HBDC vs. UGA

Last updated Jul 12, 2026

HBDC (Hilton BDC Corporate Bond ETF) and UGA (United States Gasoline Fund LP) are both exchange-traded funds - HBDC is a Corporate Bonds fund actively managed by Hilton, while UGA is a Oil & Gas fund tracking the Front Month Unleaded Gasoline. HBDC is actively managed, while UGA is passively managed. Over the past year, HBDC returned 4.07% vs 66.14% for UGA. At a correlation of -0.19, they often move in opposite directions. HBDC charges 0.39%/yr vs 0.75%/yr for UGA.

Performance

HBDC vs. UGA - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hilton BDC Corporate Bond ETF (HBDC) and United States Gasoline Fund LP (UGA). 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 UGA's 71.80% return.

HBDC

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

UGA

• 1D: -1.13%
• 1M: -0.01%
• 6M: 65.75%
• YTD: 71.80%
• 1Y: 66.14%
• 3Y*: 17.96%
• 5Y*: 23.72%
• 10Y*: 15.78%

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

HBDC vs. UGA - Yearly Performance Comparison

	2026 (YTD)	2025
HBDC Hilton BDC Corporate Bond ETF	0.81%	2.83%
UGA United States Gasoline Fund LP	71.80%	2.42%

Correlation

The correlation between HBDC and UGA is -0.20, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.20
Correlation (All Time) Calculated using the full available price history since Jun 11, 2025	-0.19

Return for Risk

HBDC vs. UGA — 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

UGA

UGA Risk / Return Rank: 72
UGA Sharpe Ratio Rank: 77
UGA Sortino Ratio Rank: 69
UGA Omega Ratio Rank: 68
UGA Calmar Ratio Rank: 81
UGA Martin Ratio Rank: 66

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. UGA - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hilton BDC Corporate Bond ETF (HBDC) and United States Gasoline Fund LP (UGA). 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	UGA	Difference
Sharpe ratio: Return per unit of total volatility	1.41	1.96	-0.55
Sortino ratio: Return per unit of downside risk	2.11	2.50	-0.38
Omega ratio: Gain probability vs. loss probability	1.27	1.32	-0.05
Calmar ratio: Return relative to maximum drawdown	1.34	3.41	-2.07
Martin ratio: Return relative to average drawdown	4.20	9.53	-5.33

HBDC vs. UGA - Sharpe Ratio Comparison

The current HBDC Sharpe Ratio is 1.41, which is comparable to the UGA Sharpe Ratio of 1.96. The chart below compares the historical Sharpe Ratios of HBDC and UGA, 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. UGA - Drawdown Comparison

The maximum HBDC drawdown since its inception was -2.96%, smaller than the maximum UGA drawdown of -86.59%. Use the drawdown chart below to compare losses from any high point for HBDC and UGA.

Drawdown Indicators

	HBDC	UGA	Difference
Max Drawdown Largest peak-to-trough decline	-2.96%	-86.59%	+83.63%
Max Drawdown (1Y) Largest decline over 1 year	-2.96%	-20.32%	+17.36%
Max Drawdown (3Y) Largest decline over 3 years	—	-26.68%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-38.11%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-75.89%	—
Current Drawdown Current decline from peak	-0.10%	-14.20%	+14.10%
Average Drawdown Average peak-to-trough decline	-0.64%	-36.64%	+36.00%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	7.26%	-6.32%

Volatility

HBDC vs. UGA - Volatility Comparison

The current volatility for Hilton BDC Corporate Bond ETF (HBDC) is 0.66%, while United States Gasoline Fund LP (UGA) has a volatility of 10.45%. This indicates that HBDC experiences smaller price fluctuations and is considered to be less risky than UGA based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBDC	UGA	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.66%	10.45%	-9.79%
Volatility (6M) Calculated over the trailing 6-month period	2.12%	31.50%	-29.38%
Volatility (1Y) Calculated over the trailing 1-year period	2.81%	35.39%	-32.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.93%	34.57%	-31.64%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.93%	37.20%	-34.27%

HBDC vs. UGA - Expense Ratio Comparison

HBDC has a 0.39% expense ratio, which is lower than UGA's 0.75% expense ratio.

Dividends

HBDC vs. UGA - Dividend Comparison

HBDC's dividend yield for the trailing twelve months is around 4.92%, while UGA has not paid dividends to shareholders.

Position	TTM	2025
HBDC Hilton BDC Corporate Bond ETF	4.92%	2.42%
UGA United States Gasoline Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both HBDC and UGA in my portfolio?

HBDC and UGA have a correlation of -0.20, 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 UGA?

UGA has higher volatility (10.45%) compared to HBDC (0.66%). In terms of maximum drawdown, HBDC dropped -2.96% vs UGA's -86.59%.

Which ETF is better, HBDC or UGA?

On 1-year performance, UGA leads with 66.14% 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 UGA?

Over the 1-year period, UGA has performed better with a 66.14% 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 UGA?

HBDC is cheaper with a 0.39% expense ratio, compared with 0.75% for UGA.

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

HBDC has the higher dividend yield at 4.92%, compared with 0.00% for UGA.

What is the main difference between HBDC and UGA?

HBDC is categorized as Corporate Bonds, while UGA is Oil & Gas. They also come from different issuers: Hilton and Concierge Technologies. Their fees differ too: 0.39% for HBDC and 0.75% for UGA.

Which has better risk-adjusted returns?

UGA currently has the higher Sharpe Ratio (1.96 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.