HBDC vs HDGE: Grades, Fees and Holdings Compared

Hilton BDC Corporate Bond ETF

HBDCANasdaq

AdvisorShares Active Bear ETF

HDGEFNYSE Arca

Overlap

0.0%by weight

Expense ratio

HBDC −3.02pt a year

HBDC0.39%HDGE3.41%

Avg volume · 30D

HDGE 10.5×the volume

HBDC7.84KHDGE82.1K

HBDC vs HDGE Performance

Oct 31, 2025 – Oct 30, 2026

+2.0%HBDC−8.9%HDGE

Expense ratio: HBDC 0.39%, better; HDGE 3.41%
Fund size: HBDC $90M; HDGE $43M
1Y total return: HBDC +2.0%, better; HDGE −8.9%
Yield (12M): HBDC 5.15%, better; HDGE 3.84%
Holdings: HBDC 156; HDGE 2
Avg volume (30D): HBDC 7.84K sh; HDGE 82.1K sh, better
NAV per share: HBDC $24.37; HDGE $14.73
52W range

ETF.net Grade

Pillar letters and Scores for HBDC, HDGE, with each pillar’s weight
Pillar	HBDC	HDGE
Cost30% weight	A100Higher	F7
Mission25% weight	Not scored	Not scored
Risk15% weight	B63Higher	F9
Tradability15% weight	C48	B60Higher
Holdings10% weight	A86	Not scored
Durability5% weight	C49	B58Higher

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. HBDC and HDGE 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 HDGE 28th 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 27DEHLSEven Herd Long Short ETFScore 26
Rank 28FHDGEAdvisorShares Active Bear ETFScore 23
HYINNot yet graded

Our read on each fund

ETF.net Research

HBDCAHilton BDC Corporate Bond ETF

HDGEFAdvisorShares Active Bear 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.

HDGE No data

Stated mandate

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

HDGE No data

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

HDGE No data

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.

HDGE No data

Full HBDC profile⁠

Full HDGE profile⁠

HBDC vs HDGE Holdings

How HBDC and HDGE differ

Overlap by weight

0.0%

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

Level by level

Asset classFixed Income, Leveraged/Inverse0.0%
Holdings0 in both0.0%
Countryby domicile83.0%

Sector

No Sector split for HBDC and HDGE.

Country, concentration and asset class

Country by domicile

Country weights in HBDC and HDGE, widest gap first
Country	More in HBDCMore in HDGE	HBDC	HDGE
United States	HBDC +17.0 points	100.0%	83.0%
Ireland	HDGE +4.3 points	0.0%	4.3%
Bermuda	HDGE +3.2 points	0.0%	3.2%
Netherlands	HDGE +2.5 points	0.0%	2.5%
India	HDGE +2.0 points	0.0%	2.0%
Switzerland	HDGE +1.9 points	0.0%	1.9%
Israel	HDGE +1.7 points	0.0%	1.7%
Hong Kong	HDGE +1.4 points	0.0%	1.4%

Concentration

Weight in the 10 largest Holdings

HBDC12.1%
HDGE208.8%

Securities held

HBDC155
HDGE1

Asset class

HBDC: Fixed Income
HDGE: Leveraged/Inverse

Holdings

Only in HBDC155
In both0
Only in HDGE1

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 HDGE

1 security, 63.1% of HDGE by weight

BlackRock Federal Fd 30 Instl63.08%

Weight gaps

HBDC and HDGE share no securities.

All HBDC holdings⁠All 64 HDGE 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 HDGE Cost

Overpaying HDGE vs HBDC

$39,415

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

HBDC 0.39%
$7,898
HDGE 3.41%
$47,313

Amount$10,000

Years30 years

Cost over time

HBDC 0.39%
HDGE 3.41%
Overpaying

Year by year

Year	HBDC	HDGE	Overpaying
10	$705	$5,442	$4,737
20	$2,725	$18,450	$15,725
30	$7,898	$47,313	$39,415

Expense ratio

0.39%HBDC, cheaper
3.41%HDGE

HBDC0.39%HDGE3.41%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

HBDC cheapest of 29 funds

HDGE 27th cheapest of 29 funds

HBDC vs HDGE Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HBDC 5.15%, better; HDGE 3.84%
Payout (12M): HBDC $1.25; HDGE $0.56
Last payment: HBDC $0.11; HDGE $0.56
Ex-dividend: HBDC Oct 29, 2026; HDGE Dec 22, 2025
Paid on: HBDC Oct 30, 2026; HDGE Dec 29, 2025
Frequency: HBDC Monthly; HDGE Annual

Distribution history

Per share, 2023 to 2026, same scale for both

HBDCMonthly · 16 paymentsAll HBDC payments⁠

HDGEAnnual · 3 paymentsAll HDGE payments⁠

HBDC vs HDGE 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 2025HDGE 19.9%
Return per unit of riskSharpe ratio, 3 years: HBDC −0.28since Jul 2025HDGE −0.72
Worst fallMax drawdown, 5 years: HBDC −3.0%since Jun 2025HDGE −46.6%
Market sensitivityBeta, 5 years: HBDC 0.13HDGE −1.03; Market = 1

HBDC and HDGE 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 HDGE

In short

Stated mandate

Why people hold it

Worth knowing

How HBDC and HDGE differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HBDC

Only in HDGE

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