HIPS vs. MDIV

Last updated Apr 2, 2026

Compare and contrast key facts about GraniteShares HIPS US High Income ETF (HIPS) and First Trust Multi-Asset Diversified Income Index Fund (MDIV).

HIPS and MDIV are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HIPS is a passively managed fund by GraniteShares that tracks the performance of the TFMS HIPS Index. It was launched on Jan 6, 2015. MDIV is a passively managed fund by First Trust that tracks the performance of the NASDAQ US Multi-Asset Diversified Income Index. It was launched on Aug 14, 2012. Both HIPS and MDIV are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

Performance

HIPS vs. MDIV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares HIPS US High Income ETF (HIPS) and First Trust Multi-Asset Diversified Income Index Fund (MDIV). The values are adjusted to include any dividend payments, if applicable.

HIPS vs. MDIV - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HIPS GraniteShares HIPS US High Income ETF	1.17%	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	4.58%	3.77%	10.05%	11.50%	-3.86%	16.51%	-14.84%	18.59%	-5.78%	5.61%

Returns By Period

In the year-to-date period, HIPS achieves a 1.17% return, which is significantly lower than MDIV's 4.58% return. Over the past 10 years, HIPS has outperformed MDIV with an annualized return of 6.08%, while MDIV has yielded a comparatively lower 5.01% annualized return.

HIPS

• 1D: -0.46%
• 1M: -2.33%
• YTD: 1.17%
• 6M: 2.76%
• 1Y: 0.21%
• 3Y*: 10.15%
• 5Y*: 5.30%
• 10Y*: 6.08%

MDIV

• 1D: -0.01%
• 1M: -2.26%
• YTD: 4.58%
• 6M: 3.63%
• 1Y: 5.03%
• 3Y*: 10.12%
• 5Y*: 6.28%
• 10Y*: 5.01%

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

HIPS vs. MDIV - Expense Ratio Comparison

HIPS has a 3.19% expense ratio, which is higher than MDIV's 0.73% expense ratio.

HIPS

GraniteShares HIPS US High Income ETF

MDIV

First Trust Multi-Asset Diversified Income Index Fund

Return for Risk

HIPS vs. MDIV — Risk / Return Rank

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

HIPS

HIPS Risk / Return Rank: 12
HIPS Sharpe Ratio Rank: 12
HIPS Sortino Ratio Rank: 11
HIPS Omega Ratio Rank: 11
HIPS Calmar Ratio Rank: 13
HIPS Martin Ratio Rank: 13

MDIV

MDIV Risk / Return Rank: 26
MDIV Sharpe Ratio Rank: 27
MDIV Sortino Ratio Rank: 24
MDIV Omega Ratio Rank: 26
MDIV Calmar Ratio Rank: 25
MDIV Martin Ratio Rank: 29

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. 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.

	HIPS	MDIV	Difference
Sharpe ratio Return per unit of total volatility	0.01	0.52	-0.51
Sortino ratio Return per unit of downside risk	0.12	0.75	-0.63
Omega ratio Gain probability vs. loss probability	1.02	1.11	-0.09
Calmar ratio Return relative to maximum drawdown	0.06	0.61	-0.56
Martin ratio Return relative to average drawdown	0.20	2.45	-2.25
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HIPS vs. MDIV - Sharpe Ratio Comparison

The current HIPS Sharpe Ratio is 0.01, which is lower than the MDIV Sharpe Ratio of 0.52. The chart below compares the historical Sharpe Ratios of HIPS and MDIV, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	HIPS	MDIV	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.01	0.52	-0.51
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.40	0.57	-0.17
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.34	0.33	+0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.22	0.33	-0.11

Correlation

The correlation between HIPS and MDIV is 0.72, which is considered to be high. That indicates a strong positive relationship between their price movements. Having highly-correlated positions in a portfolio may signal a lack of diversification, potentially leading to increased risk during market downturns.

Dividends

HIPS vs. MDIV - Dividend Comparison

HIPS's dividend yield for the trailing twelve months is around 11.22%, more than MDIV's 6.30% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HIPS GraniteShares HIPS US High Income ETF	11.22%	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	6.30%	6.51%	6.40%	6.08%	6.71%	5.30%	6.00%	5.90%	6.76%	6.04%	6.35%	7.38%

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.

Drawdown Indicators

	HIPS	MDIV	Difference
Max Drawdown Largest peak-to-trough decline	-53.14%	-48.50%	-4.64%
Max Drawdown (1Y) Largest decline over 1 year	-12.98%	-8.78%	-4.20%
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 Drawdown Current decline from peak	-3.69%	-2.26%	-1.43%
Average Drawdown Average peak-to-trough decline	-7.47%	-4.64%	-2.83%
Ulcer Index Depth and duration of drawdowns from previous peaks	3.54%	2.21%	+1.33%

Volatility

HIPS vs. MDIV - Volatility Comparison

GraniteShares HIPS US High Income ETF (HIPS) has a higher volatility of 3.83% compared to First Trust Multi-Asset Diversified Income Index Fund (MDIV) at 2.06%. 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.

Volatility by Period

	HIPS	MDIV	Difference
Volatility (1M) Calculated over the trailing 1-month period	3.83%	2.06%	+1.77%
Volatility (6M) Calculated over the trailing 6-month period	7.53%	4.81%	+2.72%
Volatility (1Y) Calculated over the trailing 1-year period	15.02%	9.73%	+5.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.33%	11.01%	+2.32%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.13%	15.27%	+2.86%