HBDC vs. USOY

Last updated Aug 1, 2026

HBDC (Hilton BDC Corporate Bond ETF) and USOY (Defiance Oil Enhanced Options Income ETF) are both exchange-traded funds - HBDC is a Corporate Bonds fund actively managed by Hilton, while USOY is a Derivative Income fund actively managed by Defiance. Both are actively managed. Over the past year, HBDC returned 2.93% vs 41.94% for USOY. Their -0.23 correlation means they have often moved in opposite directions in the past. HBDC charges 0.39%/yr vs 1.22%/yr for USOY.

Performance

HBDC vs. USOY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hilton BDC Corporate Bond ETF (HBDC) and Defiance Oil Enhanced Options Income ETF (USOY). 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 USOY's 51.25% return.

HBDC

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

USOY

• 1D: 1.10%
• 1M: 18.05%
• 6M: 38.09%
• YTD: 51.25%
• 1Y: 41.94%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 19.21%

*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
USOY Defiance Oil Enhanced Options Income ETF	$3.02M	$3.27M	$3.42M

HBDC vs. USOY - Yearly Performance Comparison

	2026 (YTD)	2025
HBDC Hilton BDC Corporate Bond ETF	0.87%	2.83%
USOY Defiance Oil Enhanced Options Income ETF	51.25%	-4.20%

Correlation

The correlation between HBDC and USOY is -0.23, 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.	-0.23
Correlation (All Time) Calculated using the full available price history since Jun 11, 2025	-0.23

Return for Risk

HBDC vs. USOY — 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

USOY

USOY Risk / Return Rank: 44
USOY Sharpe Ratio Rank: 46
USOY Sortino Ratio Rank: 43
USOY Omega Ratio Rank: 47
USOY Calmar Ratio Rank: 43
USOY 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. USOY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hilton BDC Corporate Bond ETF (HBDC) and Defiance Oil Enhanced Options Income ETF (USOY). 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	USOY	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.12	+0.12
Sortino ratio: Return per unit of downside risk	1.84	1.59	+0.26
Omega ratio: Gain probability vs. loss probability	1.24	1.22	+0.02
Calmar ratio: Return relative to maximum drawdown	1.18	1.53	-0.36
Martin ratio: Return relative to average drawdown	3.68	4.54	-0.86

HBDC vs. USOY - Sharpe Ratio Comparison

The current HBDC Sharpe Ratio is 1.24, which is comparable to the USOY Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of HBDC and USOY, 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. USOY - Drawdown Comparison

The maximum HBDC drawdown since its inception was -2.96%, smaller than the maximum USOY drawdown of -25.51%. Use the drawdown chart below to compare losses from any high point for HBDC and USOY.

Drawdown Indicators

	HBDC	USOY	Difference
Max Drawdown Largest peak-to-trough decline	-2.96%	-25.51%	+22.55%
Max Drawdown (1Y) Largest decline over 1 year	-2.96%	-25.51%	+22.55%
Current Drawdown Current decline from peak	-0.30%	-11.50%	+11.20%
Average Drawdown Average peak-to-trough decline	-0.61%	-7.16%	+6.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	8.81%	-7.87%

Volatility

HBDC vs. USOY - Volatility Comparison

The current volatility for Hilton BDC Corporate Bond ETF (HBDC) is 0.57%, while Defiance Oil Enhanced Options Income ETF (USOY) has a volatility of 15.28%. This indicates that HBDC experiences smaller price fluctuations and is considered to be less risky than USOY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBDC	USOY	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	15.28%	-14.71%
Volatility (6M) Calculated over the trailing 6-month period	2.16%	32.32%	-30.16%
Volatility (1Y) Calculated over the trailing 1-year period	2.81%	34.89%	-32.08%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.89%	28.20%	-25.31%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.89%	28.20%	-25.31%

HBDC vs. USOY - Expense Ratio Comparison

HBDC has a 0.39% expense ratio, which is lower than USOY's 1.22% expense ratio.

Dividends

HBDC vs. USOY - Dividend Comparison

HBDC's dividend yield for the trailing twelve months is around 4.91%, less than USOY's 56.58% yield.

Position	TTM	2025	2024
HBDC Hilton BDC Corporate Bond ETF	4.91%	2.42%	0.00%
USOY Defiance Oil Enhanced Options Income ETF	56.58%	104.32%	48.60%

Frequently Asked Questions

Can I hold both HBDC and USOY in my portfolio?

HBDC and USOY have a correlation of -0.23, 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 USOY?

USOY has higher volatility (15.28%) compared to HBDC (0.57%). In terms of maximum drawdown, HBDC dropped -2.96% vs USOY's -25.51%.

Which ETF is better, HBDC or USOY?

On 1-year performance, USOY leads with 41.94% 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 USOY?

Over the 1-year period, USOY has performed better with a 41.94% 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 USOY?

HBDC is cheaper with a 0.39% expense ratio, compared with 1.22% for USOY.

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

USOY has the higher dividend yield at 56.58%, compared with 4.91% for HBDC.

What is the main difference between HBDC and USOY?

HBDC is categorized as Corporate Bonds, while USOY is Derivative Income. They also come from different issuers: Hilton and Defiance. Their fees differ too: 0.39% for HBDC and 1.22% for USOY.

Which has better risk-adjusted returns?

HBDC currently has the higher Sharpe Ratio (1.24 vs 1.12), 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.