HBDC vs HDG: Grades, Fees and Holdings Compared

Hilton BDC Corporate Bond ETF

HBDCANasdaq

ProShares Hedge Replication ETF

HDGBNYSE Arca

Overlap

0.0%by weight

Expense ratio

HBDC −0.56pt a year

HBDC0.39%HDG0.95%

Avg volume · 30D

HBDC 9.8×the volume

HBDC7.84KHDG800

HBDC vs HDG Performance

Oct 31, 2025 – Oct 30, 2026

+2.0%HBDC+6.0%HDG

Expense ratio: HBDC 0.39%, better; HDG 0.95%
Fund size: HBDC $90M; HDG $22M
1Y total return: HBDC +2.0%; HDG +6.0%, better
Yield (12M): HBDC 5.15%, better; HDG 2.31%
Holdings: HBDC 156; HDG 1962
Avg volume (30D): HBDC 7.84K sh, better; HDG 800 sh
NAV per share: HBDC $24.37; HDG $53.60
52W range

ETF.net Grade

Pillar letters and Scores for HBDC, HDG, with each pillar’s weight
Pillar	HBDC	HDG
Cost30% weight	A100Higher	A74
Mission25% weight	Not scored	Not scored
Risk15% weight	B63	B68Higher
Tradability15% weight	C48Higher	D31
Holdings10% weight	A86	Not scored
Durability5% weight	C49	B68Higher

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. HBDC and HDG are both graded against the same 29 Alternative Strategies funds, so their Grades compare head to head.

Alternative Strategies⁠

Category · 29 funds

See all 29 ›

HBDC ranks 2nd and HDG 8th of 29 funds in the Alternative Strategies Category.

Rank 1AFLSPFranklin Systematic Style Premia ETFScore 77
Rank 2AHBDCHilton BDC Corporate Bond ETFScore 76
Rank 2AQAINYLI Hedge Multi-Strategy Tracker ETFScore 76
Rank 7BFARXFrontier Asset Absolute Return ETFScore 64
Rank 8BHDGProShares Hedge Replication ETFScore 62
Rank 9BLALTFirst Trust Multi-Strategy Alternative ETFScore 59

Our read on each fund

ETF.net Research

HBDCAHilton BDC Corporate Bond ETF

HDGBProShares Hedge Replication ETF

In short

HBDC Private credit's lenders have to borrow too. HBDC owns the senior unsecured bonds that business development companies issue, a first-mover take on BDC debt instead of BDC stock, wrapped in a rules-based index.

HDG A 2011-vintage try at bottling hedge fund beta: HDG tracks an index that swings long or short across six liquid factors to mirror the broad hedge fund universe's risk and return profile, without owning a single hedge fund.

Stated mandate

HBDC The Fund seeks to track, before fees and expenses, the Solactive Hilton Capital BDC Corporate Bond TR Index.

HDG HDG seeks to track the Merrill Lynch Factor Model – Exchange Series, a benchmark designed to provide the risk and return characteristics of a broad hedge fund universe.

Why people hold it

HBDC At 0.39% it undercuts the typical alternatives fund (cohort median near 1.01%) and peers like QAI at 0.75% and FTLS at 0.95%.
First fund built only around BDC bonds, and it sits above the equity: senior unsecured debt from issuers required by law to keep 150% asset coverage.hiltoncapitalmanagement.com hiltonetfs.com
Plumbing is plain: a Solactive index rebalanced quarterly with credit and liquidity screens, and the fund seeks to pay monthly.hiltonetfs.com

HDG The index takes long or short positions in six factors (US, developed and emerging stocks, small caps, the euro, T-bills), reset monthly. No lockups, no hedge funds.proshares.com cbonds.com
Costs 0.95% a year, below the typical alternatives ETF, and as a 1940 Act fund it charges no performance fee on top.
Trading since 2011, an elder statesman in a category where alternatives launches come and go. Pays quarterly and sits in the upper half of its peer group.

Worth knowing

HBDC Non-diversified by design. The BDC bond universe is small, so one issuer's credit trouble carries more weight here than in a broad corporate bond fund.hiltonetfs.com
Thinly traded, so spreads can run wider than in mainstream bond ETFs.
Launched in 2025, meaning the record is short and has not yet spanned a full credit cycle.

HDG Small and thinly traded, so spreads can be wide and large orders move the price. Getting in and out takes more care than with a mainstream ETF.
ProShares says results can differ materially from the HFRI hedge fund benchmark at times, and the exchange-series index is likely to lag the original model.proshares.com proshares.com 2
This is hedge fund beta, not a market hedge: the factor mix leans on equity indexes, so it can move down alongside stocks.cbonds.com

Full HBDC profile⁠

Full HDG profile⁠

HBDC vs HDG Holdings

How HBDC and HDG differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of HBDC and 0.0% of HDG.

Level by level

Asset classFixed Income, Alternatives0.0%
Holdings0 in both0.0%
Countryby domicile98.4%

Sector

No Sector split for HBDC and HDG.

Country, concentration and asset class

Country by domicile

Country weights in HBDC and HDG, widest gap first
Country	More in HBDCMore in HDG	HBDC	HDG
United States	HBDC +1.6 points	100.0%	98.4%
Brazil	HDG +0.6 points	0.0%	0.6%
Other countries (11)	HDG +1.0 points	0.0%	1.0%

Concentration

Weight in the 10 largest Holdings

HBDC12.1%
HDG84.2%

Securities held

HBDC155
HDG1,961

Asset class

HBDC: Fixed Income
HDG: Alternatives

Holdings

Only in HBDC155
In both0
Only in HDG1,961

Only in HBDC

155 securities, 99.3% of HBDC by weight

Ares Capital Corp 2.875% 06/15/20281.35%
Blue Owl Capital Corp 5.95% 03/15/20291.28%
Apollo Debt Solutions BDC 6.9% 04/13/20291.26%
Ares Strategic Income Fund 5.7% 03/15/20281.24%
Apollo Debt Solutions BDC 6.7% 07/29/20311.23%
Blue Owl Credit Income Corp 5.8% 03/15/20301.20%
Blackstone Private Credit Fund 2.625% 12/15/20261.17%
Blue Owl Technology Finance Corp 6.5% 10/15/20291.13%
Ares Capital Corp 5.875% 03/01/20291.11%
Blue Owl Credit Income Corp 6.6% 09/15/20291.10%
Goldman Sachs Private Credit Corp 5.875% 01/31/20311.09%
Ares Capital Corp 5.8% 03/08/20321.07%
Blue Owl Capital Corp 2.875% 06/11/20281.04%
Ares Capital Corp 7% 01/15/20271.01%
FS KKR Capital Corp 7.5% 08/01/20310.98%
Apollo Debt Solutions BDC 6.55% 03/15/20320.97%
Sixth Street Lending Partners 6.5% 03/11/20290.97%
Golub Capital BDC Inc 6% 07/15/20290.96%
Sixth Street Lending Partners 6.125% 07/15/20300.95%
Ares Capital Corp 5.95% 07/15/20290.94%
Blackstone Private Credit Fund 3.25% 03/15/20270.93%
HPS Corporate Lending Fund 5.45% 01/14/20280.93%
Blue Owl Credit Income Corp 6.65% 03/15/20310.92%
Blackstone Private Credit Fund 6% 01/29/20320.91%
Goldman Sachs Private Credit Corp 6.15% 06/16/20310.91%
Ares Strategic Income Fund 6.2% 03/21/20320.91%
Ares Strategic Income Fund 5.6% 02/15/20300.90%
Golub Capital BDC Inc 7.05% 12/05/20280.90%
Apollo Debt Solutions BDC 5.7% 01/23/20310.90%
Blue Owl Technology Finance Corp 6.75% 04/04/20290.89%
Apollo Debt Solutions BDC 6.35% 06/30/20330.88%
Ares Capital Corp 5.55% 01/15/20300.87%
Ares Strategic Income Fund 6.35% 08/15/20290.86%
Goldman Sachs Private Credit Corp 5.05% 02/23/20280.86%
Blackstone Private Credit Fund 5.95% 07/16/20290.85%
Ares Strategic Income Fund 5.55% 04/15/20310.83%
Blue Owl Technology Finance Corp 6.1% 03/15/20280.82%
Blue Owl Credit Income Corp 7.95% 06/13/20280.82%
Ares Capital Corp 5.5% 09/01/20300.82%
Ares Capital Corp 5.25% 04/12/20310.81%
Goldman Sachs Private Credit Corp 5.375% 01/31/20290.79%
FS KKR Capital Corp 3.125% 10/12/20280.76%
Blackstone Private Credit Fund 5.95% 05/15/20310.76%
Blue Owl Credit Income Corp 7.75% 09/16/20270.74%
Sixth Street Lending Partners 5.75% 01/15/20300.74%
FS KKR Capital Corp 6.125% 01/15/20300.74%
HPS Corporate Lending Fund 4.9% 09/11/20280.73%
Goldman Sachs Private Credit Corp 6.25% 05/06/20300.73%
Blackstone Secured Lending Fund 5.35% 04/13/20280.73%
Ares Strategic Income Fund 5.45% 09/09/20280.72%

Only in HDG

1,961 securities, 80.8% of HDG by weight

TREASURY BILL, 0%, due 2026-12-3164.55%
Glaukos Corp0.07%
Brightspring Health Services0.06%
Jfrog Ltd0.06%
Twist Bioscience Corp0.06%
Moog Inc-Class A0.06%
Umb Financial Corp0.05%
Viasat Inc0.05%
Sm Energy Co0.05%
Brinker International Inc0.05%
Ryman Hospitality Properties0.05%
Jackson Financial Inc-A0.05%
Protagonist Therapeutics Inc0.05%
Tg Therapeutics Inc0.05%
Old National Bancorp0.05%
Caretrust Reit Inc0.05%
Krystal Biotech Inc0.05%
Vaxcyte Inc0.05%
Healthequity Inc0.05%
Cytokinetics Inc0.05%
10X Genomics Inc-Class A0.05%
Interdigital Inc0.04%
Qualys Inc0.04%
Kymera Therapeutics Inc0.04%
Pbf Energy Inc-Class A0.04%
Alkermes PLC0.04%
Firstcash Holdings Inc0.04%
Spyre Therapeutics Inc0.04%
Oscar Health Inc - Class A0.04%
Silicon Laboratories Inc0.04%
Abercrombie & Fitch Co-Cl A0.04%
Praxis Precision Medicines I0.04%
Commercial Metals Co0.04%
Life Time Group Holdings Inc0.04%
Zeta Global Holdings Corp-A0.04%
Victoria's Secret & Co0.04%
Macerich Co/The0.04%
Terreno Realty Corp0.04%
Commvault Systems Inc0.04%
Valley National Bancorp0.04%
Southwest Gas Holdings Inc0.04%
Transocean Ltd0.04%
Federal Signal Corp0.04%
Matson Inc0.04%
Zurn Elkay Water Solutions C0.04%
United Bankshares Inc0.04%
Fluor Corp0.04%
Compass Inc - Class A0.04%
Gatx Corp0.04%
Lantheus Holdings Inc0.04%

Weight gaps

HBDC and HDG share no securities.

All HBDC holdings⁠All 1,968 HDG holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HBDC vs HDG Cost

Overpaying HDG vs HBDC

$9,971

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

HBDC 0.39%
$7,898
HDG 0.95%
$17,869

Amount$10,000

Years30 years

Cost over time

HBDC 0.39%
HDG 0.95%
Overpaying

Year by year

Year	HBDC	HDG	Overpaying
10	$705	$1,678	$973
20	$2,725	$6,322	$3,597
30	$7,898	$17,869	$9,971

Expense ratio

0.39%HBDC, cheaper
0.95%HDG

HBDC0.39%HDG0.95%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

HBDC cheapest of 29 funds

HDG 7th cheapest of 29 funds

HBDC vs HDG Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HBDC 5.15%, better; HDG 2.31%
Payout (12M): HBDC $1.25; HDG $1.24
Last payment: HBDC $0.11; HDG $0.30
Ex-dividend: HBDC Oct 29, 2026; HDG Sep 23, 2026
Paid on: HBDC Oct 30, 2026; HDG Sep 29, 2026
Frequency: HBDC Monthly; HDG Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

HBDCMonthly · 16 paymentsAll HBDC payments⁠

HDGQuarterly · 15 paymentsAll HDG payments⁠

HBDC vs HDG Risk

Fall from peak · 5 years

This chart needs five years of history for both funds.

Risk facts

VolatilityStd dev, 3 years: HBDC 2.5%since Jul 2025HDG 4.5%
Return per unit of riskSharpe ratio, 3 years: HBDC −0.28since Jul 2025HDG 0.66
Worst fallMax drawdown, 5 years: HBDC −3.0%since Jun 2025HDG −15.3%
Market sensitivityBeta, 5 years: HBDC 0.13HDG 0.33; Market = 1

HBDC and HDG in the news

All news⁠

ETF Filings
Sound would hand two small income ETFs to Hilton Capital Management
Oct 16, 2026HBDC

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HBDC vs HDG

In short

Stated mandate

Why people hold it

Worth knowing

How HBDC and HDG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HBDC

Only in HDG

Weight gaps

Cost over time

Year by year

Distribution history

Fall from peak · 5 years

Risk facts

Sound would hand two small income ETFs to Hilton Capital Management

How HBDC and HDG differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HBDC

Only in HDG

Weight gaps