Although I trust that Camillus does good heat treat on the 420HC blades, I think D2 would be a nicer choice if rust resistance isn't all that important for you.
D2 is a tool steel that some refer to as semi-stainless. That is due to a higher Chromium content in the alloy than other tool steels.
Depending on the use and environment the knife will see, D-2 isn't a major rust problem. The D-2 blades I carry are exposed to a lot of sweat in the summer months. All I do is rinse and dry the blade after it has been exposed to a lot of sweat. Once dry, I will hit it with WD-40. My Cuda Maxx has never been rinsed off or sprayed with any oil or protectant. It has yet to show a speck of rust.
I would go along with Fudo. I have the 420 version and it does well. It's not a very big knife, so it's not like you are hacking down trees with it, or at least I'm not, so the edge has held up for me just fine. But if you can spare the cash and don't mind a little more rust, D2 would probably be a better option.
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