FIAX vs. GIAX

Last updated Aug 2, 2026

FIAX (Nicholas Fixed Income Alternative ETF) and GIAX (Nicholas Global Equity and Income ETF) are both exchange-traded funds - FIAX is a Nontraditional Bonds fund actively managed by Nicholas, while GIAX is a Derivative Income fund actively managed by Nicholas. Both are actively managed. Over the past year, FIAX returned 3.91% vs 9.73% for GIAX. Their 0.52 correlation means they have sometimes moved together and sometimes differently. FIAX charges 1.04%/yr vs 1.03%/yr for GIAX.

Performance

FIAX vs. GIAX - Performance Comparison

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

Returns By Period

In the year-to-date period, FIAX achieves a 1.91% return, which is significantly lower than GIAX's 5.38% return.

FIAX

• 1D: -0.06%
• 1M: -0.16%
• 6M: 1.62%
• YTD: 1.91%
• 1Y: 3.91%
• 3Y*: 3.36%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.26%

GIAX

• 1D: 0.39%
• 1M: -6.47%
• 6M: 4.36%
• YTD: 5.38%
• 1Y: 9.73%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 10.08%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FIAX Nicholas Fixed Income Alternative ETF	$158.25K	$258.67K	$203.21K
GIAX Nicholas Global Equity and Income ETF	$1.37M	$1.93M	$1.93M

FIAX vs. GIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
FIAX Nicholas Fixed Income Alternative ETF	1.91%	2.33%	1.30%
GIAX Nicholas Global Equity and Income ETF	5.38%	11.73%	2.94%

Correlation

The correlation between FIAX and GIAX is 0.39, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.39
Correlation (All Time) Calculated using the full available price history since Jul 30, 2024	0.52

The correlation between FIAX and GIAX shifts across timeframes, from 0.39 (1 year) to 0.52 (all time), reflecting how their relationship changes across market environments.

Return for Risk

FIAX vs. GIAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

FIAX

FIAX Risk / Return Rank: 50
FIAX Sharpe Ratio Rank: 46
FIAX Sortino Ratio Rank: 46
FIAX Omega Ratio Rank: 46
FIAX Calmar Ratio Rank: 53
FIAX Martin Ratio Rank: 59

GIAX

GIAX Risk / Return Rank: 19
GIAX Sharpe Ratio Rank: 18
GIAX Sortino Ratio Rank: 19
GIAX Omega Ratio Rank: 19
GIAX Calmar Ratio Rank: 18
GIAX Martin Ratio Rank: 21

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

FIAX vs. GIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Fixed Income Alternative ETF (FIAX) and Nicholas Global Equity and Income ETF (GIAX). 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	GIAX	Difference
Sharpe ratio: Return per unit of total volatility	1.13	0.33	+0.80
Sortino ratio: Return per unit of downside risk	1.66	0.63	+1.04
Omega ratio: Gain probability vs. loss probability	1.21	1.08	+0.13
Calmar ratio: Return relative to maximum drawdown	1.90	0.43	+1.47
Martin ratio: Return relative to average drawdown	7.08	1.43	+5.65

FIAX vs. GIAX - Sharpe Ratio Comparison

The current FIAX Sharpe Ratio is 1.13, which is higher than the GIAX Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of FIAX and GIAX, 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. GIAX - Drawdown Comparison

The maximum FIAX drawdown since its inception was -6.26%, smaller than the maximum GIAX drawdown of -20.38%. Use the drawdown chart below to compare losses from any high point for FIAX and GIAX.

Drawdown Indicators

	FIAX	GIAX	Difference
Max Drawdown Largest peak-to-trough decline	-6.26%	-20.38%	+14.12%
Max Drawdown (1Y) Largest decline over 1 year	-2.40%	-19.64%	+17.24%
Max Drawdown (3Y) Largest decline over 3 years	-6.26%	—	—
Current Drawdown Current decline from peak	-0.16%	-16.20%	+16.04%
Average Drawdown Average peak-to-trough decline	-0.83%	-3.53%	+2.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.64%	5.89%	-5.25%

Volatility

FIAX vs. GIAX - Volatility Comparison

The current volatility for Nicholas Fixed Income Alternative ETF (FIAX) is 0.97%, while Nicholas Global Equity and Income ETF (GIAX) has a volatility of 9.15%. This indicates that FIAX experiences smaller price fluctuations and is considered to be less risky than GIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIAX	GIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.97%	9.15%	-8.18%
Volatility (6M) Calculated over the trailing 6-month period	3.08%	22.44%	-19.36%
Volatility (1Y) Calculated over the trailing 1-year period	4.02%	25.16%	-21.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.00%	22.54%	-18.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.00%	22.54%	-18.54%

FIAX vs. GIAX - Expense Ratio Comparison

FIAX has a 1.04% expense ratio, which is higher than GIAX's 1.03% expense ratio.

Dividends

FIAX vs. GIAX - Dividend Comparison

FIAX's dividend yield for the trailing twelve months is around 8.20%, less than GIAX's 26.82% yield.

Position	TTM	2025	2024	2023
FIAX Nicholas Fixed Income Alternative ETF	8.20%	8.17%	8.11%	4.81%
GIAX Nicholas Global Equity and Income ETF	26.82%	25.62%	10.58%	0.00%

Frequently Asked Questions

Can I hold both FIAX and GIAX in my portfolio?

FIAX and GIAX have a correlation of 0.39, 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 GIAX?

GIAX has higher volatility (9.15%) compared to FIAX (0.97%). In terms of maximum drawdown, FIAX dropped -6.26% vs GIAX's -20.38%.

Which ETF is better, FIAX or GIAX?

On 1-year performance, GIAX leads with 9.73% vs 3.91% for FIAX. On fees, GIAX is cheaper at 1.03% per year. On volatility, FIAX has been the lower-risk option at 0.97%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIAX or GIAX?

Over the 1-year period, GIAX has performed better with a 9.73% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIAX or GIAX?

GIAX is cheaper with a 1.03% expense ratio, compared with 1.04% for FIAX.

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

GIAX has the higher dividend yield at 26.82%, compared with 8.20% for FIAX.

What is the main difference between FIAX and GIAX?

FIAX is categorized as Nontraditional Bonds, while GIAX is Derivative Income. Their fees differ too: 1.04% for FIAX and 1.03% for GIAX.

Which has better risk-adjusted returns?

FIAX currently has the higher Sharpe Ratio (1.13 vs 0.33), 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.