HBDC vs ORR: Grades, Fees and Holdings Compared

Hilton BDC Corporate Bond ETF

HBDCANasdaq

Militia Long/Short Equity ETF

ORRDNasdaq

Overlap

0.1%by weight

Expense ratio

HBDC −10.52pt a year

HBDC0.39%ORR10.91%

Avg volume · 30D

ORR 7.1×the volume

HBDC8.86KORR63.3K

HBDC vs ORR Performance

Nov 7, 2025 – Nov 9, 2026

+2.9%HBDC+23.4%ORR

Expense ratio: HBDC 0.39%, better; ORR 10.91%
Fund size: HBDC $91M; ORR $357M
1Y total return: HBDC +2.9%; ORR +23.4%, better
Yield (12M): HBDC 5.11%; ORR No data
Holdings: HBDC 156; ORR 196
Avg volume (30D): HBDC 8.86K sh; ORR 63.3K sh, better
NAV per share: HBDC $24.50; ORR $39.25
52W range

ETF.net Grade

Pillar letters and Scores for HBDC, ORR, with each pillar’s weight
Pillar	HBDC	ORR
Cost30% weight	A100Higher	F0
Mission25% weight	Not scored	Not scored
Risk15% weight	B67Higher	B55
Tradability15% weight	C50	C51Higher
Holdings10% weight	A86Higher	D39
Durability5% weight	C49	C54Higher

Rank among Alternative Strategies funds

How we build Categories ›

Same Category. HBDC and ORR 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 1st and ORR 26th of 29 funds in the Alternative Strategies Category.

Rank 1AFLSPFranklin Systematic Style Premia ETFScore 78
Rank 1AHBDCHilton BDC Corporate Bond ETFScore 78
Rank 3AQAINYLI Hedge Multi-Strategy Tracker ETFScore 76
Rank 25DFFLSThe Future Fund Long/Short ETFScore 33
Rank 26DORRMilitia Long/Short Equity ETFScore 29
Rank 27DEHLSEven Herd Long Short ETFScore 25

Our read on each fund

ETF.net Research

HBDCAHilton BDC Corporate Bond ETF

ORRDMilitia Long/Short Equity 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.

ORR A hedge-fund-style global long/short equity book in an ETF wrapper, trading since January 2025. The fee is the headline: 10.91%, gross and net alike, with no waiver in place.

Stated mandate

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

ORR The Fund seeks capital appreciation.

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

ORR Does what most alternatives ETFs only gesture at: an actively run equity long book paired with short exposure, in a fund you can buy and sell on an exchange any trading day.
The stated goal is capital appreciation, not yield. It has not been paying out income, so nothing here is built around a distribution schedule.
A 2025 launch that already runs a few hundred million dollars and changes hands with moderate regularity.

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.

ORR Cost is the sticking point: 10.91%, with gross and net the same and no waiver in place, against alternatives peers like FLSP (0.65%) and QALT (0.80%).
Active picks plus short positions mean it can move very differently from a plain stock index, in either direction, and by a wide margin.
It listed in January 2025, so there is limited history across market environments, and its overall review sits in the lower tier of the alternatives funds we grade.

Full HBDC profile⁠

Full ORR profile⁠

HBDC vs ORR Holdings

How HBDC and ORR differ

Overlap by weight

0.1%

Shared holdings make up 1.1% of ORR and 0.1% of HBDC.

Level by level

Asset classBonds, Alternatives0.0%
Holdings1 in both0.1%
Countryby domicile39.8%

Sector

HBDC and ORR share no Sector name, so they cannot be compared by Sector.

Country, concentration and asset class

Country by domicile

Country weights in HBDC and ORR, widest gap first
Country	Gap	HBDC	ORR
United States	HBDC +60.2 points	100.0%	39.8%
Japan	ORR +37.6 points	0.0%	37.6%
Mexico	ORR +5.6 points	0.0%	5.6%
United Kingdom	ORR +5.3 points	0.0%	5.3%
France	ORR +4.9 points	0.0%	4.9%
Spain	ORR +1.6 points	0.0%	1.6%
Switzerland	ORR +1.4 points	0.0%	1.4%
Canada	ORR +0.9 points	0.0%	0.9%
Other countries (6)	ORR +2.9 points	0.0%	2.9%

Outside the US: ORR 88% developed, 12% emerging.

Concentration

Weight in the 10 largest Holdings

HBDC12.4%
ORR72.8%

Securities held

HBDC155
ORR194

Asset class

HBDC: Bonds
ORR: Alternatives

Holdings

Only in HBDC154
In both1
Only in ORR193

Only in HBDC

154 securities, 98.5% of HBDC by weight

Ares Capital Corp 2.875% 06/15/20281.33%
Apollo Debt Solutions BDC 6.9% 04/13/20291.26%
Blue Owl Capital Corp 5.95% 03/15/20291.25%
Apollo Debt Solutions BDC 6.7% 07/29/20311.24%
Ares Strategic Income Fund 5.7% 03/15/20281.24%
Blue Owl Credit Income Corp 5.8% 03/15/20301.20%
Blackstone Private Credit Fund 2.625% 12/15/20261.16%
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% 09/15/20291.11%
Goldman Sachs Private Credit Corp 5.875% 01/31/20311.08%
Ares Capital Corp 5.8% 03/08/20321.07%
Blue Owl Capital Corp 2.875% 06/11/20281.02%
Ares Capital Corp 7% 01/15/20271.01%
Apollo Debt Solutions BDC 6.55% 03/15/20320.97%
FS KKR Capital Corp 7.5% 08/01/20310.97%
Sixth Street Lending Partners 6.5% 03/11/20290.96%
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%
Goldman Sachs Private Credit Corp 6.15% 06/16/20310.91%
Blackstone Private Credit Fund 6% 01/29/20320.91%
Ares Strategic Income Fund 6.2% 03/21/20320.91%
Ares Strategic Income Fund 5.6% 02/15/20300.91%
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%
Ares Strategic Income Fund 5.55% 04/15/20310.83%
Blackstone Private Credit Fund 5.95% 07/16/20290.82%
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% 09/01/20300.80%
Goldman Sachs Private Credit Corp 5.375% 01/31/20290.79%
Ares Capital Corp 5.25% 04/12/20310.79%
Blackstone Private Credit Fund 5.95% 05/15/20310.77%
FS KKR Capital Corp 3.125% 10/12/20280.76%
Sixth Street Lending Partners 5.75% 01/15/20300.74%
FS KKR Capital Corp 6.125% 01/15/20300.74%
Blue Owl Credit Income Corp 7.75% 09/16/20270.74%
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% 04/13/20280.72%
Ares Strategic Income Fund 5.45% 09/09/20280.72%

Only in ORR

193 securities, 100% of ORR by weight

Hikari Tsushin Inc11.43%
Axos Financial Inc6.32%
Ryohin Keikaku Co Ltd4.46%
Energy Transfer LP3.02%
BNP Paribas SA2.80%
Capital Southwest Corp2.56%
Grupo Aeroportuario del Centro Norte SAB de CV2.17%
Western Midstream Partners LP2.05%
Figure Technology Solutions Inc1.91%
Grupo Mexico SAB de CV1.90%
Goodwin PLC1.89%
Icon PLC1.60%
Nasdaq Inc1.51%
Cboe Global Markets Inc1.51%
Synchrony Financial1.49%
Miami International Holdings Inc1.48%
Grupo Aeroportuario del Pacifico SAB de CV1.47%
Mplx Lp1.46%
Janus Living Inc1.46%
TKO Group Holdings Inc1.44%
AMC Entertainment Holdings Inc1.43%
Eli Lilly & Co1.43%
Costco Wholesale Corp1.41%
Blackrock Inc1.39%
L3Harris Technologies Inc1.39%
State Street Corp1.32%
Federal Agricultural Mortgage Corp1.31%
AppLovin Corp1.30%
Karman Holdings Inc1.26%
Affiliated Managers Group Inc1.25%
MYR Group Inc1.24%
Canadian Natural Resources Ltd1.22%
Hermes International SCA1.21%
Brookdale Senior Living Inc1.18%
Glencore PLC1.14%
Medpace Holdings Inc1.14%
Corp America Airports SA1.09%
ProShares Ultra Silver1.08%
Babcock International Group PLC1.01%
Owens Corning1.00%
Spie SA0.98%
Societe Generale SA0.97%
SigmaRoc PLC0.95%
Millicom International Cellular SA0.94%
Sojitz Corp0.93%
Barclays PLC0.93%
Kaspi.KZ JSC0.90%
Sprouts Farmers Market Inc0.88%
Hankyu Hanshin Holdings Inc0.87%
Bank of NT Butterfield & Son Ltd/The0.87%

Weight gaps

All 1 Holdings in both funds, largest gap first.

Holding weights in HBDC and ORR, widest gap first
Holding	More in HBDCMore in ORR	Gap	HBDC	ORR
First American Government Obligations Fund 12/01/2031		ORR +1.03 points	0.06%	1.09%

All HBDC holdings⁠All ORR 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 ORR Cost

Overpaying ORR vs HBDC

$65,202

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

HBDC 0.39%
$7,898
ORR 10.91%
$73,100

Amount$10,000

Years30 years

Cost over time

HBDC 0.39%
ORR 10.91%
Overpaying

Year by year

Year	HBDC	ORR	Overpaying
10	$705	$12,961	$12,256
20	$2,725	$34,193	$31,468
30	$7,898	$73,100	$65,202

Expense ratio

0.39%HBDC, cheaper
10.91%ORR

HBDC0.39%ORR10.91%

0.39%10.91%

Middle half of Alternative Strategies funds
Median 1.13%

HBDC cheapest of 29 funds

ORR 29th cheapest of 29 funds

HBDC vs ORR Dividends

Last 12 months to Nov 9, 2026

Yield (12M): HBDC 5.11%; ORR No data
Payout (12M): HBDC $1.25; ORR None
Last payment: HBDC $0.11; ORR No data
Ex-dividend: HBDC Oct 29, 2026; ORR No data
Paid on: HBDC Oct 30, 2026; ORR No data
Frequency: HBDC Monthly; ORR No data

Distribution history

Per share, 2025 to 2026, same scale for both

HBDCMonthly · 16 paymentsAll HBDC payments⁠

ORRAll ORR payments⁠

No distribution history available.

HBDC vs ORR 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 2025ORR 11.9%since Feb 2025
Return per unit of riskSharpe ratio, 3 years: HBDC −0.27since Jul 2025ORR 1.49since Feb 2025
Worst fallMax drawdown, 5 years: HBDC −3.0%since Jun 2025ORR −9.9%since Jan 2025
Market sensitivityBeta, 5 years: HBDC 0.13ORR 0.03; Market = 1

HBDC and ORR 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 ORR

In short

Stated mandate

Why people hold it

Worth knowing

How HBDC and ORR differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HBDC

Only in ORR

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 ORR differ

Level by level

Sector

Country, concentration and asset class

Country by domicile

Concentration

Asset class

Holdings

Only in HBDC

Only in ORR

Weight gaps