HIPS vs. FBL
HIPS (GraniteShares HIPS US High Income ETF) and FBL (GraniteShares 2x Long META Daily ETF) are both exchange-traded funds - HIPS is a Diversified Portfolio fund tracking the TFMS HIPS Index, while FBL is a Leveraged Equities fund actively managed by GraniteShares. HIPS is passively managed, while FBL is actively managed. Over the past 3 years, HIPS returned 9.09%/yr vs 18.62%/yr for FBL. Their 0.23 correlation means their historical movements had little consistent relationship. HIPS charges 3.19%/yr vs 1.09%/yr for FBL.
Performance
HIPS vs. FBL - Performance Comparison
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Returns By Period
In the year-to-date period, HIPS achieves a 5.17% return, which is significantly higher than FBL's -32.54% return.
HIPS
- 1D
- -0.73%
- 1M
- 1.11%
- 6M
- 1.97%
- YTD
- 5.17%
- 1Y
- 5.57%
- 3Y*
- 9.09%
- 5Y*
- 4.36%
- 10Y*
- 4.88%
- ALL TIME*
- 4.18%
FBL
- 1D
- 0.27%
- 1M
- -6.84%
- 6M
- -32.54%
- YTD
- -32.54%
- 1Y
- -53.18%
- 3Y*
- 18.62%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 65.57%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $29.15M | $35.73M | $34.36M | |
| $972.31K | $741.20K | $722.64K |
HIPS vs. FBL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HIPS GraniteShares HIPS US High Income ETF | 5.17% | 1.00% | 13.71% | 16.09% | -2.53% |
FBL GraniteShares 2x Long META Daily ETF | -32.54% | 0.50% | 112.72% | 341.59% | -1.38% |
Correlation
The correlation between HIPS and FBL is 0.25, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.25 |
Correlation (3Y) Balances recent behavior with more history. | 0.21 |
Correlation (All Time) Calculated using the full available price history since Dec 13, 2022 | 0.23 |
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Return for Risk
HIPS vs. FBL — Risk / Return Rank
HIPS
FBL
HIPS vs. FBL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares HIPS US High Income ETF (HIPS) and GraniteShares 2x Long META Daily ETF (FBL). 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 | FBL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.27 | ||
| Sortino ratioReturn per unit of downside risk | +1.69 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 0.89 | +0.21 |
| Calmar ratioReturn relative to maximum drawdown | 0.91 | -0.85 | +1.75 |
| Martin ratioReturn relative to average drawdown | 2.05 | -1.35 | +3.40 |
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Drawdowns
HIPS vs. FBL - Drawdown Comparison
The maximum HIPS drawdown since its inception was -53.14%, smaller than the maximum FBL drawdown of -63.20%. Use the drawdown chart below to compare losses from any high point for HIPS and FBL.
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Drawdown Indicators
| HIPS | FBL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.14% | -63.20% | +10.06% |
Max Drawdown (1Y)Largest decline over 1 year | -6.15% | -63.09% | +56.94% |
Max Drawdown (3Y)Largest decline over 3 years | -15.41% | -63.20% | +47.79% |
Max Drawdown (5Y)Largest decline over 5 years | -21.28% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -53.14% | — | — |
Current DrawdownCurrent decline from peak | -2.48% | -56.28% | +53.80% |
Average DrawdownAverage peak-to-trough decline | -7.33% | -18.13% | +10.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.72% | 39.43% | -36.71% |
Volatility
HIPS vs. FBL - Volatility Comparison
The current volatility for GraniteShares HIPS US High Income ETF (HIPS) is 2.27%, while GraniteShares 2x Long META Daily ETF (FBL) has a volatility of 31.14%. This indicates that HIPS experiences smaller price fluctuations and is considered to be less risky than FBL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIPS | FBL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.27% | 31.14% | -28.87% |
Volatility (6M)Calculated over the trailing 6-month period | 6.97% | 62.07% | -55.10% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.74% | 76.91% | -67.17% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.20% | 72.95% | -59.75% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.95% | 72.95% | -55.00% |
HIPS vs. FBL - Expense Ratio Comparison
HIPS has a 3.19% expense ratio, which is higher than FBL's 1.09% expense ratio.
Dividends
HIPS vs. FBL - Dividend Comparison
HIPS's dividend yield for the trailing twelve months is around 11.20%, more than FBL's 3.07% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FBL GraniteShares 2x Long META Daily ETF | 3.07% | 2.07% | 0.00% | 51.58% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HIPS GraniteShares HIPS US High Income ETF | 11.20% | 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 FBL have a correlation of 0.25, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FBL has higher volatility (31.14%) compared to HIPS (2.27%). In terms of maximum drawdown, HIPS dropped -53.14% vs FBL's -63.20%.
On 3-year performance, FBL leads with 18.62% vs 9.09% for HIPS. On fees, FBL is cheaper at 1.09% per year. On volatility, HIPS has been the lower-risk option at 2.27%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FBL has performed better with a 18.62% return vs 9.09%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
FBL is cheaper with a 1.09% expense ratio, compared with 3.19% for HIPS.
HIPS has the higher dividend yield at 11.20%, compared with 3.07% for FBL.
HIPS is categorized as Diversified Portfolio, while FBL is Leveraged Equities. Their fees differ too: 3.19% for HIPS and 1.09% for FBL.
HIPS currently has the higher Sharpe Ratio (0.57 vs -0.69), 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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