HIPS vs MDIV: Grades, Fees and Holdings Compared

GraniteShares HIPS US High Income ETF

HIPSDNYSE Arca

Multi-Asset Diversified Income Index Fund

MDIVBNasdaq

Overlap

9.6%by weight

Expense ratio

MDIV −0.38pt a year

HIPS1.09%MDIV0.71%

Avg volume · 30D

HIPS 1.3×the volume

HIPS75.3KMDIV58.4K

10Y return · a year

MDIV +0.4pt

HIPS+4.8%MDIV+5.2%

HIPS vs MDIV Performance

Oct 29, 2021 – Oct 30, 2026

+13.9%HIPS+34.8%MDIV

Expense ratio: HIPS 1.09%; MDIV 0.71%, better
Fund size: HIPS $96M; MDIV $418M
1Y total return: HIPS +2.2%; MDIV +11.5%, better
Yield (12M): HIPS 12.15%, better; MDIV 7.48%
Holdings: HIPS 41; MDIV 124
Avg volume (30D): HIPS 75.3K sh, better; MDIV 58.4K sh
NAV per share: HIPS $10.72; MDIV $16.18
52W range

ETF.net Grade

Pillar letters and Scores for HIPS, MDIV, with each pillar’s weight
Pillar	HIPS	MDIV
Cost30% weight	F21	C50Higher
Mission25% weight	Not scored	A86
Risk15% weight	F15	B55Higher
Tradability15% weight	B56	A74Higher
Holdings10% weight	A73Higher	B67
Durability5% weight	B69	A83Higher

Rank among Multi-Asset Income funds

How we build Categories ›

Same Category. HIPS and MDIV 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 ›

MDIV ranks 4th 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 5BALTYGlobal X Alternative Income ETFScore 57
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

MDIVBMulti-Asset Diversified Income Index Fund

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.

MDIV Five income sleeves in one ticker: dividend stocks, REITs, preferreds, MLPs and a high-yield bond ETF, each reset to roughly 20% every quarter. Trading since 2012 and paying monthly, it spreads the yield hunt instead of making one big bet.

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.

MDIV The Fund seeks investment results that generally track the price and yield of the Nasdaq US Multi-Asset Diversified Income Index before fees and expenses.

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.

MDIV Five slices, one ticker: dividend stocks, REITs, preferreds, MLPs and a high-yield bond ETF, each rebalanced back to about 20% each quarter.sec.gov
Each segment filters out names whose annual volatility runs more than 15 percentage points above its benchmark, so the wildest high-yielders get screened.ftportfolios.com nasdaqomx.com
Trading since 2012 and paying monthly, with about 120 holdings, it ranks as one of the stronger implementations in the multi-asset income group.

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.

MDIV 0.71% net of a waiver through January 31, 2027 (0.83% gross) sits near the category median, but above peers like INCM at 0.38% and IYLD at 0.50%.
The high-yield sleeve is owned through another ETF, which may be a First Trust fund, so a slice of the cost and credit exposure sits one layer down.sec.gov
All five sleeves are income assets: preferreds, high-yield bonds, REITs and MLPs can lean the same way when rates or credit spreads move.nasdaqomx.com

Full HIPS profile⁠

Full MDIV profile⁠

HIPS vs MDIV Holdings

How HIPS and MDIV differ

Overlap by weight

9.6%

Shared holdings make up 25.4% of HIPS and 9.6% of MDIV.

Level by level

Holdings9 in both9.6%
Sector11 Sectors76.0%
Countryby domicile99.2%

Sector

Sector weights in HIPS and MDIV, widest gap first
Sector	More in HIPSMore in MDIV	HIPS	MDIV
Financials	HIPS +20.2 points	34.2%	13.9%
Utilities	MDIV +8.9 points	0.0%	8.9%
Consumer Staples	MDIV +4.8 points	0.0%	4.8%
Materials	HIPS +3.7 points	3.7%	0.0%
Energy	MDIV +2.8 points	32.1%	34.9%
Real Estate	MDIV +2.7 points	29.9%	32.7%
Health Care	MDIV +1.8 points	0.0%	1.8%
Communication	MDIV +1.7 points	0.0%	1.7%
Industrials	MDIV +0.7 points	0.0%	0.7%
Consumer Discretionary	MDIV +0.6 points	0.0%	0.6%
Technology	Same weight	0.0%	0.0%

Country, concentration and asset class

Country by domicile

Country weights in HIPS and MDIV, widest gap first
Country	More in HIPSMore in MDIV	HIPS	MDIV
Canada	MDIV +0.8 points	0.0%	0.8%
United States	HIPS +0.7 points	99.9%	99.2%
Other countries (3)	HIPS +0.1 points	0.1%	0.0%

Concentration

Weight in the 10 largest Holdings

HIPS29.7%
MDIV32.1%

Securities held

HIPS41
MDIV123

Asset class

HIPS: Equity
MDIV: Multi-Asset

Holdings

Only in HIPS32
In both9
Only in MDIV114

Only in HIPS

32 securities, 74.6% of HIPS by weight

Enterprise Products Partners L3.04%
Capital Southwest Corporation2.89%
CVR Partners LP and CVR Nitrogen Finance Corporation2.86%
Fs Kkr Capital Corp2.84%
BlackRock Enhanced Large Cap Core Fund Inc2.81%
Barings BDC Inc.2.62%
New Mtn Fin Corp Com2.62%
Goldman Sachs BDC Inc2.57%
Golub Cap Bdc Inc Com2.57%
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%
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 MDIV

114 securities, 90.1% of MDIV by weight

First Trust Tactical High Yield ETF20.34%
Mach Natural Resources LP1.37%
AGNC Investment Corp.1.34%
Rithm Capital Corp.1.32%
ARMOUR Residential REIT, Inc.1.28%
TXO Partners, L.P.1.27%
Icahn Enterprises, L.P.1.27%
Rithm Capital Corp., Series B, Variable Rate1.23%
CrossAmerica Partners LP1.10%
Citigroup Capital XIII, Variable Rate, due 10/30/20400.99%
Apple Hospitality REIT, Inc.0.95%
Gaming and Leisure Properties, Inc.0.92%
VICI Properties Inc.0.91%
AGNC Investment Corp., Series C, 7.000%, Variable Rate0.90%
AGNC Investment Corp., Series E, 6.500% Variable Rate0.89%
USA Compression Partners LP0.89%
Rithm Capital Corp., Series D, Variable Rate0.88%
Annaly Capital Management, Inc., Series F, 6.950%, Variable Rate0.88%
AGNC Investment Corp., Series F, 6.125% Variable Rate0.87%
Lincoln National Corporation, Series D, 9.000%0.85%
Annaly Capital Management, Inc., Series G, 6.500% Variable Rate0.82%
EPR Properties0.81%
Synchrony Financial, Series B Variable Rate0.80%
Fifth Third Bancorp, Series I, 6.625%, Variable Rate0.79%
Algonquin Power & Utilities Corp., Series 19-A, 6.200%, Variable Rate, Due 07/01/20790.79%
Four Corners Property Trust, Inc.0.78%
Jackson Financial Inc., 8.000%, Variable Rate0.78%
Banc of California, Inc., Series F, 7.75% Variable Rate0.78%
Omega Healthcare Investors, Inc.0.77%
CubeSmart0.77%
Energy Transfer LP0.76%
CHS Inc., Series 1, 7.875%0.75%
American National Group Inc., Series D, 7.375%0.74%
Apollo Global Management, Inc., 7.625%, Variable Rate, Due 09/15/20530.73%
Plains GP Holdings, L.P. (Class A)0.73%
The Allstate Corporation, 5.100%, Variable Rate, Due 01/15/20530.73%
Pfizer Inc.0.72%
Hess Midstream LP (Class A)0.72%
CHS Inc., Series 4, 7.500%0.71%
Reinsurance Group of America, Incorporated, 7.125%, Variable Rate, Due 10/15/20520.70%
Morgan Stanley, Series E, 7.125%, Variable Rate0.70%
Altria Group, Inc.0.69%
Athene Holding Ltd., 7.250% Variable Rate, Due 03/30/20640.69%
Getty Realty Corp.0.68%
Global Partners LP0.67%
Enterprise Products Partners L.P.0.67%
Rexford Industrial Realty, Inc.0.66%
Viper Energy, Inc. (Class A)0.66%
Extra Space Storage Inc.0.66%
Morgan Stanley, Series F, 6.875%, Variable Rate0.66%

Weight gaps

All 9 Holdings in both funds, largest gap first.

Holding weights in HIPS and MDIV, widest gap first
Holding	More in HIPSMore in MDIV	HIPS	MDIV
Mplx LpMPLX	HIPS +2.17 points	3.04%	0.87%
Dorchester MineralsDMLP	HIPS +2.02 points	3.19%	1.17%
Alliance Resource Partners, L.P.ARLP	HIPS +2.03 points	3.15%	1.12%
Black Stone Minerals LPBSM	HIPS +2.02 points	2.98%	0.96%
Plains All American Pipeline LPPAA	HIPS +1.91 points	2.72%	0.81%
Delek Logistics Partners LPDKL	HIPS +1.74 points	2.64%	0.90%
Kimbell Royalty Partners LpKRP	HIPS +1.51 points	2.89%	1.38%
Western Midstream Partners LPWES	HIPS +1.44 points	2.56%	1.12%
Annaly Capital Management, Inc.NLY	HIPS +0.87 points	2.19%	1.32%

All 41 HIPS holdings⁠All 123 MDIV 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 MDIV Cost

Overpaying HIPS vs MDIV

$6,351

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

HIPS 1.09%
$20,133
MDIV 0.71%
$13,782

Amount$10,000

Years30 years

Cost over time

HIPS 1.09%
MDIV 0.71%
Overpaying

Year by year

Year	HIPS	MDIV	Overpaying
10	$1,915	$1,267	$648
20	$7,166	$4,824	$2,342
30	$20,133	$13,782	$6,351

Expense ratio

1.09%HIPS
0.71%MDIV, cheaper

MDIV0.71%HIPS1.09%

0.15%1.37%

Middle half of Multi-Asset Income funds
Median 0.71%

MDIV 8th cheapest of 15 funds

HIPS 12th cheapest of 15 funds

HIPS vs MDIV Dividends

Last 12 months to Oct 30, 2026

Yield (12M): HIPS 12.15%, better; MDIV 7.48%
Payout (12M): HIPS $1.29; MDIV $1.21
Last payment: HIPS $0.11; MDIV $0.08
Ex-dividend: HIPS Oct 28, 2026; MDIV Oct 21, 2026
Paid on: HIPS Oct 30, 2026; MDIV Oct 30, 2026
Frequency: HIPS Monthly; MDIV Monthly

Distribution history

Per share, 2023 to 2026, same scale for both

HIPSMonthly · 46 paymentsAll HIPS payments⁠

MDIVMonthly · 46 paymentsAll MDIV payments⁠

HIPS vs MDIV Risk

Fall from peak · 5 years

HIPS
MDIV

Risk facts

VolatilityStd dev, 3 years: HIPS 10.1%MDIV 8.5%, better
Return per unit of riskSharpe ratio, 3 years: HIPS 0.37MDIV 0.82, better
Worst fallMax drawdown, 5 years: HIPS −21.3%MDIV −13.1%, better
Market sensitivityBeta, 5 years: HIPS 0.65MDIV 0.69; Market = 1

Popular comparisons

HIPSDvsINCMA
GraniteShares HIPS US High Income ETF · Franklin Income Focus ETF
Expense ratio
1.09% · 0.38%
Category
MDIVBvsINCMA
Multi-Asset Diversified Income Index Fund · Franklin Income Focus ETF
Expense ratio
0.71% · 0.38%
Category
HIPSDvsIYLDA
GraniteShares HIPS US High Income ETF · iShares Morningstar Multi-Asset Income ETF
Expense ratio
1.09% · 0.50%
Category
MDIVBvsIYLDA
Multi-Asset Diversified Income Index Fund · iShares Morningstar Multi-Asset Income ETF
Expense ratio
0.71% · 0.50%
Category
HIPSDvsINKMA
GraniteShares HIPS US High Income ETF · State Street Income Allocation ETF
Expense ratio
1.09% · 0.50%
Category
MDIVBvsINKMA
Multi-Asset Diversified Income Index Fund · State Street Income Allocation ETF
Expense ratio
0.71% · 0.50%
Category