HIPS vs. CTAP

Last updated Jun 4, 2026

HIPS (GraniteShares HIPS US High Income ETF) and CTAP (Simplify US Equity PLUS Managed Futures Strategy ETF) are both Diversified Portfolio funds. HIPS is passively managed, while CTAP is actively managed. At a 0.22 correlation, their price movements are largely independent. HIPS charges 3.19%/yr vs 0.10%/yr for CTAP.

Performance

HIPS vs. CTAP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares HIPS US High Income ETF (HIPS) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIPS achieves a 3.28% return, which is significantly lower than CTAP's 21.95% return.

HIPS

• 1D: -0.79%
• 1M: -3.49%
• YTD: 3.28%
• 6M: 2.30%
• 1Y: 6.18%
• 3Y*: 10.94%
• 5Y*: 3.96%
• 10Y*: 5.55%

CTAP

• 1D: -0.32%
• 1M: -3.24%
• YTD: 21.95%
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HIPS vs. CTAP - Yearly Performance Comparison

	2026 (YTD)	2025
HIPS GraniteShares HIPS US High Income ETF	3.28%	-1.03%
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	21.95%	2.44%

Correlation

The correlation between HIPS and CTAP is 0.22, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Dec 10, 2025	0.22

HIPS vs. CTAP - Sectors Allocation Comparison

Sectors	HIPS	CTAP
Energy	32.7%	-
Real Estate	31.7%	-
Financial Services	31.6%	49.3%
Basic Materials	4.0%	-
Communication Services	0.0%	-
Consumer Cyclical	-	-
Consumer Defensive	-	-
Healthcare	-	-
Industrials	-	-
Technology	-	-
Utilities	-	-

Return for Risk

HIPS vs. CTAP — Risk / Return Rank

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

HIPS

HIPS Risk / Return Rank: 20
HIPS Sharpe Ratio Rank: 19
HIPS Sortino Ratio Rank: 18
HIPS Omega Ratio Rank: 18
HIPS Calmar Ratio Rank: 22
HIPS Martin Ratio Rank: 22

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.

HIPS vs. CTAP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares HIPS US High Income ETF (HIPS) and Simplify US Equity PLUS Managed Futures Strategy ETF (CTAP). 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.

	HIPS	CTAP	Difference
Sharpe ratio: Return per unit of total volatility	0.65	—	—
Sortino ratio: Return per unit of downside risk	0.97	—	—
Omega ratio: Gain probability vs. loss probability	1.11	—	—
Calmar ratio: Return relative to maximum drawdown	1.01	—	—
Martin ratio: Return relative to average drawdown	2.70	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	HIPS	CTAP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	—	—
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	2.50	-2.27

Drawdowns

HIPS vs. CTAP - Drawdown Comparison

The maximum HIPS drawdown since its inception was -53.14%, which is greater than CTAP's maximum drawdown of -9.02%. Use the drawdown chart below to compare losses from any high point for HIPS and CTAP.

Drawdown Indicators

	HIPS	CTAP	Difference
Max Drawdown Largest peak-to-trough decline	-53.14%	-9.02%	-44.12%
Max Drawdown (1Y) Largest decline over 1 year	-6.15%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-15.41%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-21.28%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-53.14%	—	—
Current Drawdown Current decline from peak	-4.23%	-4.47%	+0.24%
Average Drawdown Average peak-to-trough decline	-7.39%	-2.18%	-5.21%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	—	—

Volatility

Volatility by Period

	HIPS	CTAP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	—	—
Volatility (6M) Calculated over the trailing 6-month period	7.05%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	9.57%	23.94%	-14.37%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.29%	23.94%	-10.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	23.94%	-5.87%

HIPS vs. CTAP - Expense Ratio Comparison

HIPS has a 3.19% expense ratio, which is higher than CTAP's 0.10% expense ratio.

Dividends

HIPS vs. CTAP - Dividend Comparison

HIPS's dividend yield for the trailing twelve months is around 11.19%, more than CTAP's 0.65% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CTAP Simplify US Equity PLUS Managed Futures Strategy ETF	0.65%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
HIPS GraniteShares HIPS US High Income ETF	11.19%	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 HIPS and CTAP in my portfolio?

HIPS and CTAP have a correlation of 0.22, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, HIPS or CTAP?

On fees, CTAP is cheaper at 0.10% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HIPS or CTAP?

CTAP is cheaper with a 0.10% expense ratio, compared with 3.19% for HIPS.

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

HIPS has the higher dividend yield at 11.19%, compared with 0.65% for CTAP.

What is the main difference between HIPS and CTAP?

They also come from different issuers: GraniteShares and Simplify. Their fees differ too: 3.19% for HIPS and 0.10% for CTAP.