HIPS vs INKM: Grades, Fees and Holdings Compared

GraniteShares HIPS US High Income ETF

HIPSDNYSE Arca

State Street Income Allocation ETF

INKMANYSE Arca

Overlap

0.0%by weight

Expense ratio

INKM −0.59pt a year

HIPS1.09%INKM0.50%

Avg volume · 30D

HIPS 5.7×the volume

HIPS75.3KINKM13.3K

10Y return · a year

INKM +0.7pt

HIPS+4.8%INKM+5.5%

HIPS vs INKM Performance

Oct 29, 2021 – Oct 30, 2026

+13.9%HIPS+20.8%INKM

Expense ratio: HIPS 1.09%; INKM 0.50%, better
Fund size: HIPS $96M; INKM $70M
1Y total return: HIPS +2.2%; INKM +7.6%, better
Yield (12M): HIPS 12.15%, better; INKM 4.69%
Holdings: HIPS 41; INKM 18
Avg volume (30D): HIPS 75.3K sh, better; INKM 13.3K sh
NAV per share: HIPS $10.72; INKM $34.00
52W range

ETF.net Grade

Pillar letters and Scores for HIPS, INKM, with each pillar’s weight
Pillar	HIPS	INKM
Cost30% weight	F21	A79Higher
Mission25% weight	Not scored	A71
Risk15% weight	F15	A75Higher
Tradability15% weight	B56	A76Higher
Holdings10% weight	A73Higher	C47
Durability5% weight	B69	A70Higher

Rank among Multi-Asset Income funds

How we build Categories ›

Same Category. HIPS and INKM are both graded against the same 15 Multi-Asset Income funds, so their Grades compare head to head.

Multi-Asset Income⁠

Category · 15 funds

See all 15 ›

INKM ranks 3rd and HIPS 13th of 15 funds in the Multi-Asset Income Category.

Rank 1AINCMFranklin Income Focus ETFScore 82
Rank 2AIYLDiShares Morningstar Multi-Asset Income ETFScore 79
Rank 3AINKMState Street Income Allocation ETFScore 72
Rank 4BMDIVMulti-Asset Diversified Income Index FundScore 66
Rank 12CDINESimplify Tax Aware Diversified Income Strategy ETFScore 40
Rank 13DHIPSGraniteShares HIPS US High Income ETFScore 37
Rank 13DYFYAYields for You Income Strategy A ETFScore 37

Our read on each fund

ETF.net Research

HIPSDGraniteShares HIPS US High Income ETF

INKMAState Street Income Allocation ETF

In short

HIPS HIPS shops in a corner most index funds skip: a roughly 40-name basket of US pass-through securities, screened for lower volatility, paying out monthly. Income mandate first, cheap beta second.

INKM One ticker, one active manager, and a shopping list that runs from bonds and preferreds to convertibles, global REITs and dividend stocks. INKM has been playing multi-asset income this way since 2012, at half a point of fee.

Stated mandate

HIPS The fund passively seeks to track, before fees and expenses, the EQM High Income Pass-Through Securities Index, using replication or representative sampling of its components.

INKM The fund seeks total return by investing primarily in income- and yield-generating assets. It is actively managed and uses tactical allocations across bonds, convertible and preferred securities, global REITs, and domestic and international dividend-focused equities.

Why people hold it

HIPS One ticket to the pass-through corner of the US market: it tracks the EQM High Income Pass-Through Securities Index instead of a plain-vanilla stock benchmark.graniteshares.com
Distributions land monthly, which matches how income spenders actually budget.
Rules first: passive replication or sampling of the index, with a volatility screen written into the methodology rather than left to a manager's discretion.graniteshares.com
Live since 2015, so this is a seasoned niche product with a decade-plus track record, not a fresh launch chasing a theme.

INKM Charges 0.50% a year, under the 0.78% median for allocation funds.
Actively managed with tactical shifts across bonds, convertibles, preferreds, global REITs and dividend equities, rather than fixed index weights.ssga.com
Launched in 2012 and pays quarterly, a long run for a one-ticket income allocation fund.
Lands in the upper half of its allocation peer group on our review.

Worth knowing

HIPS Cost is the headline trade-off: 1.17% a year against a 0.45% median for index trackers in its peer group, one of the steepest fees among them.
Concentrated by design: about 40 yield-heavy names, so a single holding or sector stumble carries far more weight than in a broad market fund.
Smaller and only moderately traded next to mainstream index funds, which can mean wider bid-ask spreads at the moment you place an order.

INKM Thinly traded with a modest asset base, so spreads and order handling matter more here than with the category's giants.
Index-based allocation rivals cost far less: AOA at 0.19% and IRTR at 0.08%.
No published index to check it against. What you own depends on the manager's asset-mix calls.

Full HIPS profile⁠

Full INKM profile⁠

HIPS vs INKM Holdings

How HIPS and INKM differ

Overlap by weight

0.0%

Shared holdings make up 0.0% of HIPS and 0.0% of INKM.

Level by level

Holdings0 in both0.0%
Sector11 Sectors32.1%
Countryby domicile84.2%

Sector

Sector weights in HIPS and INKM, widest gap first
Sector	More in HIPSMore in INKM	HIPS	INKM
Financials	HIPS +25.4 points	34.2%	8.8%
Energy	HIPS +22.0 points	32.1%	10.1%
Real Estate	HIPS +18.1 points	29.9%	11.9%
Industrials	INKM +14.8 points	0.0%	14.8%
Technology	INKM +14.0 points	0.0%	14.0%
Utilities	INKM +13.2 points	0.0%	13.2%
Consumer Staples	INKM +7.7 points	0.0%	7.7%
Health Care	INKM +6.9 points	0.0%	6.9%
Communication	INKM +5.7 points	0.0%	5.7%
Consumer Discretionary	INKM +5.6 points	0.0%	5.6%
Materials	HIPS +2.3 points	3.7%	1.4%

Country, concentration and asset class

Country by domicile

Country weights in HIPS and INKM, widest gap first
Country	More in HIPSMore in INKM	HIPS	INKM
United States	HIPS +15.8 points	99.9%	84.1%
Japan	INKM +1.8 points	0.0%	1.8%
Canada	INKM +1.4 points	0.0%	1.4%
Mexico	INKM +1.3 points	0.0%	1.3%
Australia	INKM +1.2 points	0.0%	1.2%
China	INKM +1.1 points	0.0%	1.1%
Switzerland	INKM +1.1 points	0.0%	1.1%
South Africa	INKM +0.9 points	0.0%	0.9%
Other countries (24)	INKM +7.0 points	0.1%	7.1%

Concentration

Weight in the 10 largest Holdings

HIPS29.7%
INKM82.6%

Securities held

HIPS41
INKM16

Asset class

HIPS: Equity
INKM: Multi-Asset

Holdings

Only in HIPS41
In both0
Only in INKM16

Only in HIPS

41 securities, 100% of HIPS by weight

Dorchester Minerals3.19%
Alliance Resource Partners, L.P.3.15%
Mplx Lp3.04%
Enterprise Products Partners L3.04%
Black Stone Minerals LP2.98%
Capital Southwest Corporation2.89%
Kimbell Royalty Partners Lp2.89%
CVR Partners LP and CVR Nitrogen Finance Corporation2.86%
Fs Kkr Capital Corp2.84%
BlackRock Enhanced Large Cap Core Fund Inc2.81%
Plains All American Pipeline LP2.72%
Delek Logistics Partners LP2.64%
Barings BDC Inc.2.62%
New Mtn Fin Corp Com2.62%
Goldman Sachs BDC Inc2.57%
Golub Cap Bdc Inc Com2.57%
Western Midstream Partners LP2.56%
Nuveen Float Rate Inc Fd2.53%
Pennantpark Floating Rate Capital Ltd.2.48%
Franklin Limited Duration Income Trust2.40%
Neuberger High Yield Strategies Fund Inc.2.37%
Blackrock Floating Rate Income Strategies Fund Incorporated2.35%
Pimco High Income Fund2.34%
Western Asset High Income Fund II Inc.2.34%
Western Asset Global High Income Fund Inc.2.32%
Ellington Financial Inc2.32%
BlackRock Debt Strategies Fd2.30%
Morgan Stanley Direct Lending Fund2.24%
Agnc Investment Corp2.22%
Blackstone Mortgage Trust 2.22%
PIMCO Income Strategy Fund2.22%
PennyMac Mortgage Investment Trust2.21%
Nuveen Churchill Direct Lending Corp2.19%
Annaly Capital Management, Inc.2.19%
Dynex Capital Inc2.13%
Starwood Property Trust Inc.2.02%
ARMOUR Residential REIT Inc.1.99%
Arbor Realty Trust Inc.1.88%
Orchid Island Capital Inc.1.85%
Prospect Capital Corp.1.73%
Cash and Cash Equivalents1.19%

Only in INKM

16 securities, 99.6% of INKM by weight

State Street Spdr Portfolio Lo16.14%
State Street Spdr S+p Global I10.78%
State Street Us Equity Premium9.58%
State Street Spdr Bloomberg Em8.87%
Schwab Us Dividend Equity Etf7.40%
State Street Spdr Portfolio S+7.34%
State Street Spdr Bloomberg Hi5.83%
State Street Spdr Ice Preferre5.80%
State Street Blackstone Senior5.79%
State Street Spdr S+p Internat5.05%
State Street Spdr Bloomberg Em4.85%
State Street Spdr Bloomberg Co3.70%
State Street Spdr Dow Jones Re2.51%
State Street Spdr Portfolio In2.49%
State Street Spdr Portfolio Lo2.01%
State Street Spdr Portfolio In1.49%

Weight gaps

HIPS and INKM share no securities.

All 41 HIPS holdings⁠All 16 INKM holdings⁠

How we measure overlap

Each holding counts at its smaller weight in the two funds, summed over the full Holdings. Sector, country and asset class use the same rule on each fund’s split. Cash, FX and derivative lines stay out of the counts. Two bond funds get no overlap figure.

HIPS vs INKM Cost

Overpaying HIPS vs INKM

$10,154

On $10,000 over 30 years. 7% growth a year before fees, expense ratio only.

HIPS 1.09%
$20,133
INKM 0.50%
$9,979

Amount$10,000

Years30 years

Cost over time

HIPS 1.09%
INKM 0.50%
Overpaying

Year by year

Year	HIPS	INKM	Overpaying
10	$1,915	$900	$1,015
20	$7,166	$3,460	$3,706
30	$20,133	$9,979	$10,154

Expense ratio

1.09%HIPS
0.50%INKM, cheaper

INKM0.50%HIPS1.09%

0.15%1.37%

Middle half of Multi-Asset Income funds
Median 0.71%

INKM 3rd cheapest of 15 funds

HIPS 12th cheapest of 15 funds

HIPS vs INKM Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HIPS 12.15%, better; INKM 4.69%
Payout (12M): HIPS $1.29; INKM $1.59
Last payment: HIPS $0.11; INKM $0.34
Ex-dividend: HIPS Oct 28, 2026; INKM Sep 25, 2026
Paid on: HIPS Oct 30, 2026; INKM Sep 29, 2026
Frequency: HIPS Monthly; INKM Quarterly

Distribution history

Per share, 2023 to 2026, same scale for both

HIPSMonthly · 46 paymentsAll HIPS payments⁠

INKMQuarterly · 15 paymentsAll INKM payments⁠

HIPS vs INKM Risk

Fall from peak · 5 years

HIPS
INKM

Risk facts

VolatilityStd dev, 3 years: HIPS 10.1%INKM 7.8%, better
Return per unit of riskSharpe ratio, 3 years: HIPS 0.37INKM 0.92, better
Worst fallMax drawdown, 5 years: HIPS −21.3%INKM −19.2%, better
Market sensitivityBeta, 5 years: HIPS 0.65INKM 0.82; Market = 1

Popular comparisons

HIPSDvsINCMA
GraniteShares HIPS US High Income ETF · Franklin Income Focus ETF
Expense ratio
1.09% · 0.38%
Category
INKMAvsINCMA
State Street Income Allocation ETF · Franklin Income Focus ETF
Expense ratio
0.50% · 0.38%
Category
HIPSDvsIYLDA
GraniteShares HIPS US High Income ETF · iShares Morningstar Multi-Asset Income ETF
Expense ratio
1.09% · 0.50%
Category
INKMAvsIYLDA
State Street Income Allocation ETF · iShares Morningstar Multi-Asset Income ETF
Expense ratio
0.50% · 0.50%
Category
HIPSDvsMDIVB
GraniteShares HIPS US High Income ETF · Multi-Asset Diversified Income Index Fund
Expense ratio
1.09% · 0.71%
Category
INKMAvsMDIVB
State Street Income Allocation ETF · Multi-Asset Diversified Income Index Fund
Expense ratio
0.50% · 0.71%
Category