HBDC vs. OVT

Last updated Jul 12, 2026

HBDC (Hilton BDC Corporate Bond ETF) and OVT (Overlay Shares Short Term Bond ETF) are both Corporate Bonds funds. Both are actively managed. Over the past year, HBDC returned 4.07% vs 7.36% for OVT. At a 0.37 correlation, their price movements are largely independent. HBDC charges 0.39%/yr vs 0.80%/yr for OVT.

Performance

HBDC vs. OVT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hilton BDC Corporate Bond ETF (HBDC) and Overlay Shares Short Term Bond ETF (OVT). 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 OVT's 2.56% return.

HBDC

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

OVT

• 1D: 0.02%
• 1M: 0.41%
• 6M: 2.26%
• YTD: 2.56%
• 1Y: 7.36%
• 3Y*: 7.37%
• 5Y*: 2.90%
• 10Y*: —

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

HBDC vs. OVT - Yearly Performance Comparison

	2026 (YTD)	2025
HBDC Hilton BDC Corporate Bond ETF	0.81%	2.83%
OVT Overlay Shares Short Term Bond ETF	2.56%	6.08%

Correlation

The correlation between HBDC and OVT is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (All Time) Calculated using the full available price history since Jun 11, 2025	0.37

Return for Risk

HBDC vs. OVT — 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

OVT

OVT Risk / Return Rank: 82
OVT Sharpe Ratio Rank: 76
OVT Sortino Ratio Rank: 76
OVT Omega Ratio Rank: 80
OVT Calmar Ratio Rank: 91
OVT Martin Ratio Rank: 85

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. OVT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hilton BDC Corporate Bond ETF (HBDC) and Overlay Shares Short Term Bond ETF (OVT). 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	OVT	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.93	-0.51
Sortino ratio: Return per unit of downside risk	2.11	2.71	-0.59
Omega ratio: Gain probability vs. loss probability	1.27	1.37	-0.10
Calmar ratio: Return relative to maximum drawdown	1.34	4.54	-3.20
Martin ratio: Return relative to average drawdown	4.20	13.79	-9.59

HBDC vs. OVT - Sharpe Ratio Comparison

The current HBDC Sharpe Ratio is 1.41, which is comparable to the OVT Sharpe Ratio of 1.93. The chart below compares the historical Sharpe Ratios of HBDC and OVT, 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. OVT - Drawdown Comparison

The maximum HBDC drawdown since its inception was -2.96%, smaller than the maximum OVT drawdown of -13.59%. Use the drawdown chart below to compare losses from any high point for HBDC and OVT.

Drawdown Indicators

	HBDC	OVT	Difference
Max Drawdown Largest peak-to-trough decline	-2.96%	-13.59%	+10.63%
Max Drawdown (1Y) Largest decline over 1 year	-2.96%	-1.55%	-1.41%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.55%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.59%	—
Current Drawdown Current decline from peak	-0.10%	-0.46%	+0.36%
Average Drawdown Average peak-to-trough decline	-0.64%	-3.34%	+2.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.51%	+0.43%

Volatility

HBDC vs. OVT - Volatility Comparison

The current volatility for Hilton BDC Corporate Bond ETF (HBDC) is 0.66%, while Overlay Shares Short Term Bond ETF (OVT) has a volatility of 1.30%. This indicates that HBDC experiences smaller price fluctuations and is considered to be less risky than OVT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBDC	OVT	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	1.30%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	2.12%	2.83%	-0.71%
Volatility (1Y) Calculated over the trailing 1-year period	2.81%	3.66%	-0.85%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.93%	4.68%	-1.75%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.93%	4.55%	-1.62%

HBDC vs. OVT - Expense Ratio Comparison

HBDC has a 0.39% expense ratio, which is lower than OVT's 0.80% expense ratio.

Dividends

HBDC vs. OVT - Dividend Comparison

HBDC's dividend yield for the trailing twelve months is around 4.92%, less than OVT's 7.07% yield.

Position	TTM	2025	2024	2023	2022	2021
HBDC Hilton BDC Corporate Bond ETF	4.92%	2.42%	0.00%	0.00%	0.00%	0.00%
OVT Overlay Shares Short Term Bond ETF	7.07%	7.21%	6.15%	5.11%	4.12%	4.41%

Frequently Asked Questions

Can I hold both HBDC and OVT in my portfolio?

HBDC and OVT have a correlation of 0.37, 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 OVT?

OVT has higher volatility (1.30%) compared to HBDC (0.66%). In terms of maximum drawdown, HBDC dropped -2.96% vs OVT's -13.59%.

Which ETF is better, HBDC or OVT?

On 1-year performance, OVT leads with 7.36% vs 4.07% for HBDC. On fees, HBDC is cheaper at 0.39% per year. On volatility, HBDC has been the lower-risk option at 0.66%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HBDC or OVT?

Over the 1-year period, OVT has performed better with a 7.36% 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 OVT?

HBDC is cheaper with a 0.39% expense ratio, compared with 0.80% for OVT.

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

OVT has the higher dividend yield at 7.07%, compared with 4.92% for HBDC.

What is the main difference between HBDC and OVT?

They also come from different issuers: Hilton and Liquid Strategies. Their fees differ too: 0.39% for HBDC and 0.80% for OVT.

Which has better risk-adjusted returns?

OVT currently has the higher Sharpe Ratio (1.93 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.