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 4.36%/yr vs -2.62%/yr for DWSH. At a correlation of -0.66, they often move in opposite directions. 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 4.91% return, which is significantly higher than DWSH's -5.73% return.
HIPS
- 1D
- 0.09%
- 1M
- 1.30%
- 6M
- 1.86%
- YTD
- 4.91%
- 1Y
- 4.35%
- 3Y*
- 9.59%
- 5Y*
- 4.36%
- 10Y*
- 5.16%
DWSH
- 1D
- -1.14%
- 1M
- -3.93%
- 6M
- -0.06%
- YTD
- -5.73%
- 1Y
- -6.96%
- 3Y*
- -3.38%
- 5Y*
- -2.62%
- 10Y*
- —
HIPS vs. DWSH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | |
|---|---|---|---|---|---|---|---|---|---|
HIPS GraniteShares HIPS US High Income ETF | 4.91% | 1.00% | 13.71% | 16.09% | -13.47% | 22.65% | -11.74% | 22.94% | -12.35% |
DWSH AdvisorShares Dorsey Wright Short ETF | -5.73% | -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 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 | -0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.59 |
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 HIPS and DWSH shifts across timeframes, from -0.66 (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 | +0.76 | ||
| Sortino ratioReturn per unit of downside risk | +0.98 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 0.96 | +0.12 |
| Calmar ratioReturn relative to maximum drawdown | 0.71 | -0.37 | +1.08 |
| Martin ratioReturn relative to average drawdown | 1.64 | -0.82 | +2.46 |
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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 -83.55%. 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% | -83.55% | +30.41% |
Max Drawdown (1Y)Largest decline over 1 year | -6.15% | -18.88% | +12.73% |
Max Drawdown (3Y)Largest decline over 3 years | -15.41% | -32.61% | +17.20% |
Max Drawdown (5Y)Largest decline over 5 years | -21.28% | -36.09% | +14.81% |
Max Drawdown (10Y)Largest decline over 10 years | -53.14% | — | — |
Current DrawdownCurrent decline from peak | -2.71% | -82.48% | +79.77% |
Average DrawdownAverage peak-to-trough decline | -7.36% | -63.81% | +56.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.66% | 8.46% | -5.80% |
Volatility
HIPS vs. DWSH - Volatility Comparison
The current volatility for GraniteShares HIPS US High Income ETF (HIPS) is 2.69%, while AdvisorShares Dorsey Wright Short ETF (DWSH) has a volatility of 10.81%. 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 | 2.69% | 10.81% | -8.12% |
Volatility (6M)Calculated over the trailing 6-month period | 7.38% | 16.82% | -9.44% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.72% | 22.28% | -12.56% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.26% | 26.35% | -13.09% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.97% | 31.24% | -13.27% |
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 11.12%, more than DWSH's 6.69% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
DWSH AdvisorShares Dorsey Wright Short ETF | 6.69% | 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 | 11.12% | 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 (10.81%) compared to HIPS (2.69%). In terms of maximum drawdown, HIPS dropped -53.14% vs DWSH's -83.55%.
On 5-year performance, HIPS leads with 4.36% vs -2.62% for DWSH. On fees, HIPS is cheaper at 3.19% per year. On volatility, HIPS has been the lower-risk option at 2.69%. 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 4.36% return vs -2.62%. 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 11.12%, compared with 6.69% 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 (0.45 vs -0.31), 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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