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HYIN vs. HIPS
Performance
Return for Risk
Drawdowns
Volatility
Dividends

HYIN vs. HIPS

Last updated Jun 5, 2026

HYIN (WisdomTree Alternative Income Fund) and HIPS (GraniteShares HIPS US High Income ETF) are both Diversified Portfolio funds - HYIN tracks the Gapstow Liquid Alternative Credit Index while HIPS tracks the TFMS HIPS Index. Both are passively managed. Over the past 5 years, HYIN returned -0.48%/yr vs 4.21%/yr for HIPS. A 0.75 correlation means they provide meaningful diversification when combined. HYIN charges 3.20%/yr vs 3.19%/yr for HIPS.

Performance

HYIN vs. HIPS - Performance Comparison

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

Loading charts...

Returns By Period

In the year-to-date period, HYIN achieves a -5.23% return, which is significantly lower than HIPS's 4.55% return.

HYIN

1D
1.27%
1M
-3.56%
YTD
-5.23%
6M
-5.97%
1Y
-3.94%
3Y*
5.20%
5Y*
-0.48%
10Y*
—

HIPS

1D
1.23%
1M
-2.34%
YTD
4.55%
6M
3.39%
1Y
7.93%
3Y*
11.34%
5Y*
4.21%
10Y*
5.57%
*Multi-year figures are annualized to reflect compound growth (CAGR)

HYIN vs. HIPS - Yearly Performance Comparison

2026 (YTD)20252024202320222021
HYIN
WisdomTree Alternative Income Fund		-5.23%-0.46%7.39%21.84%-21.14%3.08%
HIPS
GraniteShares HIPS US High Income ETF		4.55%1.00%13.71%16.09%-13.47%6.13%

Correlation

The correlation between HYIN and HIPS is 0.73, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

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

0.73

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

0.71

Correlation (5Y)
Calculated over the trailing 5-year period

0.75

Correlation (All Time)
Calculated using the full available price history since May 7, 2021

0.75

The correlation between HYIN and HIPS has been stable across timeframes, ranging from 0.71 to 0.75 - a consistent structural relationship.

HYIN vs. HIPS - Sectors Allocation Comparison

Sectors
HYIN
HIPS

Real Estate

63.0%
31.7%

Financial Services

37.0%
31.6%

Energy

0.0%
32.7%

Basic Materials

0.0%
4.0%

Communication Services

0.0%
0.0%

Consumer Cyclical

-

-

Consumer Defensive

-

-

Healthcare

-

-

Industrials

-

-

Technology

-

-

Utilities

-

-

Real Estate

HYIN
63.0%
HIPS
31.7%

Financial Services

HYIN
37.0%
HIPS
31.6%

Energy

HYIN
0.0%
HIPS
32.7%

Basic Materials

HYIN
0.0%
HIPS
4.0%

Communication Services

HYIN
0.0%
HIPS
0.0%

Consumer Cyclical

HYIN

-

HIPS

-

Consumer Defensive

HYIN

-

HIPS

-

Healthcare

HYIN

-

HIPS

-

Industrials

HYIN

-

HIPS

-

Technology

HYIN

-

HIPS

-

Utilities

HYIN

-

HIPS

-

Compare stocks, funds, or ETFs

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WisdomTree Alternative Income Fund

GraniteShares HIPS US High Income ETF

Often compared with HYIN:
HYIN vs. BIZDHYIN vs. CEFSHYIN vs. PSPHYIN vs. MDIVHYIN vs. ARCCHYIN vs. VCLTHYIN vs. BND
Often compared with HIPS:
HIPS vs. FRIAXHIPS vs. AMLPHIPS vs. YYYHIPS vs. JEPIHIPS vs. JNKHIPS vs. SCHDHIPS vs. EPI

Return for Risk

HYIN vs. HIPS — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
HYIN
HYIN Risk / Return Rank: 66
Overall Rank
HYIN Sharpe Ratio Rank: 66
Sharpe Ratio Rank
HYIN Sortino Ratio Rank: 66
Sortino Ratio Rank
HYIN Omega Ratio Rank: 66
Omega Ratio Rank
HYIN Calmar Ratio Rank: 77
Calmar Ratio Rank
HYIN Martin Ratio Rank: 77
Martin Ratio Rank
HIPS
HIPS Risk / Return Rank: 2525
Overall Rank
HIPS Sharpe Ratio Rank: 2424
Sharpe Ratio Rank
HIPS Sortino Ratio Rank: 2323
Sortino Ratio Rank
HIPS Omega Ratio Rank: 2222
Omega Ratio Rank
HIPS Calmar Ratio Rank: 2727
Calmar Ratio Rank
HIPS Martin Ratio Rank: 2626
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.

HYIN vs. HIPS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for WisdomTree Alternative Income Fund (HYIN) and GraniteShares HIPS US High Income ETF (HIPS). 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.

HYINHIPSDifference
Sharpe ratioReturn per unit of total volatility
-0.31
0.83

-1.14

Sortino ratioReturn per unit of downside risk
-0.35
1.21

-1.56

Omega ratioGain probability vs. loss probability

0.96

1.14

-0.18

Calmar ratioReturn relative to maximum drawdown

-0.25

1.29

-1.55

Martin ratioReturn relative to average drawdown

-0.54

3.46

-4.00

Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYIN vs. HIPS - Sharpe Ratio Comparison

The current HYIN Sharpe Ratio is -0.31, which is lower than the HIPS Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of HYIN and HIPS, 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

HYINHIPSDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

-0.31

0.83

-1.14

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

-0.03

0.32

-0.35

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

—

0.31

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.00

0.23

-0.23

Drawdowns

HYIN vs. HIPS - Drawdown Comparison

The maximum HYIN drawdown since its inception was -31.10%, smaller than the maximum HIPS drawdown of -53.14%. Use the drawdown chart below to compare losses from any high point for HYIN and HIPS.

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Drawdown Indicators

HYINHIPSDifference

Max Drawdown

Largest peak-to-trough decline

-31.10%

-53.14%

+22.04%

Max Drawdown (1Y)

Largest decline over 1 year

-15.52%

-6.15%

-9.37%

Max Drawdown (3Y)

Largest decline over 3 years

-15.85%

-15.41%

-0.44%

Max Drawdown (5Y)

Largest decline over 5 years

-31.10%

-21.28%

-9.82%

Max Drawdown (10Y)

Largest decline over 10 years

—

-53.14%

—

Current Drawdown

Current decline from peak

-11.06%

-3.05%

-8.01%

Average Drawdown

Average peak-to-trough decline

-9.02%

-7.39%

-1.63%

Ulcer Index

Depth and duration of drawdowns from previous peaks

7.28%

2.30%

+4.98%

Volatility

HYIN vs. HIPS - Volatility Comparison

WisdomTree Alternative Income Fund (HYIN) has a higher volatility of 3.44% compared to GraniteShares HIPS US High Income ETF (HIPS) at 2.25%. This indicates that HYIN's price experiences larger fluctuations and is considered to be riskier than HIPS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

HYINHIPSDifference

Volatility (1M)

Calculated over the trailing 1-month period

3.44%

2.25%

+1.19%

Volatility (6M)

Calculated over the trailing 6-month period

10.23%

7.14%

+3.09%

Volatility (1Y)

Calculated over the trailing 1-year period

12.82%

9.60%

+3.22%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

16.81%

13.31%

+3.50%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

16.81%

18.08%

-1.27%

HYIN vs. HIPS - Expense Ratio Comparison

HYIN has a 3.20% expense ratio, which is higher than HIPS's 3.19% expense ratio.

Dividends

HYIN vs. HIPS - Dividend Comparison

HYIN's dividend yield for the trailing twelve months is around 13.27%, more than HIPS's 11.05% yield.

PositionTTM20252024202320222021202020192018201720162015
HIPS
GraniteShares HIPS US High Income ETF		11.05%11.04%10.04%10.32%10.76%8.43%9.50%6.93%8.66%7.28%7.20%8.17%
HYIN
WisdomTree Alternative Income Fund		13.27%12.58%12.59%11.71%11.34%4.13%0.00%0.00%0.00%0.00%0.00%0.00%

Frequently Asked Questions

HYIN and HIPS have a correlation of 0.73, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

HYIN has higher volatility (3.44%) compared to HIPS (2.25%). In terms of maximum drawdown, HYIN dropped -31.10% vs HIPS's -53.14%.

On 5-year performance, HIPS leads with 4.21% vs -0.48% for HYIN. On fees, HIPS is cheaper at 3.19% per year. On volatility, HIPS has been the lower-risk option at 2.25%. The better choice depends on whether you care most about return, fees, risk, or income.

Over the 5-year period, HIPS has performed better with a 4.21% return vs -0.48%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

HIPS is cheaper with a 3.19% expense ratio, compared with 3.20% for HYIN.

HYIN has the higher dividend yield at 13.27%, compared with 11.05% for HIPS.

HYIN tracks Gapstow Liquid Alternative Credit Index, while HIPS tracks TFMS HIPS Index. They also come from different issuers: WisdomTree and GraniteShares. Their fees differ too: 3.20% for HYIN and 3.19% for HIPS.

HIPS currently has the higher Sharpe Ratio (0.83 vs -0.31), 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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