Nicholas Fixed Income Alternative ETF (FIAX)

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The chart shows the growth of an initial investment of $10,000 in Nicholas Fixed Income Alternative ETF, comparing it to the performance of the S&P 500 index or another benchmark. All prices have been adjusted for splits and dividends.

Nicholas Fixed Income Alternative ETF (FIAX) has returned -0.92% so far this year and 2.45% over the past 12 months.

Based on dividend-adjusted daily data since Nov 30, 2022, FIAX's average daily return is +0.01%, while the average monthly return is +0.23%. At this rate, your investment would double in approximately 25.1 years.

Historically, 63% 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 51% 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%.

Nicholas Fixed Income Alternative ETF has an annualized alpha of 0.87%, beta of 0.13, and R² of 0.23 versus S&P 500 Index. Calculated based on daily prices since December 01, 2022.

• This ETF participated in 28.22% of S&P 500 Index downside but only 18.55% of its upside — more exposed to losses than it benefited from rallies.
• Beta of 0.13 may look defensive, but with R² of 0.23 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 0.23 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.

FIAX has a high expense ratio of 1.04%, indicating above-average management fees.

FIAX ranks 27 for risk / return — below 27% of ETFs on our site. The returns aren't fully compensating for the risk involved. This isn't necessarily a dealbreaker, but factor it into your decision — especially if you're risk-averse.

The table below present risk-adjusted performance metrics for Nicholas Fixed Income Alternative ETF (FIAX) and compare them to a chosen benchmark (S&P 500 Index).

Nicholas Fixed Income Alternative ETF provided a 8.30% dividend yield over the last twelve months, with an annual payout of $1.45 per share.

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.

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.

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 1.70%.

The chart below shows the rolling one-month volatility.