HIPS vs. MDIV
HIPS (GraniteShares HIPS US High Income ETF) and MDIV (First Trust Multi-Asset Diversified Income Index Fund) are both Diversified Portfolio funds - HIPS tracks the TFMS HIPS Index while MDIV tracks the NASDAQ US Multi-Asset Diversified Income Index. Both are passively managed. Over the past 10 years, HIPS returned 4.88%/yr vs 4.79%/yr for MDIV. Their 0.71 correlation means they have sometimes moved together and sometimes differently. HIPS charges 3.19%/yr vs 0.73%/yr for MDIV.
Performance
HIPS vs. MDIV - Performance Comparison
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Returns By Period
In the year-to-date period, HIPS achieves a 5.17% return, which is significantly lower than MDIV's 11.14% return. Both investments have delivered pretty close results over the past 10 years, with HIPS having a 4.88% annualized return and MDIV not far behind at 4.79%.
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%
MDIV
- 1D
- -0.45%
- 1M
- 1.52%
- 6M
- 5.99%
- YTD
- 11.14%
- 1Y
- 12.58%
- 3Y*
- 10.85%
- 5Y*
- 6.82%
- 10Y*
- 4.79%
- ALL TIME*
- 4.94%
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $972.31K | $741.20K | $722.64K | |
| $1.08M | $1.14M | $1.07M |
HIPS vs. MDIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HIPS GraniteShares HIPS US High Income ETF | 5.17% | 1.00% | 13.71% | 16.09% | -13.47% | 22.65% | -11.74% | 22.94% | -9.30% | 6.30% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 11.14% | 3.77% | 10.05% | 11.50% | -3.86% | 16.51% | -14.84% | 18.59% | -5.78% | 5.61% |
Correlation
The correlation between HIPS and MDIV is 0.62, which is moderate. They have sometimes moved together and sometimes differently, sharing some price drivers without tracking each other closely.
| Correlation | |
|---|---|
Correlation (1Y) Focuses on recent behavior, but can change the most. | 0.62 |
Correlation (3Y) Balances recent behavior with more history. | 0.66 |
Correlation (5Y) Shows whether the relationship held over a longer period. | 0.71 |
Correlation (10Y) Provides a long-term view across more market conditions. | 0.72 |
Correlation (All Time) Calculated using the full available price history since Jan 7, 2015 | 0.71 |
The correlation between HIPS and MDIV has been stable across timeframes, ranging from 0.62 to 0.72 - a consistent structural relationship.
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Return for Risk
HIPS vs. MDIV — Risk / Return Rank
HIPS
MDIV
HIPS vs. MDIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for GraniteShares HIPS US High Income ETF (HIPS) and First Trust Multi-Asset Diversified Income Index Fund (MDIV). 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 | MDIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.34 | ||
| Sortino ratioReturn per unit of downside risk | -1.97 | ||
| Omega ratioGain probability vs. loss probability | 1.10 | 1.34 | -0.24 |
| Calmar ratioReturn relative to maximum drawdown | 0.91 | 3.73 | -2.82 |
| Martin ratioReturn relative to average drawdown | 2.05 | 10.43 | -8.38 |
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Drawdowns
HIPS vs. MDIV - Drawdown Comparison
The maximum HIPS drawdown since its inception was -53.14%, which is greater than MDIV's maximum drawdown of -48.50%. Use the drawdown chart below to compare losses from any high point for HIPS and MDIV.
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Drawdown Indicators
| HIPS | MDIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.14% | -48.50% | -4.64% |
Max Drawdown (1Y)Largest decline over 1 year | -6.15% | -3.39% | -2.76% |
Max Drawdown (3Y)Largest decline over 3 years | -15.41% | -9.62% | -5.79% |
Max Drawdown (5Y)Largest decline over 5 years | -21.28% | -13.02% | -8.26% |
Max Drawdown (10Y)Largest decline over 10 years | -53.14% | -48.50% | -4.64% |
Current DrawdownCurrent decline from peak | -2.48% | -0.83% | -1.65% |
Average DrawdownAverage peak-to-trough decline | -7.33% | -4.53% | -2.80% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.72% | 1.21% | +1.51% |
Volatility
HIPS vs. MDIV - Volatility Comparison
GraniteShares HIPS US High Income ETF (HIPS) has a higher volatility of 2.27% compared to First Trust Multi-Asset Diversified Income Index Fund (MDIV) at 1.97%. This indicates that HIPS's price experiences larger fluctuations and is considered to be riskier than MDIV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIPS | MDIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.27% | 1.97% | +0.30% |
Volatility (6M)Calculated over the trailing 6-month period | 6.97% | 4.64% | +2.33% |
Volatility (1Y)Calculated over the trailing 1-year period | 9.74% | 6.61% | +3.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.20% | 10.87% | +2.33% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 17.95% | 15.20% | +2.75% |
HIPS vs. MDIV - Expense Ratio Comparison
HIPS has a 3.19% expense ratio, which is higher than MDIV's 0.73% expense ratio.
Dividends
HIPS vs. MDIV - Dividend Comparison
HIPS's dividend yield for the trailing twelve months is around 11.20%, more than MDIV's 6.76% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 6.76% | 6.51% | 6.40% | 6.08% | 6.71% | 5.30% | 6.00% | 5.90% | 6.76% | 6.04% | 6.35% | 7.38% |
Frequently Asked Questions
HIPS and MDIV have a correlation of 0.62, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIPS has higher volatility (2.27%) compared to MDIV (1.97%). In terms of maximum drawdown, HIPS dropped -53.14% vs MDIV's -48.50%.
On 10-year performance, HIPS leads with 4.88% vs 4.79% for MDIV. On fees, MDIV is cheaper at 0.73% per year. On volatility, MDIV has been the lower-risk option at 1.97%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, HIPS has performed better with a 4.88% return vs 4.79%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
MDIV is cheaper with a 0.73% expense ratio, compared with 3.19% for HIPS.
HIPS has the higher dividend yield at 11.20%, compared with 6.76% for MDIV.
HIPS tracks TFMS HIPS Index, while MDIV tracks NASDAQ US Multi-Asset Diversified Income Index. They also come from different issuers: GraniteShares and First Trust. Their fees differ too: 3.19% for HIPS and 0.73% for MDIV.
MDIV currently has the higher Sharpe Ratio (1.91 vs 0.57), 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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