HIPS vs. DWSH
HIPS (GraniteShares HIPS US High Income ETF) and DWSH (AdvisorShares Dorsey Wright Short ETF) are both exchange-traded funds - HIPS is a Diversified Portfolio fund tracking the TFMS HIPS Index, while DWSH is a Inverse Equities fund actively managed by AdvisorShares. HIPS is passively managed, while DWSH is actively managed. Over the past 5 years, HIPS returned 4.33%/yr vs -3.78%/yr for DWSH. Their -0.65 correlation means they have often moved in opposite directions in the past. HIPS charges 3.19%/yr vs 3.67%/yr for DWSH.
Performance
HIPS vs. DWSH - Performance Comparison
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Returns By Period
In the year-to-date period, HIPS achieves a 4.62% return, which is significantly higher than DWSH's -9.98% return.
HIPS
- 1D
- 0.00%
- 1M
- 0.85%
- 6M
- 1.87%
- YTD
- 4.62%
- 1Y
- 5.67%
- 3Y*
- 8.76%
- 5Y*
- 4.33%
- 10Y*
- 5.02%
- ALL TIME*
- 4.14%
DWSH
- 1D
- 0.31%
- 1M
- -3.70%
- 6M
- -6.79%
- YTD
- -9.98%
- 1Y
- -15.29%
- 3Y*
- -3.09%
- 5Y*
- -3.78%
- 10Y*
- —
- ALL TIME*
- -14.27%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $237.00K | $562.23K | $413.74K | |
| $944.69K | $745.01K | $727.53K |
HIPS vs. DWSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
HIPS GraniteShares HIPS US High Income ETF | 4.62% | 1.00% | 13.71% | 16.09% | -13.47% | 22.65% | -11.74% | 22.94% | -12.35% |
DWSH AdvisorShares Dorsey Wright Short ETF | -9.98% | -2.57% | 5.98% | -22.04% | 17.45% | -25.74% | -49.95% | -25.27% | 22.37% |
Correlation
The correlation between HIPS and DWSH is -0.50, meaning they have often moved in opposite directions in the past. This relationship can weaken or reverse as market conditions change.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | -0.50 |
Correlation (3Y) Balances recent behavior with more history. | -0.58 |
Correlation (5Y) Shows whether the relationship held over a longer period. | -0.62 |
Correlation (All Time) Calculated using the full available price history since Jul 11, 2018 | -0.65 |
The correlation between HIPS and DWSH shifts across timeframes, from -0.65 (all time) to -0.50 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
HIPS vs. DWSH — Risk / Return Rank
HIPS
DWSH
HIPS vs. DWSH - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares HIPS US High Income ETF (HIPS) and AdvisorShares Dorsey Wright Short ETF (DWSH). 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.
| HIPS | DWSH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.11 | ||
| Sortino ratioReturn per unit of downside risk | +1.48 | ||
| Omega ratioGain probability vs. loss probability | 1.09 | 0.91 | +0.18 |
| Calmar ratioReturn relative to maximum drawdown | 0.80 | -0.68 | +1.48 |
| Martin ratioReturn relative to average drawdown | 1.81 | -1.49 | +3.30 |
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Drawdowns
HIPS vs. DWSH - Drawdown Comparison
The maximum HIPS drawdown since its inception was -53.14%, smaller than the maximum DWSH drawdown of -83.80%. Use the drawdown chart below to compare losses from any high point for HIPS and DWSH.
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Drawdown Indicators
| HIPS | DWSH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.14% | -83.80% | +30.66% |
Max Drawdown (1Y)Largest decline over 1 year | -6.15% | -20.08% | +13.93% |
Max Drawdown (3Y)Largest decline over 3 years | -15.41% | -33.61% | +18.20% |
Max Drawdown (5Y)Largest decline over 5 years | -21.28% | -37.03% | +15.75% |
Max Drawdown (10Y)Largest decline over 10 years | -53.14% | — | — |
Current DrawdownCurrent decline from peak | -2.99% | -83.27% | +80.28% |
Average DrawdownAverage peak-to-trough decline | -7.34% | -63.94% | +56.60% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.71% | 9.16% | -6.45% |
Volatility
HIPS vs. DWSH - Volatility Comparison
The current volatility for GraniteShares HIPS US High Income ETF (HIPS) is 1.99%, while AdvisorShares Dorsey Wright Short ETF (DWSH) has a volatility of 12.07%. This indicates that HIPS experiences smaller price fluctuations and is considered to be less risky than DWSH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIPS | DWSH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.99% | 12.07% | -10.08% |
Volatility (6M)Calculated over the trailing 6-month period | 7.16% | 18.06% | -10.90% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.71% | 22.80% | -13.09% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.20% | 26.56% | -13.36% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.96% | 31.27% | -13.31% |
HIPS vs. DWSH - Expense Ratio Comparison
HIPS has a 3.19% expense ratio, which is lower than DWSH's 3.67% expense ratio.
Dividends
HIPS vs. DWSH - Dividend Comparison
HIPS's dividend yield for the trailing twelve months is around 11.26%, more than DWSH's 7.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DWSH AdvisorShares Dorsey Wright Short ETF | 7.01% | 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
HIPS and DWSH have a correlation of -0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
DWSH has higher volatility (12.07%) compared to HIPS (1.99%). In terms of maximum drawdown, HIPS dropped -53.14% vs DWSH's -83.80%.
On 5-year performance, HIPS leads with 4.33% vs -3.78% for DWSH. On fees, HIPS is cheaper at 3.19% per year. On volatility, HIPS has been the lower-risk option at 1.99%. 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 4.33% return vs -3.78%. 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 7.01% for DWSH.
HIPS is categorized as Diversified Portfolio, while DWSH is Inverse Equities. They also come from different issuers: GraniteShares and AdvisorShares. Their fees differ too: 3.19% for HIPS and 3.67% for DWSH.
HIPS currently has the higher Sharpe Ratio (0.51 vs -0.60), 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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