DWSH vs. HIPS
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 -0.92%/yr vs 3.70%/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
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Returns By Period
The year-to-date returns for both investments are quite close, with DWSH having a 2.65% return and HIPS slightly higher at 2.67%.
DWSH
- 1D
- -0.90%
- 1M
- 1.93%
- YTD
- 2.65%
- 6M
- 2.01%
- 1Y
- -7.25%
- 3Y*
- -3.79%
- 5Y*
- -0.92%
- 10Y*
- —
HIPS
- 1D
- 0.79%
- 1M
- -1.17%
- YTD
- 2.67%
- 6M
- 2.56%
- 1Y
- 5.95%
- 3Y*
- 10.37%
- 5Y*
- 3.70%
- 10Y*
- 5.41%
DWSH vs. HIPS - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
DWSH AdvisorShares Dorsey Wright Short ETF | 2.65% | -2.57% | 5.98% | -22.04% | 17.45% | -25.74% | -49.95% | -25.27% | 22.37% |
HIPS GraniteShares HIPS US High Income ETF | 2.67% | 1.00% | 13.71% | 16.09% | -13.47% | 22.65% | -11.74% | 22.94% | -12.35% |
Correlation
The correlation between DWSH and HIPS is -0.54, 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 | -0.54 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.63 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2018 | -0.66 |
The correlation between DWSH and HIPS shifts across timeframes, from -0.66 (all time) to -0.54 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
DWSH vs. HIPS — Risk / Return Rank
DWSH
HIPS
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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| DWSH | HIPS | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.97 | ||
| Sortino ratioReturn per unit of downside risk | -1.26 | ||
| Omega ratioGain probability vs. loss probability | 0.96 | 1.11 | -0.15 |
| Calmar ratioReturn relative to maximum drawdown | -0.48 | 0.97 | -1.45 |
| Martin ratioReturn relative to average drawdown | -0.80 | 2.38 | -3.18 |
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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.
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Drawdown Indicators
| DWSH | HIPS | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -82.73% | -53.14% | -29.59% |
Max Drawdown (1Y)Largest decline over 1 year | -15.13% | -6.15% | -8.98% |
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 DrawdownCurrent decline from peak | -80.92% | -4.79% | -76.13% |
Average DrawdownAverage peak-to-trough decline | -63.69% | -7.38% | -56.31% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 9.99% | 2.51% | +7.48% |
Volatility
DWSH vs. HIPS - Volatility Comparison
AdvisorShares Dorsey Wright Short ETF (DWSH) has a higher volatility of 6.64% compared to GraniteShares HIPS US High Income ETF (HIPS) at 2.90%. 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.
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Volatility by Period
| DWSH | HIPS | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 6.64% | 2.90% | +3.74% |
Volatility (6M)Calculated over the trailing 6-month period | 14.32% | 7.35% | +6.97% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.93% | 9.69% | +11.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 25.99% | 13.26% | +12.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 31.15% | 18.04% | +13.11% |
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 6.15%, less than HIPS's 11.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DWSH AdvisorShares Dorsey Wright Short ETF | 6.15% | 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 | 11.26% | 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
DWSH and HIPS have a correlation of -0.54, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DWSH has higher volatility (6.64%) compared to HIPS (2.90%). In terms of maximum drawdown, DWSH dropped -82.73% vs HIPS's -53.14%.
On 5-year performance, HIPS leads with 3.70% vs -0.92% for DWSH. On fees, HIPS is cheaper at 3.19% per year. On volatility, HIPS has been the lower-risk option at 2.90%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, HIPS has performed better with a 3.70% return vs -0.92%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HIPS is cheaper with a 3.19% expense ratio, compared with 3.67% for DWSH.
HIPS has the higher dividend yield at 11.26%, compared with 6.15% for DWSH.
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.
HIPS currently has the higher Sharpe Ratio (0.62 vs -0.35), 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.
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