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HBDC vs MKTN

Hilton BDC Corporate Bond ETF

HBDCANasdaq

Federated Hermes MDT Market Neutral ETF

MKTNCNYSE Arca

Overlap

Expense ratio

HBDC −1.55pt a year

HBDC0.39%MKTN1.94%

Avg volume · 30D

MKTN 4.8×the volume

HBDC7.84KMKTN37.6K

HBDC vs MKTN Performance

Oct 31, 2025 – Oct 30, 2026

+2.0%HBDC+13.3%MKTN

Oct 31, 2025 to Oct 30, 2026. HBDC +2.0%. MKTN +13.3%. Use the arrow keys to read each point.0%5%7.5%10%15%Oct 2025Apr 2026Oct 2026
Expense ratio
HBDC 0.39%, better
MKTN 1.94%
Fund size
HBDC $90M
MKTN $160M
1Y total return
HBDC +2.0%
MKTN +13.3%, better
Yield (12M)
HBDC 5.15%
MKTN No data
Holdings
HBDC 156
MKTN 223
Avg volume (30D)
HBDC 7.84K sh
MKTN 37.6K sh, better
NAV per share
HBDC $24.37
MKTN $28.31
52W range

ETF.net Grade

HBDC: Cost 100, Risk 63, Mission not scored, Tradability 48, Holdings 86, Durability 49. MKTN: Cost 21, Risk 80, Mission not scored, Tradability 67, Holdings not scored, Durability 46.
Pillar letters and Scores for HBDC, MKTN, with each pillar’s weight
PillarHBDCMKTN
Cost30% weightA100HigherF21
Mission25% weightNot scoredNot scored
Risk15% weightB63A80Higher
Tradability15% weightC48B67Higher
Holdings10% weightA86Not scored
Durability5% weightC49HigherC46

Rank among Alternative Strategies funds

How we build Categories ›
Same Category. Both funds are graded against the same funds, so their Grades compare head to head.

Same Category. HBDC and MKTN 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 MKTN 18th of 29 funds in the Alternative Strategies Category.

  1. Rank 1AFLSPFranklin Systematic Style Premia ETFScore 77
  2. Rank 2AHBDCHilton BDC Corporate Bond ETFScore 76
  3. Rank 2AQAINYLI Hedge Multi-Strategy Tracker ETFScore 76
  4. Rank 17CHFGMUnlimited HFGM Global Macro ETFScore 47
  5. Rank 18CMKTNFederated Hermes MDT Market Neutral ETFScore 46
  6. Rank 19CBPROBitwise Proficio Currency Debasement ETFScore 45

Our read on each fund

ETF.net Research

HBDCAHilton BDC Corporate Bond ETF

MKTNCFederated Hermes MDT Market Neutral 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.

MKTN A real long/short stock book in an ETF: Federated Hermes' MDT quants buy one basket of US stocks and short another, aiming for gains that lean less on market direction. Costs 1.94% net of a waiver through March 1, 2027.

Stated mandate

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

MKTN The Fund seeks long-term capital appreciation while limiting exposure to general stock-market risk through a quantitative, market-neutral strategy that selects long and short publicly traded common stocks.

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.comhiltonetfs.com
  • Plumbing is plain: a Solactive index rebalanced quarterly with credit and liquidity screens, and the fund seeks to pay monthly.hiltonetfs.com
  • MKTN An actual equity long/short book in an ETF wrapper: the MDT quant team buys one set of US stocks and sells another short, by prospectus mandate.yahoo.com
  • The stated goal is capital appreciation while limiting exposure to general stock-market risk, spread over a couple hundred long and short US names.
  • Longs paired against shorts are built to mute broad market swings, and its measured risk so far has been mild for an equity strategy.
  • A waiver trims the cost from 2.27% gross to 1.94% net through March 1, 2027.

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.
  • MKTN Shorting is costly to run: 1.94% net of that waiver sits above the alternatives category's typical fee, where FLSP charges 0.65% and IALT 0.99%.
  • Launched in 2025, so there is roughly a year of live data, not a full cycle.
  • Shares trade lightly, which can mean wider spreads than a big index fund, and distributions land only once or twice a year.

Full HBDC profile⁠

Full MKTN profile⁠

HBDC vs MKTN 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 MKTN Cost

Overpaying MKTN vs HBDC

$24,258

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

  • HBDC 0.39%

    $7,898

  • MKTN 1.94%

    $32,156

$10,000
30 years

Cost over time

  • HBDC 0.39%
  • MKTN 1.94%
  • Overpaying
One line per fund, from year 0 to year 30. Use the arrow keys to read each point.$0$10K$20K$30K$40K051015202530MKTN $32,156HBDC $7,898

Year by year

YearHBDCMKTNOverpaying
10$705$3,289$2,584
20$2,725$11,859$9,134
30$7,898$32,156$24,258

Expense ratio

  • 0.39%HBDC, cheaper
  • 1.94%MKTN
  • Middle half of Alternative Strategies funds
  • Median 1.13%

HBDC cheapest of 29 funds

MKTN 23rd cheapest of 29 funds

HBDC vs MKTN Dividends

Last 12 months to Oct 30, 2026
Yield (12M)
HBDC 5.15%
MKTN No data
Payout (12M)
HBDC $1.25
MKTN No data
Last payment
HBDC $0.11
MKTN $0.07
Ex-dividend
HBDC Oct 29, 2026
MKTN Dec 31, 2025
Paid on
HBDC Oct 30, 2026
MKTN Jan 2, 2026
Frequency
HBDC Monthly
MKTN Irregular

Distribution history

Per share, 2025 to 2026, same scale for both

HBDCMonthly · 16 paymentsAll HBDC payments⁠
One bar per payment. 16 payments from 2025 to 2026 YTD. Jul 30, 2025 $0.12; Aug 28, 2025 $0.09; Sep 29, 2025 $0.08; Oct 30, 2025 $0.11; Nov 26, 2025 $0.08; Dec 30, 2025 $0.13; Jan 29, 2026 $0.08; Feb 26, 2026 $0.10; Mar 30, 2026 $0.11; Apr 29, 2026 $0.11; May 28, 2026 $0.11; Jun 29, 2026 $0.10; Jul 30, 2026 $0.11; Aug 28, 2026 $0.10; Sep 29, 2026 $0.11; Oct 29, 2026 $0.11. Use the arrow keys to read each point.$0$0.102026YTD
MKTNIrregular · 1 paymentAll MKTN payments⁠
One bar per payment. 1 payment from 2025 to 2026 YTD. Dec 31, 2025 $0.07. Use the arrow keys to read each point.$0$0.102026YTD

HBDC vs MKTN 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 2025MKTN 5.5%since Oct 2025
Return per unit of riskSharpe ratio, 3 years
HBDC −0.28since Jul 2025MKTN 1.52since Oct 2025
Worst fallMax drawdown, 5 years
HBDC −3.0%since Jun 2025MKTN −4.1%since Sep 2025
Market sensitivityBeta, 5 years
HBDC 0.13MKTN −0.16

HBDC and MKTN in the news

All news⁠

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