FIAX vs. FXAIX

Last updated Jun 23, 2026

FIAX (Nicholas Fixed Income Alternative ETF) and FXAIX (Fidelity 500 Index Fund) are both funds - FIAX is a Nontraditional Bonds fund actively managed by Nicholas, while FXAIX is a S&P 500 fund tracking the S&P 500 Index. FIAX is actively managed, while FXAIX is passively managed. Over the past 3 years, FIAX returned 3.29%/yr vs 20.98%/yr for FXAIX. At a 0.49 correlation, their price movements are largely independent. FIAX charges 1.04%/yr vs 0.02%/yr for FXAIX.

Performance

FIAX vs. FXAIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Fixed Income Alternative ETF (FIAX) and Fidelity 500 Index Fund (FXAIX). 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 FXAIX's 10.19% return.

FIAX

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

FXAIX

• 1D: 1.09%
• 1M: 0.47%
• YTD: 10.19%
• 6M: 9.68%
• 1Y: 27.18%
• 3Y*: 20.98%
• 5Y*: 14.10%
• 10Y*: 15.58%

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

FIAX vs. FXAIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FIAX Nicholas Fixed Income Alternative ETF	1.15%	2.33%	4.67%	3.44%	-0.37%
FXAIX Fidelity 500 Index Fund	10.19%	17.84%	25.01%	26.29%	-2.83%

Correlation

The correlation between FIAX and FXAIX is 0.54, 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	0.54
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (All Time) Calculated using the full available price history since Nov 30, 2022	0.49

The correlation between FIAX and FXAIX has been stable across timeframes, ranging from 0.49 to 0.56 - a consistent structural relationship.

Return for Risk

FIAX vs. FXAIX — 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

FXAIX

FXAIX Risk / Return Rank: 66
FXAIX Sharpe Ratio Rank: 64
FXAIX Sortino Ratio Rank: 59
FXAIX Omega Ratio Rank: 61
FXAIX Calmar Ratio Rank: 68
FXAIX Martin Ratio Rank: 79

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. FXAIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Fixed Income Alternative ETF (FIAX) and Fidelity 500 Index Fund (FXAIX). 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	FXAIX	Difference
Sharpe ratio: Return per unit of total volatility	1.12	2.17	-1.05
Sortino ratio: Return per unit of downside risk	1.66	2.93	-1.27
Omega ratio: Gain probability vs. loss probability	1.21	1.39	-0.19
Calmar ratio: Return relative to maximum drawdown	1.94	3.04	-1.10
Martin ratio: Return relative to average drawdown	7.05	13.75	-6.70

FIAX vs. FXAIX - Sharpe Ratio Comparison

The current FIAX Sharpe Ratio is 1.12, which is lower than the FXAIX Sharpe Ratio of 2.17. The chart below compares the historical Sharpe Ratios of FIAX and FXAIX, 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. FXAIX - Drawdown Comparison

The maximum FIAX drawdown since its inception was -6.26%, smaller than the maximum FXAIX drawdown of -33.79%. Use the drawdown chart below to compare losses from any high point for FIAX and FXAIX.

Drawdown Indicators

	FIAX	FXAIX	Difference
Max Drawdown Largest peak-to-trough decline	-6.26%	-33.79%	+27.53%
Max Drawdown (1Y) Largest decline over 1 year	-2.40%	-8.89%	+6.49%
Max Drawdown (3Y) Largest decline over 3 years	-6.26%	-18.76%	+12.50%
Max Drawdown (5Y) Largest decline over 5 years	—	-24.50%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-33.79%	—
Current Drawdown Current decline from peak	-0.46%	-1.36%	+0.90%
Average Drawdown Average peak-to-trough decline	-0.85%	-3.79%	+2.94%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	1.96%	-1.30%

Volatility

FIAX vs. FXAIX - Volatility Comparison

The current volatility for Nicholas Fixed Income Alternative ETF (FIAX) is 0.81%, while Fidelity 500 Index Fund (FXAIX) has a volatility of 4.77%. This indicates that FIAX experiences smaller price fluctuations and is considered to be less risky than FXAIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIAX	FXAIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	4.77%	-3.96%
Volatility (6M) Calculated over the trailing 6-month period	3.41%	9.91%	-6.50%
Volatility (1Y) Calculated over the trailing 1-year period	4.15%	12.47%	-8.32%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.03%	17.01%	-12.98%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.03%	18.11%	-14.08%

FIAX vs. FXAIX - Expense Ratio Comparison

FIAX has a 1.04% expense ratio, which is higher than FXAIX's 0.02% expense ratio.

Dividends

FIAX vs. FXAIX - Dividend Comparison

FIAX's dividend yield for the trailing twelve months is around 8.23%, more than FXAIX's 1.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIAX Nicholas Fixed Income Alternative ETF	8.23%	8.17%	8.11%	4.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
FXAIX Fidelity 500 Index Fund	1.04%	1.11%	1.25%	1.45%	1.69%	1.22%	1.60%	2.06%	2.72%	1.97%	2.52%	2.83%

Frequently Asked Questions

Can I hold both FIAX and FXAIX in my portfolio?

FIAX and FXAIX have a correlation of 0.54, 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 FXAIX?

FXAIX has higher volatility (4.77%) compared to FIAX (0.81%). In terms of maximum drawdown, FIAX dropped -6.26% vs FXAIX's -33.79%.

Which has better risk-adjusted returns?

FXAIX currently has the higher Sharpe Ratio (2.17 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.