The compound that comes with the Cooler Master Hyper 212+ characteristically looks similar to any of the Top Performing aluminum oxides, it's thinner and easier to spread so it should perform very well.
However the tube I have has no labeled ingredients of what the composition actually is inside the tube so guessing it is an aluminum oxide may be seriously incorrect, it could simply be gray silicone but Cooler Master has enough faith in it's performance to include it with their product.
Artic Silver 5 was tested in the thermal roundup and still is a viable competitor but needs some cure in time to reach its maximum performance level.
The CMH212+ needs some specific attention to detail regarding filling the heat sink base grooves, I recommend using an old card similar to a credit card to spread/fill the gaps level across the base of the heat sink, as you don't want to leave air gaps.
Then proceed to mount the heat sink, but remember this:
Thermal compound's only purpose is to fill the imperfections between the heat sink base and the CPU's heat spreader, and you need no more than it takes to do that which is not much at all.
Too much thermal compound defeats it's purpose and can in some cases be so much it acts as an insulator instead of a conductor of the heat.