HYIN vs. MDIV
HYIN (WisdomTree Alternative Income Fund) and MDIV (First Trust Multi-Asset Diversified Income Index Fund) are both Diversified Portfolio funds - HYIN tracks the Gapstow Liquid Alternative Credit Index while MDIV tracks the NASDAQ US Multi-Asset Diversified Income Index. Both are passively managed. Over the past 5 years, HYIN returned -1.13%/yr vs 5.93%/yr for MDIV. A 0.75 correlation means they provide meaningful diversification when combined. HYIN charges 3.20%/yr vs 0.73%/yr for MDIV.
Performance
HYIN vs. MDIV - Performance Comparison
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Returns By Period
In the year-to-date period, HYIN achieves a -6.85% return, which is significantly lower than MDIV's 8.23% return.
HYIN
- 1D
- 0.76%
- 1M
- -0.63%
- YTD
- -6.85%
- 6M
- -5.87%
- 1Y
- -6.58%
- 3Y*
- 4.25%
- 5Y*
- -1.13%
- 10Y*
- —
MDIV
- 1D
- 0.70%
- 1M
- -0.63%
- YTD
- 8.23%
- 6M
- 8.54%
- 1Y
- 11.46%
- 3Y*
- 12.22%
- 5Y*
- 5.93%
- 10Y*
- 4.86%
HYIN vs. MDIV - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
HYIN WisdomTree Alternative Income Fund | -6.85% | -0.46% | 7.39% | 21.84% | -21.14% | 2.73% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 8.23% | 3.77% | 10.05% | 11.50% | -3.86% | 3.22% |
Correlation
The correlation between HYIN and MDIV is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.69 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.76 |
Correlation (All Time) Calculated using the full available price history since May 6, 2021 | 0.75 |
The correlation between HYIN and MDIV shifts across timeframes, from 0.61 (1 year) to 0.76 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYIN vs. MDIV — Risk / Return Rank
HYIN
MDIV
HYIN vs. MDIV - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for WisdomTree Alternative Income Fund (HYIN) 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.
| HYIN | MDIV | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.20 | ||
| Sortino ratioReturn per unit of downside risk | -3.10 | ||
| Omega ratioGain probability vs. loss probability | 0.93 | 1.30 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.43 | 3.39 | -3.82 |
| Martin ratioReturn relative to average drawdown | -0.85 | 9.38 | -10.24 |
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Drawdowns
HYIN vs. MDIV - Drawdown Comparison
The maximum HYIN drawdown since its inception was -31.10%, smaller than the maximum MDIV drawdown of -48.50%. Use the drawdown chart below to compare losses from any high point for HYIN and MDIV.
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Drawdown Indicators
| HYIN | MDIV | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -31.10% | -48.50% | +17.40% |
Max Drawdown (1Y)Largest decline over 1 year | -15.52% | -3.39% | -12.13% |
Max Drawdown (3Y)Largest decline over 3 years | -15.85% | -9.62% | -6.23% |
Max Drawdown (5Y)Largest decline over 5 years | -31.10% | -13.02% | -18.08% |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.50% | — |
Current DrawdownCurrent decline from peak | -12.58% | -1.05% | -11.53% |
Average DrawdownAverage peak-to-trough decline | -9.04% | -4.57% | -4.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 7.73% | 1.22% | +6.51% |
Volatility
HYIN vs. MDIV - Volatility Comparison
WisdomTree Alternative Income Fund (HYIN) has a higher volatility of 3.44% compared to First Trust Multi-Asset Diversified Income Index Fund (MDIV) at 2.17%. This indicates that HYIN'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
| HYIN | MDIV | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 3.44% | 2.17% | +1.27% |
Volatility (6M)Calculated over the trailing 6-month period | 10.31% | 4.51% | +5.80% |
Volatility (1Y)Calculated over the trailing 1-year period | 12.94% | 6.81% | +6.13% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 16.78% | 10.94% | +5.84% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 16.76% | 15.22% | +1.54% |
HYIN vs. MDIV - Expense Ratio Comparison
HYIN has a 3.20% expense ratio, which is higher than MDIV's 0.73% expense ratio.
Dividends
HYIN vs. MDIV - Dividend Comparison
HYIN's dividend yield for the trailing twelve months is around 13.50%, more than MDIV's 6.35% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYIN WisdomTree Alternative Income Fund | 13.50% | 12.58% | 12.59% | 11.71% | 11.34% | 4.13% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MDIV First Trust Multi-Asset Diversified Income Index Fund | 6.35% | 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
HYIN and MDIV have a correlation of 0.61, 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 MDIV (2.17%). In terms of maximum drawdown, HYIN dropped -31.10% vs MDIV's -48.50%.
On 5-year performance, MDIV leads with 5.93% vs -1.13% for HYIN. On fees, MDIV is cheaper at 0.73% per year. On volatility, MDIV has been the lower-risk option at 2.17%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, MDIV has performed better with a 5.93% return vs -1.13%. 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 3.20% for HYIN.
HYIN has the higher dividend yield at 13.50%, compared with 6.35% for MDIV.
HYIN tracks Gapstow Liquid Alternative Credit Index, while MDIV tracks NASDAQ US Multi-Asset Diversified Income Index. They also come from different issuers: WisdomTree and First Trust. Their fees differ too: 3.20% for HYIN and 0.73% for MDIV.
MDIV currently has the higher Sharpe Ratio (1.69 vs -0.51), 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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