A powertrain for a vehicle may include a variable voltage converter (VVC), and a controller. The VVC may include an inductor, a bus capacitor and a flying capacitor. The controller may be configured to, in response to a power demand signal exceeding a threshold, modulate switches of the VVC such that an inductor current created by a collapsing field of the inductor is directed into the flying capacitor or the bus capacitor such that a bus capacitor voltage exceeds a flying capacitor voltage, and in response to the power demand signal dropping below the threshold, modulate switches such that the flying capacitor and the bus capacitor are coupled in parallel.