- ISIN
- US88634T5359
- Issuer
- Nicholas
- Inception Date
- Nov 29, 2022
- Category
- Nontraditional Bonds
- Leveraged
- 1x (No leverage)
- Index Tracked
- No Index (Active)
- Distribution Policy
- Distributing
- Asset Class
- Bond
- Assets Under Management
- $131M
Highlights
- Avg. Volume (1M)
- 15K
- Avg. Volume Value (1M)
- $258.67K
Share Price Chart
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Performance
FIAX Performance Chart
Nicholas Fixed Income Alternative ETF (FIAX) is up 1.9% since the beginning of the year. FIAX is currently trading at $17 per share.
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Returns By Period
Nicholas Fixed Income Alternative ETF (FIAX) has returned 1.91% so far this year and 3.91% over the past 12 months.
Nicholas Fixed Income Alternative ETF
- 1D
- -0.06%
- 1M
- -0.16%
- 6M
- 1.62%
- YTD
- 1.91%
- 1Y
- 3.91%
- 3Y*
- 3.36%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.26%
Benchmark (S&P 500 Index)
- 1D
- 0.70%
- 1M
- 0.09%
- 6M
- 7.94%
- YTD
- 9.41%
- 1Y
- 20.07%
- 3Y*
- 17.84%
- 5Y*
- 11.25%
- 10Y*
- 13.26%
- ALL TIME*
- 8.09%
FIAX Monthly Returns History
Based on dividend-adjusted daily data since Nov 30, 2022, FIAX's average daily return is +0.01%, while the average monthly return is +0.27%. At this rate, an investment would double in approximately 21.4 years.
Historically, 62% of months were positive and 38% were negative. The best month was Nov 2023 with a return of +2.5%, while the worst month was Sep 2023 at -2.0%. The longest winning streak lasted 8 consecutive months, and the longest losing streak was 3 months.
On a daily basis, FIAX closed higher 52% of trading days. The best single day was Dec 7, 2022 with a return of +1.4%, while the worst single day was Dec 18, 2024 at -1.4%.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | 0.29% | -0.03% | -1.18% | 1.97% | 0.44% | 0.49% | -0.06% | 1.91% | |||||
| 2025 | 1.40% | -0.88% | -1.55% | -1.81% | 0.87% | 1.84% | -0.07% | 1.14% | -0.27% | 0.71% | 0.75% | 0.23% | 2.33% |
| 2024 | 0.24% | -0.28% | 0.29% | -1.17% | 1.42% | 1.08% | 2.04% | 1.22% | -0.04% | -0.10% | 1.34% | -1.40% | 4.67% |
| 2023 | 0.15% | 0.18% | 0.73% | 0.19% | 0.12% | 0.32% | 0.53% | 0.91% | -2.01% | -0.74% | 2.53% | 0.54% | 3.44% |
| 2022 | -0.07% | -0.30% | -0.37% |
Benchmark Metrics
Nicholas Fixed Income Alternative ETF has an annualized alpha of 0.89%, beta of 0.13, and R2 of 0.24 versus S&P 500 Index. Calculated based on daily prices since November 30, 2022.
- This ETF participated in 25.96% of S&P 500 Index downside but only 16.95% of its upside - more exposed to losses than it benefited from rallies.
- Beta of 0.13 may look defensive, but with R2 of 0.24 this ETF is largely uncorrelated with S&P 500 Index - low beta reflects independence, not downside protection. See the Volatility section for a true picture of this ETF's risk.
- R2 of 0.24 means this ETF moves largely independently of S&P 500 Index - capture ratios reflect limited market correlation rather than active downside protection. Consider using a more representative benchmark.
- Alpha
- 0.89%
- Beta
- 0.13
- R²
- 0.24
- Upside Capture
- 16.95%
- Downside Capture
- 25.96%
Expense Ratio
FIAX has a high expense ratio of 1.04%, indicating above-average management fees.
Return for Risk
Risk / Return Rank
FIAX ranks 49 for risk / return — above 49% of ETFs peers on PortfoliosLab. Its historical combined result is near the middle of the peer group.
Risk / Return Metrics
The table below present risk-adjusted performance metrics for Nicholas Fixed Income Alternative ETF (FIAX) and compare them to S&P 500 Index.
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.
| FIAX | Benchmark | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.28 | ||
| Sortino ratioReturn per unit of downside risk | -0.32 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.25 | -0.04 |
| Calmar ratioReturn relative to maximum drawdown | 1.90 | 2.00 | -0.10 |
| Martin ratioReturn relative to average drawdown | 7.08 | 8.49 | -1.41 |
Dividends
Dividend History
Nicholas Fixed Income Alternative ETF provided a 8.20% dividend yield over the last twelve months, with an annual payout of $1.43 per share.
| Period | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
| Dividend | $1.43 | $1.47 | $1.54 | $0.95 |
Dividend yield | 8.20% | 8.17% | 8.11% | 4.81% |
Monthly Dividends
The table displays the monthly dividend distributions for Nicholas Fixed Income Alternative ETF. The dividends shown in the table have been adjusted to account for any splits that may have occurred.
| Jan | Feb | Mar | Apr | May | Jun | Jul | Aug | Sep | Oct | Nov | Dec | Total | |
|---|---|---|---|---|---|---|---|---|---|---|---|---|---|
| 2026 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.83 | |||||
| 2025 | $0.13 | $0.13 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $0.12 | $1.47 |
| 2024 | $0.12 | $0.12 | $0.12 | $0.11 | $0.11 | $0.11 | $0.12 | $0.12 | $0.13 | $0.13 | $0.13 | $0.23 | $1.54 |
| 2023 | $0.02 | $0.06 | $0.05 | $0.05 | $0.07 | $0.07 | $0.09 | $0.11 | $0.11 | $0.11 | $0.11 | $0.12 | $0.95 |
Drawdowns
Drawdowns Chart
The Drawdowns chart displays portfolio losses from any high point along the way. Drawdowns are calculated considering price movements and all distributions paid, if any.
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Worst Drawdowns
The table below displays the maximum drawdowns of the Nicholas Fixed Income Alternative ETF. A maximum drawdown is a measure of risk, indicating the largest reduction in portfolio value due to a series of losing trades.
The maximum drawdown for the Nicholas Fixed Income Alternative ETF was 6.26%, occurring on Apr 21, 2025. Recovery took 142 trading sessions.
The current Nicholas Fixed Income Alternative ETF drawdown is 0.16%.
Drawdown | Fall | Recovery | Underwater | Related event |
|---|---|---|---|---|
-6.26%Apr 2025 | 4mo 10d | 6mo 24d | 11mo 4dDec 2024 - Nov 2025 | 2025 selloff2025 |
-2.97%Oct 2023 | 1mo 26d | 1mo 12d | 3mo 8dSep 2023 - Dec 2023 | — |
-2.40%Mar 2026 | 1mo 14d | 19d | 2mo 3dFeb 2026 - Apr 2026 | — |
-1.98%Nov 2024 | 7d | 14d | 21dNov 2024 - Nov 2024 | — |
-1.71%Apr 2024 | 2mo 28d | 15d | 3mo 13dFeb 2024 - May 2024 | — |
Drawdown Indicators
| FIAX | Benchmark | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.26% | -56.78% | +50.52% |
Max Drawdown (1Y)Largest decline over 1 year | -2.40% | -9.10% | +6.70% |
Max Drawdown (3Y)Largest decline over 3 years | -6.26% | -18.90% | +12.64% |
Max Drawdown (5Y)Largest decline over 5 years | — | -25.43% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.92% | — |
Current DrawdownCurrent decline from peak | -0.16% | -1.58% | +1.42% |
Average DrawdownAverage peak-to-trough decline | -0.83% | -10.70% | +9.87% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | 2.14% | -1.50% |
Volatility
Volatility Chart
The chart below shows the rolling one-month volatility.
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