FIAX vs. BALI

Last updated Jun 23, 2026

FIAX (Nicholas Fixed Income Alternative ETF) and BALI (Blackrock Advantage Large Cap Income ETF) are both exchange-traded funds - FIAX is a Nontraditional Bonds fund actively managed by Nicholas, while BALI is a Derivative Income fund actively managed by BlackRock. Both are actively managed. Over the past year, FIAX returned 4.63% vs 25.38% for BALI. A 0.55 correlation means they provide meaningful diversification when combined. FIAX charges 1.04%/yr vs 0.35%/yr for BALI.

Performance

FIAX vs. BALI - Performance Comparison

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

Returns By Period

In the year-to-date period, FIAX achieves a 1.15% return, which is significantly lower than BALI's 10.07% return.

FIAX

• 1D: -0.34%
• 1M: 0.36%
• YTD: 1.15%
• 6M: 1.00%
• 1Y: 4.63%
• 3Y*: 3.29%
• 5Y*: —
• 10Y*: —

BALI

• 1D: -0.30%
• 1M: -0.31%
• YTD: 10.07%
• 6M: 10.01%
• 1Y: 25.38%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FIAX vs. BALI - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FIAX Nicholas Fixed Income Alternative ETF	1.15%	2.33%	4.67%	2.11%
BALI Blackrock Advantage Large Cap Income ETF	10.07%	14.51%	22.38%	9.71%

Correlation

The correlation between FIAX and BALI is 0.51, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.51
Correlation (All Time) Calculated using the full available price history since Sep 28, 2023	0.55

The correlation between FIAX and BALI has been stable across timeframes, ranging from 0.51 to 0.55 - a consistent structural relationship.

Return for Risk

FIAX vs. BALI — Risk / Return Rank

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

FIAX

FIAX Risk / Return Rank: 36
FIAX Sharpe Ratio Rank: 32
FIAX Sortino Ratio Rank: 32
FIAX Omega Ratio Rank: 31
FIAX Calmar Ratio Rank: 40
FIAX Martin Ratio Rank: 44

BALI

BALI Risk / Return Rank: 81
BALI Sharpe Ratio Rank: 80
BALI Sortino Ratio Rank: 79
BALI Omega Ratio Rank: 81
BALI Calmar Ratio Rank: 76
BALI Martin Ratio Rank: 88

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.

FIAX vs. BALI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Fixed Income Alternative ETF (FIAX) and Blackrock Advantage Large Cap Income ETF (BALI). 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.

	FIAX	BALI	Difference
Sharpe ratio: Return per unit of total volatility	1.12	2.45	-1.32
Sortino ratio: Return per unit of downside risk	1.66	3.34	-1.69
Omega ratio: Gain probability vs. loss probability	1.21	1.46	-0.25
Calmar ratio: Return relative to maximum drawdown	1.94	3.80	-1.86
Martin ratio: Return relative to average drawdown	7.05	18.28	-11.23

FIAX vs. BALI - Sharpe Ratio Comparison

The current FIAX Sharpe Ratio is 1.12, which is lower than the BALI Sharpe Ratio of 2.45. The chart below compares the historical Sharpe Ratios of FIAX and BALI, 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

FIAX vs. BALI - Drawdown Comparison

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

Drawdown Indicators

	FIAX	BALI	Difference
Max Drawdown Largest peak-to-trough decline	-6.26%	-16.65%	+10.39%
Max Drawdown (1Y) Largest decline over 1 year	-2.40%	-6.71%	+4.31%
Max Drawdown (3Y) Largest decline over 3 years	-6.26%	—	—
Current Drawdown Current decline from peak	-0.46%	-1.44%	+0.98%
Average Drawdown Average peak-to-trough decline	-0.85%	-1.63%	+0.78%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	1.39%	-0.73%

Volatility

FIAX vs. BALI - Volatility Comparison

The current volatility for Nicholas Fixed Income Alternative ETF (FIAX) is 0.81%, while Blackrock Advantage Large Cap Income ETF (BALI) has a volatility of 3.95%. This indicates that FIAX experiences smaller price fluctuations and is considered to be less risky than BALI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIAX	BALI	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	3.95%	-3.14%
Volatility (6M) Calculated over the trailing 6-month period	3.41%	8.24%	-4.83%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	10.44%	-6.29%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.03%	13.01%	-8.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.03%	13.01%	-8.98%

FIAX vs. BALI - Expense Ratio Comparison

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

Dividends

FIAX vs. BALI - Dividend Comparison

FIAX's dividend yield for the trailing twelve months is around 8.23%, more than BALI's 7.74% yield.

Position	TTM	2025	2024	2023
BALI Blackrock Advantage Large Cap Income ETF	7.74%	8.51%	7.13%	2.13%
FIAX Nicholas Fixed Income Alternative ETF	8.23%	8.17%	8.11%	4.81%

Frequently Asked Questions

Can I hold both FIAX and BALI in my portfolio?

FIAX and BALI have a correlation of 0.51, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FIAX or BALI?

BALI has higher volatility (3.95%) compared to FIAX (0.81%). In terms of maximum drawdown, FIAX dropped -6.26% vs BALI's -16.65%.

Which ETF is better, FIAX or BALI?

On 1-year performance, BALI leads with 25.38% vs 4.63% for FIAX. On fees, BALI is cheaper at 0.35% per year. On volatility, FIAX has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIAX or BALI?

Over the 1-year period, BALI has performed better with a 25.38% return vs 4.63%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIAX or BALI?

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

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

FIAX has the higher dividend yield at 8.23%, compared with 7.74% for BALI.

What is the main difference between FIAX and BALI?

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

Which has better risk-adjusted returns?

BALI currently has the higher Sharpe Ratio (2.45 vs 1.12), 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.