In this study, we aimed to propose an optimal structure for an AlGaN/InGaN/GaN/AlGaN/SiC HEMT by investigating how the breakdown voltage varies with the thickness and composition of the InGaN layer. The breakdown voltage was shown to be highly dependent on the In composition. Specifically, as the In composition increased, the breakdown voltage rapidly increased, but it exhibited saturation when the In composition exceeded 0.06. Therefore, it is desirable to maintain the In composition at or above 0.06. The variation in breakdown voltage due to thickness was relatively small compared to the variation caused by In composition. While the breakdown voltage remained nearly constant with increasing thickness, it began to decrease when the thickness exceeded 10 nm. Hence, the thickness should be kept below 10 nm. Additionally, as the In composition increased, the subthreshold swing (SS) also increased, but the drain current value was shown to increase. On the other hand, it was observed that the SS value in the transfer characteristics and the current–voltage characteristics were almost unaffected by the thickness of the InGaN layer.