BALI vs. FIAX

Last updated Jun 24, 2026

BALI (Blackrock Advantage Large Cap Income ETF) and FIAX (Nicholas Fixed Income Alternative ETF) are both exchange-traded funds - BALI is a Derivative Income fund actively managed by BlackRock, while FIAX is a Nontraditional Bonds fund actively managed by Nicholas. Both are actively managed. Over the past year, BALI returned 22.98% vs 4.35% for FIAX. A 0.55 correlation means they provide meaningful diversification when combined. BALI charges 0.35%/yr vs 1.04%/yr for FIAX.

Performance

BALI vs. FIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Blackrock Advantage Large Cap Income ETF (BALI) and Nicholas Fixed Income Alternative ETF (FIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BALI achieves a 8.90% return, which is significantly higher than FIAX's 1.38% return.

BALI

• 1D: -1.07%
• 1M: -1.38%
• YTD: 8.90%
• 6M: 8.29%
• 1Y: 22.98%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FIAX

• 1D: 0.23%
• 1M: 0.59%
• YTD: 1.38%
• 6M: 1.86%
• 1Y: 4.35%
• 3Y*: 3.37%
• 5Y*: —
• 10Y*: —

*Multi-year figures are annualized to reflect compound growth (CAGR)

BALI vs. FIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
BALI Blackrock Advantage Large Cap Income ETF	8.90%	14.51%	22.38%	9.71%
FIAX Nicholas Fixed Income Alternative ETF	1.38%	2.33%	4.67%	2.11%

Correlation

The correlation between BALI and FIAX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (All Time) Calculated using the full available price history since Sep 28, 2023	0.55

The correlation between BALI and FIAX has been stable across timeframes, ranging from 0.49 to 0.55 - a consistent structural relationship.

Return for Risk

BALI vs. FIAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BALI

BALI Risk / Return Rank: 74
BALI Sharpe Ratio Rank: 72
BALI Sortino Ratio Rank: 70
BALI Omega Ratio Rank: 73
BALI Calmar Ratio Rank: 71
BALI Martin Ratio Rank: 83

FIAX

FIAX Risk / Return Rank: 34
FIAX Sharpe Ratio Rank: 31
FIAX Sortino Ratio Rank: 30
FIAX Omega Ratio Rank: 30
FIAX Calmar Ratio Rank: 38
FIAX Martin Ratio Rank: 43

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BALI vs. FIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Blackrock Advantage Large Cap Income ETF (BALI) and Nicholas Fixed Income Alternative ETF (FIAX). Risk-adjusted metrics are performance indicators that assess an investment's returns in relation to its risk, enabling a more accurate comparison of different investment options.

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.

	BALI	FIAX	Difference
Sharpe ratio: Return per unit of total volatility	2.21	1.06	+1.15
Sortino ratio: Return per unit of downside risk	3.03	1.56	+1.47
Omega ratio: Gain probability vs. loss probability	1.41	1.20	+0.22
Calmar ratio: Return relative to maximum drawdown	3.44	1.82	+1.62
Martin ratio: Return relative to average drawdown	16.45	6.62	+9.82

BALI vs. FIAX - Sharpe Ratio Comparison

The current BALI Sharpe Ratio is 2.21, which is higher than the FIAX Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of BALI and FIAX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

BALI vs. FIAX - Drawdown Comparison

The maximum BALI drawdown since its inception was -16.65%, which is greater than FIAX's maximum drawdown of -6.26%. Use the drawdown chart below to compare losses from any high point for BALI and FIAX.

Drawdown Indicators

	BALI	FIAX	Difference
Max Drawdown Largest peak-to-trough decline	-16.65%	-6.26%	-10.39%
Max Drawdown (1Y) Largest decline over 1 year	-6.71%	-2.40%	-4.31%
Max Drawdown (3Y) Largest decline over 3 years	—	-6.26%	—
Current Drawdown Current decline from peak	-2.49%	-0.24%	-2.25%
Average Drawdown Average peak-to-trough decline	-1.63%	-0.85%	-0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.40%	0.66%	+0.74%

Volatility

BALI vs. FIAX - Volatility Comparison

Blackrock Advantage Large Cap Income ETF (BALI) has a higher volatility of 4.07% compared to Nicholas Fixed Income Alternative ETF (FIAX) at 0.84%. This indicates that BALI's price experiences larger fluctuations and is considered to be riskier than FIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BALI	FIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.07%	0.84%	+3.23%
Volatility (6M) Calculated over the trailing 6-month period	8.30%	3.40%	+4.90%
Volatility (1Y) Calculated over the trailing 1-year period	10.49%	4.15%	+6.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	13.02%	4.03%	+8.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	13.02%	4.03%	+8.99%

BALI vs. FIAX - Expense Ratio Comparison

BALI has a 0.35% expense ratio, which is lower than FIAX's 1.04% expense ratio.

Dividends

BALI vs. FIAX - Dividend Comparison

BALI's dividend yield for the trailing twelve months is around 7.83%, less than FIAX's 8.21% yield.

Position	TTM	2025	2024	2023
BALI Blackrock Advantage Large Cap Income ETF	7.83%	8.51%	7.13%	2.13%
FIAX Nicholas Fixed Income Alternative ETF	8.21%	8.17%	8.11%	4.81%

Frequently Asked Questions

Can I hold both BALI and FIAX in my portfolio?

BALI and FIAX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BALI or FIAX?

BALI has higher volatility (4.07%) compared to FIAX (0.84%). In terms of maximum drawdown, BALI dropped -16.65% vs FIAX's -6.26%.

Which ETF is better, BALI or FIAX?

On 1-year performance, BALI leads with 22.98% vs 4.35% for FIAX. On fees, BALI is cheaper at 0.35% per year. On volatility, FIAX has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, BALI or FIAX?

Over the 1-year period, BALI has performed better with a 22.98% return vs 4.35%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, BALI or FIAX?

BALI is cheaper with a 0.35% expense ratio, compared with 1.04% for FIAX.

Which ETF pays a higher dividend yield, BALI or FIAX?

FIAX has the higher dividend yield at 8.21%, compared with 7.83% for BALI.

What is the main difference between BALI and FIAX?

BALI is categorized as Derivative Income, while FIAX is Nontraditional Bonds. They also come from different issuers: BlackRock and Nicholas. Their fees differ too: 0.35% for BALI and 1.04% for FIAX.

Which has better risk-adjusted returns?

BALI currently has the higher Sharpe Ratio (2.21 vs 1.06), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.