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HIPS vs. RULE
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HIPS vs. RULE

Last updated Jun 4, 2026

HIPS (GraniteShares HIPS US High Income ETF) and RULE (Adaptive Core ETF) are both Diversified Portfolio funds. HIPS is passively managed, while RULE is actively managed. Over the past 3 years, HIPS returned 10.94%/yr vs 20.38%/yr for RULE. At a 0.42 correlation, their price movements are largely independent. HIPS charges 3.19%/yr vs 1.10%/yr for RULE.

Performance

HIPS vs. RULE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in GraniteShares HIPS US High Income ETF (HIPS) and Adaptive Core ETF (RULE). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, HIPS achieves a 3.28% return, which is significantly lower than RULE's 45.39% 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%

RULE

1D
0.66%
1M
21.60%
YTD
45.39%
6M
45.86%
1Y
52.19%
3Y*
20.38%
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

HIPS vs. RULE - Yearly Performance Comparison

2026 (YTD)20252024202320222021
HIPS
GraniteShares HIPS US High Income ETF		3.28%1.00%13.71%16.09%-13.47%-2.29%
RULE
Adaptive Core ETF		45.39%4.60%7.59%6.29%-22.87%1.03%

Correlation

The correlation between HIPS and RULE is 0.32, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.32

Correlation (3Y)
Calculated over the trailing 3-year period

0.44

Correlation (All Time)
Calculated using the full available price history since Nov 4, 2021

0.42

The correlation between HIPS and RULE shifts across timeframes, from 0.32 (1 year) to 0.44 (3 years), reflecting how their relationship changes across market environments.

HIPS vs. RULE - Sectors Allocation Comparison

Sectors
HIPS
RULE

Energy

32.7%
2.4%

Real Estate

31.7%
0.0%

Financial Services

31.6%
5.7%

Basic Materials

4.0%
9.0%

Communication Services

0.0%
5.0%

Consumer Cyclical

-

3.2%

Consumer Defensive

-

0.8%

Healthcare

-

6.4%

Industrials

-

13.2%

Technology

-

54.4%

Utilities

-

0.0%

Energy

HIPS
32.7%
RULE
2.4%

Real Estate

HIPS
31.7%
RULE
0.0%

Financial Services

HIPS
31.6%
RULE
5.7%

Basic Materials

HIPS
4.0%
RULE
9.0%

Communication Services

HIPS
0.0%
RULE
5.0%

Consumer Cyclical

HIPS

-

RULE
3.2%

Consumer Defensive

HIPS

-

RULE
0.8%

Healthcare

HIPS

-

RULE
6.4%

Industrials

HIPS

-

RULE
13.2%

Technology

HIPS

-

RULE
54.4%

Utilities

HIPS

-

RULE
0.0%

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

GraniteShares HIPS US High Income ETF

Adaptive Core ETF

Often compared with HIPS:
HIPS vs. FRIAXHIPS vs. AMLPHIPS vs. YYYHIPS vs. JEPIHIPS vs. JNKHIPS vs. SCHDHIPS vs. EPI
Often compared with RULE:
RULE vs. GAARULE vs. AOARULE vs. TSPXRULE vs. PBLRULE vs. HNDLRULE vs. AVMARULE vs. RAA

Return for Risk

HIPS vs. RULE — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HIPS
HIPS Risk / Return Rank: 2020
Overall Rank
HIPS Sharpe Ratio Rank: 1919
Sharpe Ratio Rank
HIPS Sortino Ratio Rank: 1818
Sortino Ratio Rank
HIPS Omega Ratio Rank: 1818
Omega Ratio Rank
HIPS Calmar Ratio Rank: 2222
Calmar Ratio Rank
HIPS Martin Ratio Rank: 2222
Martin Ratio Rank
RULE
RULE Risk / Return Rank: 7979
Overall Rank
RULE Sharpe Ratio Rank: 8080
Sharpe Ratio Rank
RULE Sortino Ratio Rank: 7777
Sortino Ratio Rank
RULE Omega Ratio Rank: 7676
Omega Ratio Rank
RULE Calmar Ratio Rank: 8080
Calmar Ratio Rank
RULE Martin Ratio Rank: 8383
Martin Ratio Rank
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. RULE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for GraniteShares HIPS US High Income ETF (HIPS) and Adaptive Core ETF (RULE). 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.

HIPSRULEDifference
Sharpe ratioReturn per unit of total volatility
0.65
2.59

-1.94

Sortino ratioReturn per unit of downside risk
0.97
3.47

-2.50

Omega ratioGain probability vs. loss probability

1.11

1.46

-0.34

Calmar ratioReturn relative to maximum drawdown

1.01

4.15

-3.14

Martin ratioReturn relative to average drawdown

2.70

16.93

-14.22

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. RULE - Sharpe Ratio Comparison

The current HIPS Sharpe Ratio is 0.65, which is lower than the RULE Sharpe Ratio of 2.59. The chart below compares the historical Sharpe Ratios of HIPS and RULE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

HIPSRULEDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

0.65

2.59

-1.94

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

0.30

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.31

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.23

0.47

-0.24

Drawdowns

HIPS vs. RULE - Drawdown Comparison

The maximum HIPS drawdown since its inception was -53.14%, which is greater than RULE's maximum drawdown of -30.48%. Use the drawdown chart below to compare losses from any high point for HIPS and RULE.

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Drawdown Indicators

HIPSRULEDifference

Max Drawdown

Largest peak-to-trough decline

-53.14%

-30.48%

-22.66%

Max Drawdown (1Y)

Largest decline over 1 year

-6.15%

-12.65%

+6.50%

Max Drawdown (3Y)

Largest decline over 3 years

-15.41%

-20.21%

+4.80%

Max Drawdown (5Y)

Largest decline over 5 years

-21.28%

—

—

Max Drawdown (10Y)

Largest decline over 10 years

-53.14%

—

—

Current Drawdown

Current decline from peak

-4.23%

0.00%

-4.23%

Average Drawdown

Average peak-to-trough decline

-7.39%

-14.98%

+7.59%

Ulcer Index

Depth and duration of drawdowns from previous peaks

2.29%

3.09%

-0.80%

Volatility

HIPS vs. RULE - Volatility Comparison

The current volatility for GraniteShares HIPS US High Income ETF (HIPS) is 1.77%, while Adaptive Core ETF (RULE) has a volatility of 9.59%. This indicates that HIPS experiences smaller price fluctuations and is considered to be less risky than RULE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HIPSRULEDifference

Volatility (1M)

Calculated over the trailing 1-month period

1.77%

9.59%

-7.82%

Volatility (6M)

Calculated over the trailing 6-month period

7.05%

17.54%

-10.49%

Volatility (1Y)

Calculated over the trailing 1-year period

9.57%

20.25%

-10.68%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

13.29%

14.83%

-1.54%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

18.07%

14.83%

+3.24%

HIPS vs. RULE - Expense Ratio Comparison

HIPS has a 3.19% expense ratio, which is higher than RULE's 1.10% expense ratio.

Dividends

HIPS vs. RULE - Dividend Comparison

HIPS's dividend yield for the trailing twelve months is around 11.19%, while RULE has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
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%
RULE
Adaptive Core ETF		0.00%0.00%0.00%2.01%0.01%0.00%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

HIPS and RULE have a correlation of 0.32, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

RULE has higher volatility (9.59%) compared to HIPS (1.77%). In terms of maximum drawdown, HIPS dropped -53.14% vs RULE's -30.48%.

On 3-year performance, RULE leads with 20.38% vs 10.94% for HIPS. On fees, RULE is cheaper at 1.10% per year. On volatility, HIPS has been the lower-risk option at 1.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 3-year period, RULE has performed better with a 20.38% return vs 10.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

RULE is cheaper with a 1.10% expense ratio, compared with 3.19% for HIPS.

HIPS has the higher dividend yield at 11.19%, compared with 0.00% for RULE.

They also come from different issuers: GraniteShares and Mohr Funds. Their fees differ too: 3.19% for HIPS and 1.10% for RULE.

RULE currently has the higher Sharpe Ratio (2.59 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.

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