FIAX vs. FITZ

Last updated Jun 25, 2026

FIAX (Nicholas Fixed Income Alternative ETF) and FITZ (Fitz-Gerald Must Have Portfolio ETF) are both exchange-traded funds - FIAX is a Nontraditional Bonds fund actively managed by Nicholas, while FITZ is a Large Cap Growth Equities fund actively managed by Nicholas. Both are actively managed. At a 0.33 correlation, their price movements are largely independent. FIAX charges 1.04%/yr vs 0.75%/yr for FITZ.

Performance

FIAX vs. FITZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Fixed Income Alternative ETF (FIAX) and Fitz-Gerald Must Have Portfolio ETF (FITZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

FIAX

• 1D: 0.14%
• 1M: 0.73%
• YTD: 1.52%
• 6M: 1.41%
• 1Y: 4.10%
• 3Y*: 3.41%
• 5Y*: —
• 10Y*: —

FITZ

• 1D: -0.75%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FIAX vs. FITZ - Yearly Performance Comparison

	2026 (YTD)
FIAX Nicholas Fixed Income Alternative ETF	0.31%
FITZ Fitz-Gerald Must Have Portfolio ETF	-5.35%

Correlation

The correlation between FIAX and FITZ is 0.33, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since May 28, 2026	0.33

Return for Risk

FIAX vs. FITZ — Risk / Return Rank

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

FIAX

FIAX Risk / Return Rank: 34
FIAX Sharpe Ratio Rank: 30
FIAX Sortino Ratio Rank: 29
FIAX Omega Ratio Rank: 29
FIAX Calmar Ratio Rank: 38
FIAX Martin Ratio Rank: 43

FITZ

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

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. FITZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Fixed Income Alternative ETF (FIAX) and Fitz-Gerald Must Have Portfolio ETF (FITZ). 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	FITZ	Difference
Sharpe ratio: Return per unit of total volatility	1.00	—	—
Sortino ratio: Return per unit of downside risk	1.47	—	—
Omega ratio: Gain probability vs. loss probability	1.18	—	—
Calmar ratio: Return relative to maximum drawdown	1.72	—	—
Martin ratio: Return relative to average drawdown	6.24	—	—

Drawdowns

FIAX vs. FITZ - Drawdown Comparison

The maximum FIAX drawdown since its inception was -6.26%, smaller than the maximum FITZ drawdown of -6.70%. Use the drawdown chart below to compare losses from any high point for FIAX and FITZ.

Drawdown Indicators

	FIAX	FITZ	Difference
Max Drawdown Largest peak-to-trough decline	-6.26%	-6.70%	+0.44%
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	-0.09%	-6.70%	+6.61%
Average Drawdown Average peak-to-trough decline	-0.84%	-3.80%	+2.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	—	—

Volatility

Volatility by Period

	FIAX	FITZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.84%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.39%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.12%	17.29%	-13.17%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.03%	17.29%	-13.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.03%	17.29%	-13.26%

FIAX vs. FITZ - Expense Ratio Comparison

FIAX has a 1.04% expense ratio, which is higher than FITZ's 0.75% expense ratio.

Dividends

FIAX vs. FITZ - Dividend Comparison

FIAX's dividend yield for the trailing twelve months is around 8.20%, while FITZ has not paid dividends to shareholders.

Position	TTM	2025	2024	2023
FIAX Nicholas Fixed Income Alternative ETF	8.20%	8.17%	8.11%	4.81%
FITZ Fitz-Gerald Must Have Portfolio ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIAX and FITZ in my portfolio?

FIAX and FITZ have a correlation of 0.33, 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 FITZ?

On fees, FITZ is cheaper at 0.75% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, FIAX or FITZ?

FITZ is cheaper with a 0.75% expense ratio, compared with 1.04% for FIAX.

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

FIAX has the higher dividend yield at 8.20%, compared with 0.00% for FITZ.

What is the main difference between FIAX and FITZ?

FIAX is categorized as Nontraditional Bonds, while FITZ is Large Cap Growth Equities. Their fees differ too: 1.04% for FIAX and 0.75% for FITZ.