HBRD vs. VTC

Last updated Jul 8, 2026

HBRD (Invesco U.S. Hybrid Bond ETF) and VTC (Vanguard Total Corporate Bond ETF) are both Corporate Bonds funds - HBRD tracks the ICE USD Developed Markets Corporate Ex-Banks Hybrid Bond 4.85% Constrained Index while VTC tracks the Bloomberg U.S. Corporate Bond Index. Both are passively managed. Their correlation of 0.82 suggests significant overlap in exposure. HBRD charges 0.40%/yr vs 0.03%/yr for VTC.

Performance

HBRD vs. VTC - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco U.S. Hybrid Bond ETF (HBRD) and Vanguard Total Corporate Bond ETF (VTC). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

HBRD

• 1D: -0.12%
• 1M: 0.65%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

VTC

• 1D: -0.59%
• 1M: 0.22%
• 6M: 0.21%
• YTD: 0.46%
• 1Y: 4.38%
• 3Y*: 5.59%
• 5Y*: 0.03%
• 10Y*: —

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

HBRD vs. VTC - Yearly Performance Comparison

	2026 (YTD)
HBRD Invesco U.S. Hybrid Bond ETF	0.31%
VTC Vanguard Total Corporate Bond ETF	-1.04%

Correlation

The correlation between HBRD and VTC is 0.82, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 25, 2026	0.82

Return for Risk

HBRD vs. VTC — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

HBRD

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

VTC

VTC Risk / Return Rank: 32
VTC Sharpe Ratio Rank: 31
VTC Sortino Ratio Rank: 31
VTC Omega Ratio Rank: 28
VTC Calmar Ratio Rank: 34
VTC Martin Ratio Rank: 36

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.

HBRD vs. VTC - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco U.S. Hybrid Bond ETF (HBRD) and Vanguard Total Corporate Bond ETF (VTC). 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.

	HBRD	VTC	Difference
Sharpe ratio: Return per unit of total volatility	—	1.01	—
Sortino ratio: Return per unit of downside risk	—	1.48	—
Omega ratio: Gain probability vs. loss probability	—	1.18	—
Calmar ratio: Return relative to maximum drawdown	—	1.53	—
Martin ratio: Return relative to average drawdown	—	4.76	—

Drawdowns

HBRD vs. VTC - Drawdown Comparison

The maximum HBRD drawdown since its inception was -2.94%, smaller than the maximum VTC drawdown of -22.05%. Use the drawdown chart below to compare losses from any high point for HBRD and VTC.

Drawdown Indicators

	HBRD	VTC	Difference
Max Drawdown Largest peak-to-trough decline	-2.94%	-22.05%	+19.11%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.88%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-6.46%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-22.05%	—
Current Drawdown Current decline from peak	-0.12%	-1.12%	+1.00%
Average Drawdown Average peak-to-trough decline	-0.68%	-5.79%	+5.11%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.92%	—

Volatility

Volatility by Period

	HBRD	VTC	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.43%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.40%	—
Volatility (1Y) Calculated over the trailing 1-year period	3.39%	4.37%	-0.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.39%	7.09%	-3.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.39%	7.66%	-4.27%

HBRD vs. VTC - Expense Ratio Comparison

HBRD has a 0.40% expense ratio, which is higher than VTC's 0.03% expense ratio.

Dividends

HBRD vs. VTC - Dividend Comparison

HBRD's dividend yield for the trailing twelve months is around 1.98%, less than VTC's 4.96% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
HBRD Invesco U.S. Hybrid Bond ETF	1.98%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
VTC Vanguard Total Corporate Bond ETF	4.96%	4.76%	4.50%	3.80%	3.13%	2.36%	2.69%	3.34%	3.53%	0.55%

Frequently Asked Questions

Can I hold both HBRD and VTC in my portfolio?

HBRD and VTC have a correlation of 0.82, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HBRD or VTC?

On fees, VTC is cheaper at 0.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HBRD or VTC?

VTC is cheaper with a 0.03% expense ratio, compared with 0.40% for HBRD.

Which ETF pays a higher dividend yield, HBRD or VTC?

VTC has the higher dividend yield at 4.96%, compared with 1.98% for HBRD.

What is the main difference between HBRD and VTC?

HBRD tracks ICE USD Developed Markets Corporate Ex-Banks Hybrid Bond 4.85% Constrained Index, while VTC tracks Bloomberg U.S. Corporate Bond Index. They also come from different issuers: Invesco and Vanguard. Their fees differ too: 0.40% for HBRD and 0.03% for VTC.