The present disclosure is directed to a system and method for modulating a voltage output of a hybrid converter system having first and second set of Si-based power electronic devices coupled to first and second voltage source, respectively, and a first set of SiC-based power electronic devices coupled to the first and second sets of Si-based power electronic devices. The method includes switching between operational states of the hybrid converter system based on a desired voltage output, wherein each operational state includes one of the Si-based power electronic devices from the first and second sets of Si-based power electronic devices and one of the SiC-based devices from the first set of SiC-based power electronic devices being switched on and the remaining power electronic devices being switched off. Each SiC-based power electronic device of the first set of SiC-based power electronic devices switches at a higher frequency as compared to each Si-based power electronic device of the first and second sets of the Si-based power electronic devices.