AMLP vs. HIPS

Last updated Jun 3, 2026

AMLP (Alerian MLP ETF) and HIPS (GraniteShares HIPS US High Income ETF) are both exchange-traded funds - AMLP is a MLPs fund tracking the Alerian MLP Infrastructure Index, while HIPS is a Diversified Portfolio fund tracking the TFMS HIPS Index. Both are passively managed. Over the past 10 years, AMLP returned 6.79%/yr vs 5.64%/yr for HIPS. A 0.60 correlation means they provide meaningful diversification when combined. AMLP charges 0.90%/yr vs 3.19%/yr for HIPS.

Performance

AMLP vs. HIPS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Alerian MLP ETF (AMLP) and GraniteShares HIPS US High Income ETF (HIPS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, AMLP achieves a 16.62% return, which is significantly higher than HIPS's 4.11% return. Over the past 10 years, AMLP has outperformed HIPS with an annualized return of 6.79%, while HIPS has yielded a comparatively lower 5.64% annualized return.

AMLP

• 1D: 1.03%
• 1M: 0.25%
• YTD: 16.62%
• 6M: 16.20%
• 1Y: 19.16%
• 3Y*: 20.25%
• 5Y*: 17.03%
• 10Y*: 6.79%

HIPS

• 1D: -0.09%
• 1M: -3.46%
• YTD: 4.11%
• 6M: 3.85%
• 1Y: 8.09%
• 3Y*: 11.23%
• 5Y*: 4.18%
• 10Y*: 5.64%

*Multi-year figures are annualized to reflect compound growth (CAGR)

AMLP vs. HIPS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
AMLP Alerian MLP ETF	16.62%	5.78%	22.76%	21.40%	25.47%	39.09%	-32.26%	5.99%	-12.67%	-7.89%
HIPS GraniteShares HIPS US High Income ETF	4.11%	1.00%	13.71%	16.09%	-13.47%	22.65%	-11.74%	22.94%	-9.30%	6.30%

Correlation

The correlation between AMLP and HIPS is 0.37, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.37
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (5Y) Calculated over the trailing 5-year period	0.60
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jan 8, 2015	0.60

Over the past year, the correlation between AMLP and HIPS has dropped to 0.37 - well below their long-term average of 0.60, suggesting their price drivers have been diverging.

AMLP vs. HIPS - Sectors Allocation Comparison

Sectors	AMLP	HIPS
Energy	97.7%	32.7%
Utilities	2.3%	-
Basic Materials	-	4.0%
Communication Services	-	0.0%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	31.6%
Healthcare	-	-
Industrials	-	-
Real Estate	-	31.7%
Technology	-	-

Return for Risk

AMLP vs. HIPS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

AMLP

AMLP Risk / Return Rank: 45
AMLP Sharpe Ratio Rank: 46
AMLP Sortino Ratio Rank: 45
AMLP Omega Ratio Rank: 43
AMLP Calmar Ratio Rank: 44
AMLP Martin Ratio Rank: 45

HIPS

HIPS Risk / Return Rank: 24
HIPS Sharpe Ratio Rank: 24
HIPS Sortino Ratio Rank: 23
HIPS Omega Ratio Rank: 22
HIPS Calmar Ratio Rank: 25
HIPS Martin Ratio Rank: 24

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

AMLP vs. HIPS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Alerian MLP ETF (AMLP) and GraniteShares HIPS US High Income ETF (HIPS). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

	AMLP	HIPS	Difference
Sharpe ratio Return per unit of total volatility	1.62	0.85	+0.76
Sortino ratio Return per unit of downside risk	2.25	1.24	+1.01
Omega ratio Gain probability vs. loss probability	1.28	1.15	+0.13
Calmar ratio Return relative to maximum drawdown	2.20	1.23	+0.97
Martin ratio Return relative to average drawdown	7.36	3.32	+4.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

AMLP vs. HIPS - Sharpe Ratio Comparison

The current AMLP Sharpe Ratio is 1.62, which is higher than the HIPS Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of AMLP and HIPS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	AMLP	HIPS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.62	0.85	+0.76
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.86	0.32	+0.54
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.25	0.31	-0.07
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.23	0.00

Drawdowns

AMLP vs. HIPS - Drawdown Comparison

The maximum AMLP drawdown since its inception was -77.19%, which is greater than HIPS's maximum drawdown of -53.14%. Use the drawdown chart below to compare losses from any high point for AMLP and HIPS.

Drawdown Indicators

	AMLP	HIPS	Difference
Max Drawdown Largest peak-to-trough decline	-77.19%	-53.14%	-24.05%
Max Drawdown (1Y) Largest decline over 1 year	-8.94%	-6.15%	-2.79%
Max Drawdown (3Y) Largest decline over 3 years	-14.27%	-15.41%	+1.14%
Max Drawdown (5Y) Largest decline over 5 years	-20.92%	-21.28%	+0.36%
Max Drawdown (10Y) Largest decline over 10 years	-72.62%	-53.14%	-19.48%
Current Drawdown Current decline from peak	-3.85%	-3.46%	-0.39%
Average Drawdown Average peak-to-trough decline	-17.40%	-7.39%	-10.01%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.67%	2.27%	+0.40%

Volatility

AMLP vs. HIPS - Volatility Comparison

Alerian MLP ETF (AMLP) has a higher volatility of 4.94% compared to GraniteShares HIPS US High Income ETF (HIPS) at 1.76%. This indicates that AMLP's price experiences larger fluctuations and is considered to be riskier than HIPS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	AMLP	HIPS	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.94%	1.76%	+3.18%
Volatility (6M) Calculated over the trailing 6-month period	8.65%	7.00%	+1.65%
Volatility (1Y) Calculated over the trailing 1-year period	11.91%	9.55%	+2.36%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	19.98%	13.29%	+6.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	27.68%	18.08%	+9.60%

AMLP vs. HIPS - Expense Ratio Comparison

AMLP has a 0.90% expense ratio, which is lower than HIPS's 3.19% expense ratio.

Dividends

AMLP vs. HIPS - Dividend Comparison

AMLP's dividend yield for the trailing twelve months is around 7.62%, less than HIPS's 11.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
AMLP Alerian MLP ETF	7.62%	8.36%	7.70%	7.86%	7.70%	8.55%	12.31%	9.12%	9.29%	7.97%	8.09%	9.84%
HIPS GraniteShares HIPS US High Income ETF	11.10%	11.04%	10.04%	10.32%	10.76%	8.43%	9.50%	6.93%	8.66%	7.28%	7.20%	8.17%

Frequently Asked Questions

Can I hold both AMLP and HIPS in my portfolio?

AMLP and HIPS have a correlation of 0.37, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, AMLP or HIPS?

AMLP has higher volatility (4.94%) compared to HIPS (1.76%). In terms of maximum drawdown, AMLP dropped -77.19% vs HIPS's -53.14%.

Which ETF is better, AMLP or HIPS?

On 10-year performance, AMLP leads with 6.79% vs 5.64% for HIPS. On fees, AMLP is cheaper at 0.90% per year. On volatility, HIPS has been the lower-risk option at 1.76%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, AMLP or HIPS?

Over the 10-year period, AMLP has performed better with a 6.79% return vs 5.64%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, AMLP or HIPS?

AMLP is cheaper with a 0.90% expense ratio, compared with 3.19% for HIPS.

Which ETF pays a higher dividend yield, AMLP or HIPS?

HIPS has the higher dividend yield at 11.10%, compared with 7.62% for AMLP.

What is the main difference between AMLP and HIPS?

AMLP is categorized as MLPs, while HIPS is Diversified Portfolio. AMLP tracks Alerian MLP Infrastructure Index, while HIPS tracks TFMS HIPS Index. They also come from different issuers: SS&C and GraniteShares. Their fees differ too: 0.90% for AMLP and 3.19% for HIPS.

Which has better risk-adjusted returns?

AMLP currently has the higher Sharpe Ratio (1.62 vs 0.85), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.