HBDC vs. USL

Last updated Aug 1, 2026

HBDC (Hilton BDC Corporate Bond ETF) and USL (United States 12 Month Oil Fund LP) are both exchange-traded funds - HBDC is a Corporate Bonds fund actively managed by Hilton, while USL is a Oil & Gas fund tracking the 12 Month Light Sweet Crude Oil. HBDC is actively managed, while USL is passively managed. Over the past year, HBDC returned 2.93% vs 36.97% for USL. Their -0.22 correlation means they have often moved in opposite directions in the past. HBDC charges 0.39%/yr vs 0.88%/yr for USL.

Performance

HBDC vs. USL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hilton BDC Corporate Bond ETF (HBDC) and United States 12 Month Oil Fund LP (USL). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HBDC achieves a 0.87% return, which is significantly lower than USL's 50.47% return.

HBDC

• 1D: -0.30%
• 1M: 0.02%
• 6M: 0.89%
• YTD: 0.87%
• 1Y: 2.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.27%

USL

• 1D: 0.72%
• 1M: 11.48%
• 6M: 34.61%
• YTD: 50.47%
• 1Y: 36.97%
• 3Y*: 10.51%
• 5Y*: 14.04%
• 10Y*: 11.91%
• ALL TIME*: -0.05%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
HBDC Hilton BDC Corporate Bond ETF	$23.92K	$36.45K	$93.04K
USL United States 12 Month Oil Fund LP	$634.47K	$669.88K	$1.15M

HBDC vs. USL - Yearly Performance Comparison

	2026 (YTD)	2025
HBDC Hilton BDC Corporate Bond ETF	0.87%	2.83%
USL United States 12 Month Oil Fund LP	50.47%	-4.34%

Correlation

The correlation between HBDC and USL is -0.22, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	-0.22
Correlation (All Time) Calculated using the full available price history since Jun 11, 2025	-0.22

Return for Risk

HBDC vs. USL — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

HBDC

HBDC Risk / Return Rank: 45
HBDC Sharpe Ratio Rank: 50
HBDC Sortino Ratio Rank: 52
HBDC Omega Ratio Rank: 52
HBDC Calmar Ratio Rank: 34
HBDC Martin Ratio Rank: 36

USL

USL Risk / Return Rank: 43
USL Sharpe Ratio Rank: 45
USL Sortino Ratio Rank: 44
USL Omega Ratio Rank: 42
USL Calmar Ratio Rank: 44
USL Martin Ratio Rank: 41

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

HBDC vs. USL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hilton BDC Corporate Bond ETF (HBDC) and United States 12 Month Oil Fund LP (USL). 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	USL	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.11	+0.13
Sortino ratio: Return per unit of downside risk	1.84	1.62	+0.23
Omega ratio: Gain probability vs. loss probability	1.24	1.20	+0.04
Calmar ratio: Return relative to maximum drawdown	1.18	1.58	-0.40
Martin ratio: Return relative to average drawdown	3.68	4.38	-0.70

HBDC vs. USL - Sharpe Ratio Comparison

The current HBDC Sharpe Ratio is 1.24, which is comparable to the USL Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of HBDC and USL, 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. USL - Drawdown Comparison

The maximum HBDC drawdown since its inception was -2.96%, smaller than the maximum USL drawdown of -89.06%. Use the drawdown chart below to compare losses from any high point for HBDC and USL.

Drawdown Indicators

	HBDC	USL	Difference
Max Drawdown Largest peak-to-trough decline	-2.96%	-89.06%	+86.10%
Max Drawdown (1Y) Largest decline over 1 year	-2.96%	-20.91%	+17.95%
Max Drawdown (3Y) Largest decline over 3 years	—	-23.33%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-33.82%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-66.02%	—
Current Drawdown Current decline from peak	-0.30%	-42.93%	+42.63%
Average Drawdown Average peak-to-trough decline	-0.61%	-61.30%	+60.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	8.38%	-7.44%

Volatility

HBDC vs. USL - Volatility Comparison

The current volatility for Hilton BDC Corporate Bond ETF (HBDC) is 0.57%, while United States 12 Month Oil Fund LP (USL) has a volatility of 10.45%. This indicates that HBDC experiences smaller price fluctuations and is considered to be less risky than USL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBDC	USL	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	10.45%	-9.88%
Volatility (6M) Calculated over the trailing 6-month period	2.16%	25.73%	-23.57%
Volatility (1Y) Calculated over the trailing 1-year period	2.81%	29.92%	-27.11%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.89%	30.36%	-27.47%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.89%	32.35%	-29.46%

HBDC vs. USL - Expense Ratio Comparison

HBDC has a 0.39% expense ratio, which is lower than USL's 0.88% expense ratio.

Dividends

HBDC vs. USL - Dividend Comparison

HBDC's dividend yield for the trailing twelve months is around 4.91%, while USL has not paid dividends to shareholders.

Position	TTM	2025
HBDC Hilton BDC Corporate Bond ETF	4.91%	2.42%
USL United States 12 Month Oil Fund LP	0.00%	0.00%

Frequently Asked Questions

Can I hold both HBDC and USL in my portfolio?

HBDC and USL have a correlation of -0.22, 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 USL?

USL has higher volatility (10.45%) compared to HBDC (0.57%). In terms of maximum drawdown, HBDC dropped -2.96% vs USL's -89.06%.

Which ETF is better, HBDC or USL?

On 1-year performance, USL leads with 36.97% vs 2.93% for HBDC. On fees, HBDC is cheaper at 0.39% per year. On volatility, HBDC has been the lower-risk option at 0.57%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HBDC or USL?

Over the 1-year period, USL has performed better with a 36.97% return vs 2.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HBDC or USL?

HBDC is cheaper with a 0.39% expense ratio, compared with 0.88% for USL.

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

HBDC has the higher dividend yield at 4.91%, compared with 0.00% for USL.

What is the main difference between HBDC and USL?

HBDC is categorized as Corporate Bonds, while USL is Oil & Gas. They also come from different issuers: Hilton and Concierge Technologies. Their fees differ too: 0.39% for HBDC and 0.88% for USL.

Which has better risk-adjusted returns?

HBDC currently has the higher Sharpe Ratio (1.24 vs 1.11), 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.