BIL vs. FIAX
BIL (SPDR Bloomberg 1-3 Month T-Bill ETF) and FIAX (Nicholas Fixed Income Alternative ETF) are both exchange-traded funds - BIL is a Government Bonds fund tracking the Bloomberg 1-3 Month U.S. Treasury Bill Index, while FIAX is a Nontraditional Bonds fund actively managed by Nicholas. BIL is passively managed, while FIAX is actively managed. Over the past 3 years, BIL returned 4.64%/yr vs 3.47%/yr for FIAX. At a correlation of -0.01, they often move in opposite directions. BIL charges 0.14%/yr vs 1.04%/yr for FIAX.
Performance
BIL vs. FIAX - Performance Comparison
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Returns By Period
In the year-to-date period, BIL achieves a 1.49% return, which is significantly higher than FIAX's 1.22% return.
BIL
- 1D
- 0.02%
- 1M
- 0.28%
- YTD
- 1.49%
- 6M
- 1.77%
- 1Y
- 3.87%
- 3Y*
- 4.64%
- 5Y*
- 3.41%
- 10Y*
- 2.18%
FIAX
- 1D
- -0.14%
- 1M
- 0.50%
- YTD
- 1.22%
- 6M
- 1.19%
- 1Y
- 4.66%
- 3Y*
- 3.47%
- 5Y*
- —
- 10Y*
- —
BIL vs. FIAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 1.49% | 4.15% | 5.19% | 4.94% | 0.36% |
FIAX Nicholas Fixed Income Alternative ETF | 1.22% | 2.33% | 4.67% | 3.44% | -0.30% |
Correlation
The correlation between BIL and FIAX is 0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.02 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.01 |
Correlation (All Time) Calculated using the full available price history since Dec 1, 2022 | -0.01 |
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Return for Risk
BIL vs. FIAX — Risk / Return Rank
BIL
FIAX
BIL vs. FIAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) 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.
| BIL | FIAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +18.58 | ||
| Sortino ratioReturn per unit of downside risk | +172.49 | ||
| Omega ratioGain probability vs. loss probability | 87.91 | 1.21 | +86.70 |
| Calmar ratioReturn relative to maximum drawdown | 355.35 | 1.95 | +353.40 |
| Martin ratioReturn relative to average drawdown | 2,817.77 | 7.11 | +2,810.67 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| BIL | FIAX | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 19.71 | 1.13 | +18.58 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 13.16 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 8.52 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 2.78 | 0.81 | +1.97 |
Drawdowns
BIL vs. FIAX - Drawdown Comparison
The maximum BIL drawdown since its inception was -0.78%, smaller than the maximum FIAX drawdown of -6.26%. Use the drawdown chart below to compare losses from any high point for BIL and FIAX.
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Drawdown Indicators
| BIL | FIAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -0.78% | -6.26% | +5.48% |
Max Drawdown (1Y)Largest decline over 1 year | -0.01% | -2.40% | +2.39% |
Max Drawdown (3Y)Largest decline over 3 years | -0.01% | -6.26% | +6.25% |
Max Drawdown (5Y)Largest decline over 5 years | -0.10% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -0.21% | — | — |
Current DrawdownCurrent decline from peak | 0.00% | -0.32% | +0.32% |
Average DrawdownAverage peak-to-trough decline | -0.26% | -0.85% | +0.59% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.00% | 0.66% | -0.66% |
Volatility
BIL vs. FIAX - Volatility Comparison
The current volatility for SPDR Bloomberg 1-3 Month T-Bill ETF (BIL) is 0.05%, while Nicholas Fixed Income Alternative ETF (FIAX) has a volatility of 1.43%. This indicates that BIL experiences smaller price fluctuations and is considered to be less risky than FIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BIL | FIAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.05% | 1.43% | -1.38% |
Volatility (6M)Calculated over the trailing 6-month period | 0.13% | 3.40% | -3.27% |
Volatility (1Y)Calculated over the trailing 1-year period | 0.20% | 4.14% | -3.94% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 0.26% | 4.05% | -3.79% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 0.26% | 4.05% | -3.79% |
BIL vs. FIAX - Expense Ratio Comparison
BIL has a 0.14% expense ratio, which is lower than FIAX's 1.04% expense ratio.
Dividends
BIL vs. FIAX - Dividend Comparison
BIL's dividend yield for the trailing twelve months is around 3.86%, less than FIAX's 8.19% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 |
|---|---|---|---|---|---|---|---|---|---|---|---|
BIL SPDR Bloomberg 1-3 Month T-Bill ETF | 3.86% | 4.13% | 5.03% | 4.92% | 1.35% | 0.00% | 0.30% | 2.05% | 1.66% | 0.68% | 0.07% |
FIAX Nicholas Fixed Income Alternative ETF | 8.19% | 8.17% | 8.11% | 4.81% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
BIL and FIAX have a correlation of 0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
FIAX has higher volatility (1.43%) compared to BIL (0.05%). In terms of maximum drawdown, BIL dropped -0.78% vs FIAX's -6.26%.
On 3-year performance, BIL leads with 4.64% vs 3.47% for FIAX. On fees, BIL is cheaper at 0.14% per year. On volatility, BIL has been the lower-risk option at 0.05%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, BIL has performed better with a 4.64% return vs 3.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BIL is cheaper with a 0.14% expense ratio, compared with 1.04% for FIAX.
FIAX has the higher dividend yield at 8.19%, compared with 3.86% for BIL.
BIL is categorized as Government Bonds, while FIAX is Nontraditional Bonds. They also come from different issuers: State Street and Nicholas. Their fees differ too: 0.14% for BIL and 1.04% for FIAX.
BIL currently has the higher Sharpe Ratio (19.71 vs 1.13), 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.
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