HBDC vs. VCSH

Last updated Aug 1, 2026

HBDC (Hilton BDC Corporate Bond ETF) and VCSH (Vanguard Short-Term Corporate Bond ETF) are both Corporate Bonds funds. HBDC is actively managed, while VCSH is passively managed. Over the past year, HBDC returned 2.93% vs 3.07% for VCSH. Their 0.50 correlation means they have sometimes moved together and sometimes differently. HBDC charges 0.39%/yr vs 0.04%/yr for VCSH.

Performance

HBDC vs. VCSH - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hilton BDC Corporate Bond ETF (HBDC) and Vanguard Short-Term Corporate Bond ETF (VCSH). 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 higher than VCSH's 0.79% return.

HBDC

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

VCSH

• 1D: -0.06%
• 1M: -0.22%
• 6M: 0.39%
• YTD: 0.79%
• 1Y: 3.07%
• 3Y*: 5.46%
• 5Y*: 2.30%
• 10Y*: 2.64%
• ALL TIME*: 2.89%

*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
VCSH Vanguard Short-Term Corporate Bond ETF	$304.83M	$291.45M	$343.43M

HBDC vs. VCSH - Yearly Performance Comparison

	2026 (YTD)	2025
HBDC Hilton BDC Corporate Bond ETF	0.87%	2.83%
VCSH Vanguard Short-Term Corporate Bond ETF	0.79%	3.95%

Correlation

The correlation between HBDC and VCSH is 0.49, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.49
Correlation (All Time) Calculated using the full available price history since Jun 11, 2025	0.50

The correlation between HBDC and VCSH has been stable across timeframes, ranging from 0.49 to 0.50 - a consistent structural relationship.

Return for Risk

HBDC vs. VCSH — 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

VCSH

VCSH Risk / Return Rank: 81
VCSH Sharpe Ratio Rank: 82
VCSH Sortino Ratio Rank: 86
VCSH Omega Ratio Rank: 84
VCSH Calmar Ratio Rank: 75
VCSH Martin Ratio Rank: 80

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. VCSH - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hilton BDC Corporate Bond ETF (HBDC) and Vanguard Short-Term Corporate Bond ETF (VCSH). 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	VCSH	Difference
Sharpe ratio: Return per unit of total volatility	1.24	1.89	-0.65
Sortino ratio: Return per unit of downside risk	1.84	2.84	-1.00
Omega ratio: Gain probability vs. loss probability	1.24	1.36	-0.12
Calmar ratio: Return relative to maximum drawdown	1.18	2.61	-1.43
Martin ratio: Return relative to average drawdown	3.68	10.26	-6.58

HBDC vs. VCSH - Sharpe Ratio Comparison

The current HBDC Sharpe Ratio is 1.24, which is lower than the VCSH Sharpe Ratio of 1.89. The chart below compares the historical Sharpe Ratios of HBDC and VCSH, 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. VCSH - Drawdown Comparison

The maximum HBDC drawdown since its inception was -2.96%, smaller than the maximum VCSH drawdown of -12.86%. Use the drawdown chart below to compare losses from any high point for HBDC and VCSH.

Drawdown Indicators

	HBDC	VCSH	Difference
Max Drawdown Largest peak-to-trough decline	-2.96%	-12.86%	+9.90%
Max Drawdown (1Y) Largest decline over 1 year	-2.96%	-1.40%	-1.56%
Max Drawdown (3Y) Largest decline over 3 years	—	-1.40%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-9.48%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-12.86%	—
Current Drawdown Current decline from peak	-0.30%	-0.29%	-0.01%
Average Drawdown Average peak-to-trough decline	-0.61%	-0.96%	+0.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.94%	0.36%	+0.58%

Volatility

HBDC vs. VCSH - Volatility Comparison

Hilton BDC Corporate Bond ETF (HBDC) and Vanguard Short-Term Corporate Bond ETF (VCSH) have volatilities of 0.57% and 0.55%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HBDC	VCSH	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	0.55%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.16%	1.56%	+0.60%
Volatility (1Y) Calculated over the trailing 1-year period	2.81%	1.94%	+0.87%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.89%	2.90%	-0.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.89%	3.35%	-0.46%

HBDC vs. VCSH - Expense Ratio Comparison

HBDC has a 0.39% expense ratio, which is higher than VCSH's 0.04% expense ratio.

Dividends

HBDC vs. VCSH - Dividend Comparison

HBDC's dividend yield for the trailing twelve months is around 4.91%, more than VCSH's 4.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HBDC Hilton BDC Corporate Bond ETF	4.91%	2.42%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VCSH Vanguard Short-Term Corporate Bond ETF	4.08%	4.35%	3.96%	3.09%	2.01%	1.81%	2.27%	2.87%	2.65%	2.26%	2.10%	2.08%

Frequently Asked Questions

Can I hold both HBDC and VCSH in my portfolio?

HBDC and VCSH have a correlation of 0.49, 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 VCSH?

HBDC has higher volatility (0.57%) compared to VCSH (0.55%). In terms of maximum drawdown, HBDC dropped -2.96% vs VCSH's -12.86%.

Which ETF is better, HBDC or VCSH?

On 1-year performance, VCSH leads with 3.07% vs 2.93% for HBDC. On fees, VCSH is cheaper at 0.04% 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 VCSH?

Over the 1-year period, VCSH has performed better with a 3.07% 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 VCSH?

VCSH is cheaper with a 0.04% expense ratio, compared with 0.39% for HBDC.

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

HBDC has the higher dividend yield at 4.91%, compared with 4.08% for VCSH.

What is the main difference between HBDC and VCSH?

They also come from different issuers: Hilton and Vanguard. Their fees differ too: 0.39% for HBDC and 0.04% for VCSH.

Which has better risk-adjusted returns?

VCSH currently has the higher Sharpe Ratio (1.89 vs 1.24), 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.