Refrigerate for 30 minutes before serving for the best flavor.
Notes
Adjust the amount of hot sauce to change the heat level. This is supposed to be a balanced sauce, so don't add so much hot sauce that it overwhelms the ranch flavor.
Flavors need time to meld. I put my sauce in the fridge for about 30 minutes before serving it. This helps the flavors to fully develop.
I tend to use full-fat mayonnaise and sour cream, which bumps up the fat content. For a lighter version, you can choose low-fat or non-fat options that reduce the calories and fat. You can also use Greek yogurt in place of the sour cream.