HBDC vs. IGHG

Last updated Jul 12, 2026

HBDC (Hilton BDC Corporate Bond ETF) and IGHG (ProShares Investment Grade-Interest Rate Hedged) are both Corporate Bonds funds. HBDC is actively managed, while IGHG is passively managed. Over the past year, HBDC returned 4.07% vs 4.93% for IGHG. At a 0.14 correlation, their price movements are largely independent. HBDC charges 0.39%/yr vs 0.30%/yr for IGHG.

Performance

HBDC vs. IGHG - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hilton BDC Corporate Bond ETF (HBDC) and ProShares Investment Grade-Interest Rate Hedged (IGHG). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HBDC achieves a 0.81% return, which is significantly lower than IGHG's 2.09% return.

HBDC

• 1D: -0.02%
• 1M: 0.55%
• 6M: 0.94%
• YTD: 0.81%
• 1Y: 4.07%
• 3Y*: —
• 5Y*: —
• 10Y*: —

IGHG

• 1D: -0.16%
• 1M: -0.03%
• 6M: 1.88%
• YTD: 2.09%
• 1Y: 4.93%
• 3Y*: 7.75%
• 5Y*: 5.19%
• 10Y*: 4.75%

*Multi-year figures are annualized to reflect compound growth (CAGR)

HBDC vs. IGHG - Yearly Performance Comparison

	2026 (YTD)	2025
HBDC Hilton BDC Corporate Bond ETF	0.81%	2.83%
IGHG ProShares Investment Grade-Interest Rate Hedged	2.09%	3.66%

Correlation

The correlation between HBDC and IGHG is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (All Time) Calculated using the full available price history since Jun 11, 2025	0.14

Return for Risk

HBDC vs. IGHG — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HBDC

HBDC Risk / Return Rank: 46
HBDC Sharpe Ratio Rank: 52
HBDC Sortino Ratio Rank: 55
HBDC Omega Ratio Rank: 55
HBDC Calmar Ratio Rank: 33
HBDC Martin Ratio Rank: 35

IGHG

IGHG Risk / Return Rank: 62
IGHG Sharpe Ratio Rank: 55
IGHG Sortino Ratio Rank: 59
IGHG Omega Ratio Rank: 56
IGHG Calmar Ratio Rank: 71
IGHG Martin Ratio Rank: 70

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

HBDC vs. IGHG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hilton BDC Corporate Bond ETF (HBDC) and ProShares Investment Grade-Interest Rate Hedged (IGHG). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	HBDC	IGHG	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.51	-0.10
Sortino ratio: Return per unit of downside risk	2.11	2.25	-0.13
Omega ratio: Gain probability vs. loss probability	1.27	1.28	-0.01
Calmar ratio: Return relative to maximum drawdown	1.34	2.89	-1.55
Martin ratio: Return relative to average drawdown	4.20	10.17	-5.97

HBDC vs. IGHG - Sharpe Ratio Comparison

The current HBDC Sharpe Ratio is 1.41, which is comparable to the IGHG Sharpe Ratio of 1.51. The chart below compares the historical Sharpe Ratios of HBDC and IGHG, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HBDC vs. IGHG - Drawdown Comparison

The maximum HBDC drawdown since its inception was -2.96%, smaller than the maximum IGHG drawdown of -25.16%. Use the drawdown chart below to compare losses from any high point for HBDC and IGHG.

Drawdown Indicators

	HBDC	IGHG	Difference
Max Drawdown Largest peak-to-trough decline	-2.96%	-25.16%	+22.20%
Max Drawdown (1Y) Largest decline over 1 year	-2.96%	-1.75%	-1.21%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.74%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-8.75%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-25.16%	—
Current Drawdown Current decline from peak	-0.10%	-0.29%	+0.19%
Average Drawdown Average peak-to-trough decline	-0.64%	-2.28%	+1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.50%	+0.44%

Volatility

HBDC vs. IGHG - Volatility Comparison

Hilton BDC Corporate Bond ETF (HBDC) has a higher volatility of 0.66% compared to ProShares Investment Grade-Interest Rate Hedged (IGHG) at 0.59%. This indicates that HBDC's price experiences larger fluctuations and is considered to be riskier than IGHG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBDC	IGHG	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	0.59%	+0.07%
Volatility (6M) Calculated over the trailing 6-month period	2.12%	2.10%	+0.02%
Volatility (1Y) Calculated over the trailing 1-year period	2.81%	3.35%	-0.54%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.93%	5.01%	-2.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.93%	7.32%	-4.39%

HBDC vs. IGHG - Expense Ratio Comparison

HBDC has a 0.39% expense ratio, which is higher than IGHG's 0.30% expense ratio.

Dividends

HBDC vs. IGHG - Dividend Comparison

HBDC's dividend yield for the trailing twelve months is around 4.92%, less than IGHG's 5.12% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HBDC Hilton BDC Corporate Bond ETF	4.92%	2.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
IGHG ProShares Investment Grade-Interest Rate Hedged	5.12%	5.14%	5.06%	4.99%	3.55%	2.50%	2.79%	3.48%	4.13%	3.36%	3.37%	3.65%

Frequently Asked Questions

Can I hold both HBDC and IGHG in my portfolio?

HBDC and IGHG have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HBDC or IGHG?

HBDC has higher volatility (0.66%) compared to IGHG (0.59%). In terms of maximum drawdown, HBDC dropped -2.96% vs IGHG's -25.16%.

Which ETF is better, HBDC or IGHG?

On 1-year performance, IGHG leads with 4.93% vs 4.07% for HBDC. On fees, IGHG is cheaper at 0.30% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HBDC or IGHG?

Over the 1-year period, IGHG has performed better with a 4.93% return vs 4.07%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HBDC or IGHG?

IGHG is cheaper with a 0.30% expense ratio, compared with 0.39% for HBDC.

Which ETF pays a higher dividend yield, HBDC or IGHG?

IGHG has the higher dividend yield at 5.12%, compared with 4.92% for HBDC.

What is the main difference between HBDC and IGHG?

They also come from different issuers: Hilton and ProShares. Their fees differ too: 0.39% for HBDC and 0.30% for IGHG.

Which has better risk-adjusted returns?

IGHG currently has the higher Sharpe Ratio (1.51 vs 1.41), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.