DWSH vs. HIPS

Last updated Jun 3, 2026

DWSH (AdvisorShares Dorsey Wright Short ETF) and HIPS (GraniteShares HIPS US High Income ETF) are both exchange-traded funds - DWSH is a Inverse Equities fund actively managed by AdvisorShares, while HIPS is a Diversified Portfolio fund tracking the TFMS HIPS Index. DWSH is actively managed, while HIPS is passively managed. Over the past 5 years, DWSH returned -2.09%/yr vs 4.18%/yr for HIPS. At a correlation of -0.66, they often move in opposite directions. DWSH charges 3.67%/yr vs 3.19%/yr for HIPS.

Performance

DWSH vs. HIPS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in AdvisorShares Dorsey Wright Short ETF (DWSH) 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, DWSH achieves a -1.48% return, which is significantly lower than HIPS's 4.11% return.

DWSH

• 1D: 2.34%
• 1M: -0.47%
• YTD: -1.48%
• 6M: -2.41%
• 1Y: -14.79%
• 3Y*: -4.89%
• 5Y*: -2.09%
• 10Y*: —

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)

DWSH vs. HIPS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
DWSH AdvisorShares Dorsey Wright Short ETF	-1.48%	-2.57%	5.98%	-22.04%	17.45%	-25.74%	-49.95%	-25.27%	22.28%
HIPS GraniteShares HIPS US High Income ETF	4.11%	1.00%	13.71%	16.09%	-13.47%	22.65%	-11.74%	22.94%	-12.35%

Correlation

The correlation between DWSH and HIPS is -0.55, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.55
Correlation (3Y) Calculated over the trailing 3-year period	-0.61
Correlation (5Y) Calculated over the trailing 5-year period	-0.63
Correlation (All Time) Calculated using the full available price history since Jul 12, 2018	-0.66

The correlation between DWSH and HIPS shifts across timeframes, from -0.66 (all time) to -0.55 (1 year), reflecting how their relationship changes across market environments.

DWSH vs. HIPS - Sectors Allocation Comparison

Sectors	DWSH	HIPS
Utilities	-	-
Basic Materials	-0.8%	4.0%
Energy	-1.1%	32.7%
Communication Services	-4.5%	0.0%
Real Estate	-5.9%	31.7%
Consumer Defensive	-7.7%	-
Financial Services	-8.9%	31.6%
Healthcare	-12.0%	-
Consumer Cyclical	-12.6%	-
Industrials	-13.5%	-
Technology	-25.6%	-

Return for Risk

DWSH vs. HIPS — Risk / Return Rank

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

DWSH

DWSH Risk / Return Rank: 3
DWSH Sharpe Ratio Rank: 3
DWSH Sortino Ratio Rank: 3
DWSH Omega Ratio Rank: 3
DWSH Calmar Ratio Rank: 2
DWSH Martin Ratio Rank: 3

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.

DWSH vs. HIPS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for AdvisorShares Dorsey Wright Short ETF (DWSH) 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.

	DWSH	HIPS	Difference
Sharpe ratio Return per unit of total volatility	-0.71	0.85	-1.56
Sortino ratio Return per unit of downside risk	-0.85	1.24	-2.10
Omega ratio Gain probability vs. loss probability	0.90	1.15	-0.25
Calmar ratio Return relative to maximum drawdown	-0.73	1.23	-1.95
Martin ratio Return relative to average drawdown	-1.06	3.32	-4.39
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

DWSH vs. HIPS - Sharpe Ratio Comparison

The current DWSH Sharpe Ratio is -0.71, which is lower than the HIPS Sharpe Ratio of 0.85. The chart below compares the historical Sharpe Ratios of DWSH 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

	DWSH	HIPS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.71	0.85	-1.56
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	-0.08	0.32	-0.40
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.31	—
Sharpe Ratio (All Time) Calculated using the full available price history	-0.44	0.23	-0.67

Drawdowns

DWSH vs. HIPS - Drawdown Comparison

The maximum DWSH drawdown since its inception was -82.73%, which is greater than HIPS's maximum drawdown of -53.14%. Use the drawdown chart below to compare losses from any high point for DWSH and HIPS.

Drawdown Indicators

	DWSH	HIPS	Difference
Max Drawdown Largest peak-to-trough decline	-82.73%	-53.14%	-29.59%
Max Drawdown (1Y) Largest decline over 1 year	-18.08%	-6.15%	-11.93%
Max Drawdown (3Y) Largest decline over 3 years	-29.23%	-15.41%	-13.82%
Max Drawdown (5Y) Largest decline over 5 years	-32.87%	-21.28%	-11.59%
Max Drawdown (10Y) Largest decline over 10 years	—	-53.14%	—
Current Drawdown Current decline from peak	-81.69%	-3.46%	-78.23%
Average Drawdown Average peak-to-trough decline	-63.60%	-7.39%	-56.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.40%	2.27%	+11.13%

Volatility

DWSH vs. HIPS - Volatility Comparison

AdvisorShares Dorsey Wright Short ETF (DWSH) has a higher volatility of 5.73% compared to GraniteShares HIPS US High Income ETF (HIPS) at 1.76%. This indicates that DWSH'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

	DWSH	HIPS	Difference
Volatility (1M) Calculated over the trailing 1-month period	5.73%	1.76%	+3.97%
Volatility (6M) Calculated over the trailing 6-month period	13.73%	7.00%	+6.73%
Volatility (1Y) Calculated over the trailing 1-year period	21.06%	9.55%	+11.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	25.91%	13.29%	+12.62%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	31.22%	18.08%	+13.14%

DWSH vs. HIPS - Expense Ratio Comparison

DWSH has a 3.67% expense ratio, which is higher than HIPS's 3.19% expense ratio.

Dividends

DWSH vs. HIPS - Dividend Comparison

DWSH's dividend yield for the trailing twelve months is around 6.41%, less than HIPS's 11.10% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
DWSH AdvisorShares Dorsey Wright Short ETF	6.41%	6.31%	6.17%	10.28%	0.00%	0.00%	0.00%	0.14%	0.12%	0.00%	0.00%	0.00%
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 DWSH and HIPS in my portfolio?

DWSH and HIPS have a correlation of -0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, DWSH or HIPS?

DWSH has higher volatility (5.73%) compared to HIPS (1.76%). In terms of maximum drawdown, DWSH dropped -82.73% vs HIPS's -53.14%.

Which ETF is better, DWSH or HIPS?

On 5-year performance, HIPS leads with 4.18% vs -2.09% for DWSH. On fees, HIPS is cheaper at 3.19% 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, DWSH or HIPS?

Over the 5-year period, HIPS has performed better with a 4.18% return vs -2.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, DWSH or HIPS?

HIPS is cheaper with a 3.19% expense ratio, compared with 3.67% for DWSH.

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

HIPS has the higher dividend yield at 11.10%, compared with 6.41% for DWSH.

What is the main difference between DWSH and HIPS?

DWSH is categorized as Inverse Equities, while HIPS is Diversified Portfolio. They also come from different issuers: AdvisorShares and GraniteShares. Their fees differ too: 3.67% for DWSH and 3.19% for HIPS.

Which has better risk-adjusted returns?

HIPS currently has the higher Sharpe Ratio (0.85 vs -0.71), 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.