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ID2D1HwndRenderTargetとID2D1DeviceContext比較してみました。
以下はID2D1DeviceContextを使用した例です。
USE_DEVICECONTEXTをコメントにするとID2D1HwndRenderTargetになります。

#include "stdafx.h"

#include "Win32Project.h"

#define MAX_LOADSTRING 100
HINSTANCE hInst;					// 現在のインターフェイス

TCHAR szTitle[MAX_LOADSTRING];				// タイトル バーのテキスト

TCHAR szWindowClass[MAX_LOADSTRING];			// メイン ウィンドウ クラス名
ATOM				MyRegisterClass(HINSTANCE hInstance);

BOOL				InitInstance(HINSTANCE, int);

LRESULT CALLBACK	WndProc(HWND, UINT, WPARAM, LPARAM);

INT_PTR CALLBACK	About(HWND, UINT, WPARAM, LPARAM);
int APIENTRY _tWinMain(_In_ HINSTANCE hInstance,

                     _In_opt_ HINSTANCE hPrevInstance,

                     _In_ LPTSTR    lpCmdLine,

                     _In_ int       nCmdShow)

{

	UNREFERENCED_PARAMETER(hPrevInstance);

	UNREFERENCED_PARAMETER(lpCmdLine);
	CoInitialize(0);
 	// TODO: ここにコードを挿入してください。

	MSG msg;

	HACCEL hAccelTable;
	LoadString(hInstance, IDS_APP_TITLE, szTitle, MAX_LOADSTRING);

	LoadString(hInstance, IDC_WIN32PROJECT6, szWindowClass, MAX_LOADSTRING);

	MyRegisterClass(hInstance);
	if (!InitInstance (hInstance, nCmdShow))

		return FALSE;
	hAccelTable = LoadAccelerators(hInstance, MAKEINTRESOURCE(IDC_WIN32PROJECT6));
	while (GetMessage(&msg, NULL, 0, 0))

	{

		if (!TranslateAccelerator(msg.hwnd, hAccelTable, &msg))

		{

			TranslateMessage(&msg);

			DispatchMessage(&msg);

		}

	}

	return (int) msg.wParam;

}
ATOM MyRegisterClass(HINSTANCE hInstance)

{

	WNDCLASSEX wcex;

	wcex.cbSize = sizeof(WNDCLASSEX);

	wcex.style			= CS_HREDRAW | CS_VREDRAW;

	wcex.lpfnWndProc	= WndProc;

	wcex.cbClsExtra		= 0;

	wcex.cbWndExtra		= 0;

	wcex.hInstance		= hInstance;

	wcex.hIcon			= LoadIcon(hInstance, MAKEINTRESOURCE(IDI_WIN32PROJECT6));

	wcex.hCursor		= LoadCursor(NULL, IDC_ARROW);

	wcex.hbrBackground	= (HBRUSH)(COLOR_WINDOW+1);

	wcex.lpszMenuName	= MAKEINTRESOURCE(IDC_WIN32PROJECT6);

	wcex.lpszClassName	= szWindowClass;

	wcex.hIconSm		= LoadIcon(wcex.hInstance, MAKEINTRESOURCE(IDI_SMALL));
	return RegisterClassEx(&wcex);

}
BOOL InitInstance(HINSTANCE hInstance, int nCmdShow)

{

   HWND hWnd;

   hInst = hInstance;

   hWnd = CreateWindow(szWindowClass, szTitle, WS_OVERLAPPEDWINDOW,

      CW_USEDEFAULT, 0, CW_USEDEFAULT, 0, NULL, NULL, hInstance, NULL);
   if (!hWnd)

      return FALSE;
   ShowWindow(hWnd, nCmdShow);

   UpdateWindow(hWnd);

   return TRUE;

}


#include 

#include 

#include 


#pragma comment(lib,"d2d1.lib")

#pragma comment(lib,"d3d11.lib")


using namespace D2D1;

CComPtr d2d1Factory;

CComPtr d2D1RenderTarget;

CComPtr dXGISwapChain1;
void CreateHwndRenderTarget( HWND hWnd, ID2D1Factory* d2d1Factory, ID2D1RenderTarget** ptarget );

void CreateDeviceContextRenderTarget( HWND hWnd,ID2D1Factory1* d2d1Factory, ID2D1RenderTarget** ptarget, IDXGISwapChain1**  pdxgiSwapChain );


#define USE_DEVICECONTEXT // 切り替え
LRESULT CALLBACK WndProc(HWND hWnd, UINT message, WPARAM wParam, LPARAM lParam)

{

	int wmId, wmEvent;

	PAINTSTRUCT ps;

	HDC hdc;
	switch (message)

	{

	case WM_COMMAND:

		wmId    = LOWORD(wParam);

		wmEvent = HIWORD(wParam);

		// 選択されたメニューの解析:

		switch (wmId)

		{

		case IDM_ABOUT:

			//DialogBox(hInst, MAKEINTRESOURCE(IDD_ABOUTBOX), hWnd, About);

			break;

		case IDM_EXIT:

			DestroyWindow(hWnd);

			break;

		default:

			return DefWindowProc(hWnd, message, wParam, lParam);

		}

		break;

	case WM_PAINT:

	{

		hdc = BeginPaint(hWnd, &ps);

		

		d2D1RenderTarget->BeginDraw();

		{		

			D2D1_MATRIX_3X2_F mat = Matrix3x2F::Identity();

			d2D1RenderTarget->SetTransform(mat);

			d2D1RenderTarget->Clear(ColorF(ColorF::White));

		

			D2D1_RECT_F rc;

			rc.left=10;

			rc.top=10;

			rc.right=100;

			rc.bottom=100;

		

			CComPtr br;

			auto hr = d2D1RenderTarget->CreateSolidColorBrush( ColorF(ColorF::Red), &br );
			d2D1RenderTarget->FillRectangle( rc, br );// 赤い四角

		}

		

		auto hr =d2D1RenderTarget->EndDraw();

		if ( hr != S_OK )

		{

			// ERROR

		}

		

		EndPaint(hWnd, &ps);
		#ifdef USE_DEVICECONTEXT

			dXGISwapChain1->Present(1, 0);

		#endif

	}

	break;

	case WM_DESTROY:

		PostQuitMessage(0);

		break;

	

	case WM_ERASEBKGND:

		return 1;

	break;

	case WM_CREATE:

	{

		D2D1_FACTORY_OPTIONS options;	

		options.debugLevel = D2D1_DEBUG_LEVEL_NONE;
		D2D1CreateFactory( D2D1_FACTORY_TYPE_SINGLE_THREADED,__uuidof(ID2D1Factory1),&options,(void**)&d2d1Factory );	

		

		#ifndef USE_DEVICECONTEXT

			CreateHwndRenderTarget( hWnd, d2d1Factory,&d2D1RenderTarget );	

		#endif

	}

	break;

	case WM_SIZE:

	{

		#ifdef USE_DEVICECONTEXT

			d2D1RenderTarget.Release();

			dXGISwapChain1.Release();
			CreateDeviceContextRenderTarget( hWnd, d2d1Factory, &d2D1RenderTarget, &dXGISwapChain1 );

		#else

			CComPtr d2d1HwndRenderTagrget;

			d2D1RenderTarget.p->QueryInterface( IID_ID2D1HwndRenderTarget, (void**)&d2d1HwndRenderTagrget); 

			d2d1HwndRenderTagrget->Resize( D2D1::SizeU( LOWORD(lParam), HIWORD(lParam) ));

		#endif

	}

	break;
	default:

		return DefWindowProc(hWnd, message, wParam, lParam);

	}

	return 0;

}
inline void ThrowIfFailed( HRESULT hr, LPCWSTR msg, UINT line, LPCSTR fnm )

{

	if (FAILED(hr))

	{		

		// Do something.

		//General access denied error 0x80070005 

	}

}

#define THROWIFFAILED(hr,msg) ThrowIfFailed(hr,msg, __LINE__, __FILE__)
static void CreateHwndRenderTarget( HWND hWnd, ID2D1Factory* d2d1Factory, ID2D1RenderTarget** ptarget )

{		

	CComPtr d2d1HwndRenderTagrget;
	THROWIFFAILED(d2d1Factory->CreateHwndRenderTarget(D2D1::RenderTargetProperties(), D2D1::HwndRenderTargetProperties(hWnd, D2D1::SizeU(1, 1), D2D1_PRESENT_OPTIONS_NONE), &d2d1HwndRenderTagrget), L"D2DContext::CreateHwndRenderTarget");
	d2d1HwndRenderTagrget->QueryInterface( IID_ID2D1RenderTarget, (void**)ptarget );

}
static void CreateDeviceContextRenderTarget( HWND hWnd,ID2D1Factory1* d2d1Factory, ID2D1RenderTarget** ptarget, IDXGISwapChain1**  pdxgiSwapChain )

{

	RECT rc;

	GetClientRect(hWnd, &rc);
//	UINT width = ::GetSystemMetrics( SM_CXFULLSCREEN );

//	UINT height = ::GetSystemMetrics( SM_CYFULLSCREEN );
	UINT width = rc.right;

	UINT height = rc.bottom;
	CComPtr d2d1DeviceContext;

	CComPtr dxgiSwapChain1;

	//CComPtr d2d1Factory;
	CComPtr d2d1Device;

	CComPtr d2d1Bitmap;
	CComPtr d3d11DeviceContext;

	CComPtr d3d11Device;

	CComPtr dxgiSurface;

	CComPtr dxgiAdapter;

	CComPtr dxgiFactory;

	CComPtr dxgiDevice;
	UINT flags = D3D11_CREATE_DEVICE_BGRA_SUPPORT; 

	

	UINT creationFlags = D3D11_CREATE_DEVICE_BGRA_SUPPORT;

 

	D3D_FEATURE_LEVEL returnedFeatureLevel;
	D3D_FEATURE_LEVEL featureLevels[] =

	{

		D3D_FEATURE_LEVEL_11_1,

		D3D_FEATURE_LEVEL_11_0,

		D3D_FEATURE_LEVEL_10_1,

		D3D_FEATURE_LEVEL_10_0,

		D3D_FEATURE_LEVEL_9_3,

		D3D_FEATURE_LEVEL_9_2,

		D3D_FEATURE_LEVEL_9_1

	};


	THROWIFFAILED( D3D11CreateDevice(nullptr, D3D_DRIVER_TYPE_HARDWARE, 0, creationFlags, featureLevels, ARRAYSIZE(featureLevels), D3D11_SDK_VERSION,

					&d3d11Device, &returnedFeatureLevel, &d3d11DeviceContext),L"CreateDeviceContextRenderTarget");


	THROWIFFAILED(d3d11Device->QueryInterface(&dxgiDevice),L"CreateDeviceContextRenderTarget");

	THROWIFFAILED(d2d1Factory->CreateDevice(dxgiDevice.p, &d2d1Device),L"CreateDeviceContextRenderTarget");

	THROWIFFAILED(d2d1Device->CreateDeviceContext(D2D1_DEVICE_CONTEXT_OPTIONS_NONE, &d2d1DeviceContext),L"CreateDeviceContextRenderTarget");

	THROWIFFAILED(dxgiDevice->GetAdapter(&dxgiAdapter),L"CreateDeviceContextRenderTarget");

	THROWIFFAILED(dxgiAdapter->GetParent(IID_PPV_ARGS(&dxgiFactory)),L"CreateDeviceContextRenderTarget");
	DXGI_SWAP_CHAIN_DESC1 swapChainDesc = {0};

	swapChainDesc.Width = width;

	swapChainDesc.Height = height;

	swapChainDesc.Format = DXGI_FORMAT_B8G8R8A8_UNORM;

	swapChainDesc.Stereo = false;

	swapChainDesc.SampleDesc.Count = 1;

	swapChainDesc.SampleDesc.Quality = 0;

	swapChainDesc.BufferUsage = DXGI_USAGE_RENDER_TARGET_OUTPUT;

	swapChainDesc.BufferCount = 2;

	swapChainDesc.Scaling = DXGI_SCALING_NONE;

	swapChainDesc.SwapEffect = DXGI_SWAP_EFFECT_FLIP_SEQUENTIAL;

	swapChainDesc.Flags = 0;
	THROWIFFAILED(dxgiFactory->CreateSwapChainForHwnd(d3d11Device,	

		hWnd,

		&swapChainDesc,

		nullptr,

		nullptr,

		&dxgiSwapChain1),L"!!CreateSwapChainForHwnd"); // よくここでエラーになる

	_ASSERT( dxgiSwapChain1 );
	THROWIFFAILED(dxgiDevice->SetMaximumFrameLatency(1),L"CreateDeviceContextRenderTarget");

	THROWIFFAILED(dxgiSwapChain1->GetBuffer(0, IID_PPV_ARGS(&dxgiSurface)),L"CreateDeviceContextRenderTarget");
	auto bmp_property = D2D1::BitmapProperties1(D2D1_BITMAP_OPTIONS_TARGET | D2D1_BITMAP_OPTIONS_CANNOT_DRAW, D2D1::PixelFormat(DXGI_FORMAT_B8G8R8A8_UNORM, D2D1_ALPHA_MODE_IGNORE));

	THROWIFFAILED(d2d1DeviceContext->CreateBitmapFromDxgiSurface(dxgiSurface.p, &bmp_property, &d2d1Bitmap),L"CreateDeviceContextRenderTarget");

	d2d1DeviceContext->SetTarget(d2d1Bitmap.p);
	auto sz = d2d1Bitmap->GetSize();
	_ASSERT( sz.width == width  );

	_ASSERT( sz.height == height  );

	//////////////////////////////////////////////////////////////////////////////////////////////
	d2d1DeviceContext->QueryInterface( IID_ID2D1RenderTarget, (void**)ptarget );
	*pdxgiSwapChain = dxgiSwapChain1.p;

	(*pdxgiSwapChain)->AddRef();

}

ID2D1DeviceContextではWM_SIZEでのDestroy->Createさせてますが画面フルサイズでbmpを作成すれば不要になます。
なお、RenderTargetをDestroy->Createするとこれを引数で作成したオブジェクト(Brushなど)はすべて使えなくなります。
ID2D1DeviceContextはDirect3Dと絡むため頻繁にアップデートされるドライバーのバグにはまるような気がします。