// -128 to 127 gives us longer before we run out of float precision
-			// Especially for games that mainly use 1 and 255 (sly), since that maps to 1 and -1
-			C.rgb = float3(char3(color));
-			return;
-		}
-
 		// When dithering the bottom 3 bits become meaningless and cause lines in the picture so we need to limit the color depth on dithered items
 		if (!SW_BLEND && !PS_DITHER && !PS_FBMASK)
 			return;
@@ -812,7 +801,7 @@ struct PSMain
 		if (PS_DFMT == FMT_16 && PS_BLEND_MIX == 0)
 			// In 16 bits format, only 5 bits of colors are used. It impacts shadows computation of Castlevania
 			C.rgb = float3(short3(C.rgb) & 0xF8);
-		else if (PS_COLCLIP && !PS_HDR)
+		else if (PS_COLCLIP || PS_HDR)
 			C.rgb = float3(short3(C.rgb) & 0xFF);
 	}
 
@@ -989,7 +978,7 @@ struct PSMain
 		ps_fbmask(C);
 
 		if (PS_COLOR0)
-			out.c0 = PS_HDR ? float4(C.rgb, C.a / 255.f) : C / 255.f;
+			out.c0 = PS_HDR ? float4(C.rgb / 65535.f, C.a / 255.f) : C / 255.f;
 		if (PS_COLOR0 && PS_ONLY_ALPHA)
 			out.c0.rgb = 0;
 		if (PS_COLOR1)
diff --git a/pcsx2/GS/Renderers/OpenGL/GSTextureOGL.cpp b/pcsx2/GS/Renderers/OpenGL/GSTextureOGL.cpp
index ee4aaeb2b3..616a00c353 100644
--- a/pcsx2/GS/Renderers/OpenGL/GSTextureOGL.cpp
+++ b/pcsx2/GS/Renderers/OpenGL/GSTextureOGL.cpp
@@ -225,10 +225,10 @@ GSTextureOGL::GSTextureOGL(Type type, int width, int height, int levels, Format
 
 		// 4 channel float
 		case Format::HDRColor:
-			gl_fmt          = GL_RGBA32F;
+			gl_fmt          = GL_RGBA16;
 			m_int_format    = GL_RGBA;
-			m_int_type      = GL_FLOAT;
-			m_int_shift     = 4;
+			m_int_type      = GL_UNSIGNED_SHORT;
+			m_int_shift     = 3;
 			break;
 
 		// Depth buffer
diff --git a/pcsx2/GS/Renderers/Vulkan/GSDeviceVK.cpp b/pcsx2/GS/Renderers/Vulkan/GSDeviceVK.cpp
index 82ace898e7..5f999e90e5 100644
--- a/pcsx2/GS/Renderers/Vulkan/GSDeviceVK.cpp
+++ b/pcsx2/GS/Renderers/Vulkan/GSDeviceVK.cpp
@@ -378,7 +378,7 @@ VkFormat GSDeviceVK::LookupNativeFormat(GSTexture::Format format) const
 	static constexpr std::array<VkFormat, static_cast<int>(GSTexture::Format::BC7) + 1> s_format_mapping = {{
 		VK_FORMAT_UNDEFINED, // Invalid
 		VK_FORMAT_R8G8B8A8_UNORM, // Color
-		VK_FORMAT_R32G32B32A32_SFLOAT, // HDRColor
+		VK_FORMAT_R16G16B16A16_UNORM, // HDRColor
 		VK_FORMAT_D32_SFLOAT_S8_UINT, // DepthStencil
 		VK_FORMAT_R8_UNORM, // UNorm8
 		VK_FORMAT_R16_UINT, // UInt16