HIPS vs. QYLD

Last updated Jun 4, 2026

HIPS (GraniteShares HIPS US High Income ETF) and QYLD (Global X NASDAQ 100 Covered Call ETF) are both exchange-traded funds - HIPS is a Diversified Portfolio fund tracking the TFMS HIPS Index, while QYLD is a Nasdaq-100 fund tracking the CBOE NASDAQ-100 Buy Write V2. Both are passively managed. Over the past 10 years, HIPS returned 5.55%/yr vs 9.80%/yr for QYLD. At a 0.41 correlation, their price movements are largely independent. HIPS charges 3.19%/yr vs 0.60%/yr for QYLD.

Performance

HIPS vs. QYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares HIPS US High Income ETF (HIPS) and Global X NASDAQ 100 Covered Call ETF (QYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HIPS achieves a 3.28% return, which is significantly lower than QYLD's 7.88% return. Over the past 10 years, HIPS has underperformed QYLD with an annualized return of 5.55%, while QYLD has yielded a comparatively higher 9.80% annualized return.

HIPS

• 1D: -0.79%
• 1M: -3.49%
• YTD: 3.28%
• 6M: 2.30%
• 1Y: 6.18%
• 3Y*: 10.94%
• 5Y*: 3.96%
• 10Y*: 5.55%

QYLD

• 1D: -0.06%
• 1M: 1.62%
• YTD: 7.88%
• 6M: 9.97%
• 1Y: 23.93%
• 3Y*: 13.80%
• 5Y*: 8.43%
• 10Y*: 9.80%

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

HIPS vs. QYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
HIPS GraniteShares HIPS US High Income ETF	3.28%	1.00%	13.71%	16.09%	-13.47%	22.65%	-11.74%	22.94%	-9.30%	6.30%
QYLD Global X NASDAQ 100 Covered Call ETF	7.88%	9.28%	19.35%	22.77%	-19.08%	10.41%	8.72%	22.69%	-3.07%	18.79%

Correlation

The correlation between HIPS and QYLD is 0.34, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.34
Correlation (3Y) Calculated over the trailing 3-year period	0.35
Correlation (5Y) Calculated over the trailing 5-year period	0.45
Correlation (10Y) Calculated over the trailing 10-year period	0.41
Correlation (All Time) Calculated using the full available price history since Jan 8, 2015	0.41

The correlation between HIPS and QYLD shifts across timeframes, from 0.34 (1 year) to 0.45 (5 years), reflecting how their relationship changes across market environments.

HIPS vs. QYLD - Sectors Allocation Comparison

Sectors	HIPS	QYLD
Energy	32.7%	0.6%
Real Estate	31.7%	0.1%
Financial Services	31.6%	0.2%
Basic Materials	4.0%	1.1%
Communication Services	0.0%	15.8%
Consumer Cyclical	-	12.3%
Consumer Defensive	-	7.7%
Healthcare	-	4.2%
Industrials	-	2.8%
Technology	-	53.8%
Utilities	-	1.4%

Return for Risk

HIPS vs. QYLD — Risk / Return Rank

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

HIPS

HIPS Risk / Return Rank: 20
HIPS Sharpe Ratio Rank: 19
HIPS Sortino Ratio Rank: 18
HIPS Omega Ratio Rank: 18
HIPS Calmar Ratio Rank: 22
HIPS Martin Ratio Rank: 22

QYLD

QYLD Risk / Return Rank: 88
QYLD Sharpe Ratio Rank: 84
QYLD Sortino Ratio Rank: 85
QYLD Omega Ratio Rank: 92
QYLD Calmar Ratio Rank: 86
QYLD Martin Ratio Rank: 94

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. QYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares HIPS US High Income ETF (HIPS) and Global X NASDAQ 100 Covered Call ETF (QYLD). 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	QYLD	Difference
Sharpe ratio: Return per unit of total volatility	0.65	2.80	-2.15
Sortino ratio: Return per unit of downside risk	0.97	3.92	-2.95
Omega ratio: Gain probability vs. loss probability	1.11	1.63	-0.52
Calmar ratio: Return relative to maximum drawdown	1.01	4.84	-3.83
Martin ratio: Return relative to average drawdown	2.70	28.36	-25.66
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. QYLD - Sharpe Ratio Comparison

The current HIPS Sharpe Ratio is 0.65, which is lower than the QYLD Sharpe Ratio of 2.80. The chart below compares the historical Sharpe Ratios of HIPS and QYLD, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	HIPS	QYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.65	2.80	-2.15
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.30	0.58	-0.28
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.31	0.63	-0.33
Sharpe Ratio (All Time) Calculated using the full available price history	0.23	0.59	-0.37

Drawdowns

HIPS vs. QYLD - Drawdown Comparison

The maximum HIPS drawdown since its inception was -53.14%, which is greater than QYLD's maximum drawdown of -24.75%. Use the drawdown chart below to compare losses from any high point for HIPS and QYLD.

Drawdown Indicators

	HIPS	QYLD	Difference
Max Drawdown Largest peak-to-trough decline	-53.14%	-24.75%	-28.39%
Max Drawdown (1Y) Largest decline over 1 year	-6.15%	-4.97%	-1.18%
Max Drawdown (3Y) Largest decline over 3 years	-15.41%	-19.06%	+3.65%
Max Drawdown (5Y) Largest decline over 5 years	-21.28%	-24.61%	+3.33%
Max Drawdown (10Y) Largest decline over 10 years	-53.14%	-24.75%	-28.39%
Current Drawdown Current decline from peak	-4.23%	-0.06%	-4.17%
Average Drawdown Average peak-to-trough decline	-7.39%	-3.84%	-3.55%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.29%	0.85%	+1.44%

Volatility

HIPS vs. QYLD - Volatility Comparison

GraniteShares HIPS US High Income ETF (HIPS) and Global X NASDAQ 100 Covered Call ETF (QYLD) have volatilities of 1.77% and 1.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HIPS	QYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.77%	1.85%	-0.08%
Volatility (6M) Calculated over the trailing 6-month period	7.05%	7.12%	-0.07%
Volatility (1Y) Calculated over the trailing 1-year period	9.57%	8.58%	+0.99%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.29%	14.70%	-1.41%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	18.07%	15.49%	+2.58%

HIPS vs. QYLD - Expense Ratio Comparison

HIPS has a 3.19% expense ratio, which is higher than QYLD's 0.60% expense ratio.

Dividends

HIPS vs. QYLD - Dividend Comparison

HIPS's dividend yield for the trailing twelve months is around 11.19%, less than QYLD's 11.46% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HIPS GraniteShares HIPS US High Income ETF	11.19%	11.04%	10.04%	10.32%	10.76%	8.43%	9.50%	6.93%	8.66%	7.28%	7.20%	8.17%
QYLD Global X NASDAQ 100 Covered Call ETF	11.46%	11.55%	12.50%	11.78%	13.75%	12.85%	11.16%	9.84%	12.44%	7.69%	9.15%	9.42%

Frequently Asked Questions

Can I hold both HIPS and QYLD in my portfolio?

HIPS and QYLD have a correlation of 0.34, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HIPS or QYLD?

QYLD has higher volatility (1.85%) compared to HIPS (1.77%). In terms of maximum drawdown, HIPS dropped -53.14% vs QYLD's -24.75%.

Which ETF is better, HIPS or QYLD?

On 10-year performance, QYLD leads with 9.80% vs 5.55% for HIPS. On fees, QYLD is cheaper at 0.60% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HIPS or QYLD?

Over the 10-year period, QYLD has performed better with a 9.80% return vs 5.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HIPS or QYLD?

QYLD is cheaper with a 0.60% expense ratio, compared with 3.19% for HIPS.

Which ETF pays a higher dividend yield, HIPS or QYLD?

QYLD has the higher dividend yield at 11.46%, compared with 11.19% for HIPS.

What is the main difference between HIPS and QYLD?

HIPS is categorized as Diversified Portfolio, while QYLD is Nasdaq-100. HIPS tracks TFMS HIPS Index, while QYLD tracks CBOE NASDAQ-100 Buy Write V2. They also come from different issuers: GraniteShares and Global X. Their fees differ too: 3.19% for HIPS and 0.60% for QYLD.

Which has better risk-adjusted returns?

QYLD currently has the higher Sharpe Ratio (2.80 vs 0.65), 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.