FIAX vs. BHDG

Last updated Jun 4, 2026

FIAX (Nicholas Fixed Income Alternative ETF) and BHDG (Nicholas Bitcoin Tail ETF) are both exchange-traded funds - FIAX is a Nontraditional Bonds fund actively managed by Nicholas, while BHDG is a Cryptocurrency fund actively managed by Nicholas. Both are actively managed. At a correlation of -0.35, they often move in opposite directions. FIAX charges 1.04%/yr vs 0.97%/yr for BHDG.

Performance

FIAX vs. BHDG - Performance Comparison

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

Returns By Period

FIAX

• 1D: -0.14%
• 1M: 0.50%
• YTD: 1.22%
• 6M: 1.19%
• 1Y: 4.66%
• 3Y*: 3.47%
• 5Y*: —
• 10Y*: —

BHDG

• 1D: 1.46%
• 1M: 6.79%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FIAX vs. BHDG - Yearly Performance Comparison

	2026 (YTD)
FIAX Nicholas Fixed Income Alternative ETF	2.26%
BHDG Nicholas Bitcoin Tail ETF	-3.79%

Correlation

The correlation between FIAX and BHDG is -0.35, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 19, 2026	-0.35

Return for Risk

FIAX vs. BHDG — Risk / Return Rank

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

FIAX

FIAX Risk / Return Rank: 35
FIAX Sharpe Ratio Rank: 31
FIAX Sortino Ratio Rank: 31
FIAX Omega Ratio Rank: 31
FIAX Calmar Ratio Rank: 39
FIAX Martin Ratio Rank: 44

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. BHDG - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Fixed Income Alternative ETF (FIAX) and Nicholas Bitcoin Tail ETF (BHDG). 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.

	FIAX	BHDG	Difference
Sharpe ratio: Return per unit of total volatility	1.13	—	—
Sortino ratio: Return per unit of downside risk	1.67	—	—
Omega ratio: Gain probability vs. loss probability	1.21	—	—
Calmar ratio: Return relative to maximum drawdown	1.95	—	—
Martin ratio: Return relative to average drawdown	7.11	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	FIAX	BHDG	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.13	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	-0.91	+1.71

Drawdowns

FIAX vs. BHDG - Drawdown Comparison

The maximum FIAX drawdown since its inception was -6.26%, smaller than the maximum BHDG drawdown of -15.06%. Use the drawdown chart below to compare losses from any high point for FIAX and BHDG.

Drawdown Indicators

	FIAX	BHDG	Difference
Max Drawdown Largest peak-to-trough decline	-6.26%	-15.06%	+8.80%
Max Drawdown (1Y) Largest decline over 1 year	-2.40%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-6.26%	—	—
Current Drawdown Current decline from peak	-0.32%	-7.70%	+7.38%
Average Drawdown Average peak-to-trough decline	-0.85%	-9.28%	+8.43%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	—	—

Volatility

Volatility by Period

	FIAX	BHDG	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.43%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.40%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.14%	18.70%	-14.56%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.05%	18.70%	-14.65%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.05%	18.70%	-14.65%

FIAX vs. BHDG - Expense Ratio Comparison

FIAX has a 1.04% expense ratio, which is higher than BHDG's 0.97% expense ratio.

Dividends

FIAX vs. BHDG - Dividend Comparison

FIAX's dividend yield for the trailing twelve months is around 8.19%, while BHDG has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
BHDG Nicholas Bitcoin Tail ETF	0.00%	0.00%	0.00%	0.00%
FIAX Nicholas Fixed Income Alternative ETF	8.19%	8.17%	8.11%	4.81%

Frequently Asked Questions

Can I hold both FIAX and BHDG in my portfolio?

FIAX and BHDG have a correlation of -0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, FIAX or BHDG?

On fees, BHDG is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FIAX or BHDG?

BHDG is cheaper with a 0.97% expense ratio, compared with 1.04% for FIAX.

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

FIAX has the higher dividend yield at 8.19%, compared with 0.00% for BHDG.

What is the main difference between FIAX and BHDG?

FIAX is categorized as Nontraditional Bonds, while BHDG is Cryptocurrency. Their fees differ too: 1.04% for FIAX and 0.97% for BHDG.