FIAX vs. HYG
FIAX (Nicholas Fixed Income Alternative ETF) and HYG (iShares iBoxx $ High Yield Corporate Bond ETF) are both exchange-traded funds - FIAX is a Nontraditional Bonds fund actively managed by Nicholas, while HYG is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid High Yield Index. FIAX is actively managed, while HYG is passively managed. Over the past 3 years, FIAX returned 3.41%/yr vs 8.74%/yr for HYG. At a 0.46 correlation, their price movements are largely independent. FIAX charges 1.04%/yr vs 0.49%/yr for HYG.
Performance
FIAX vs. HYG - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with FIAX having a 1.52% return and HYG slightly higher at 1.54%.
FIAX
- 1D
- 0.14%
- 1M
- 0.73%
- YTD
- 1.52%
- 6M
- 1.41%
- 1Y
- 4.10%
- 3Y*
- 3.41%
- 5Y*
- —
- 10Y*
- —
HYG
- 1D
- -0.03%
- 1M
- 0.44%
- YTD
- 1.54%
- 6M
- 1.53%
- 1Y
- 5.62%
- 3Y*
- 8.74%
- 5Y*
- 3.66%
- 10Y*
- 4.99%
FIAX vs. HYG - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FIAX Nicholas Fixed Income Alternative ETF | 1.52% | 2.33% | 4.67% | 3.44% | -0.37% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.54% | 8.59% | 7.97% | 11.54% | -0.28% |
Correlation
The correlation between FIAX and HYG is 0.61, 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 | 0.61 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2022 | 0.46 |
The correlation between FIAX and HYG shifts across timeframes, from 0.46 (all time) to 0.61 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FIAX vs. HYG — Risk / Return Rank
FIAX
HYG
FIAX vs. HYG - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Fixed Income Alternative ETF (FIAX) and iShares iBoxx $ High Yield Corporate Bond ETF (HYG). 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 | HYG | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.46 | ||
| Sortino ratioReturn per unit of downside risk | -0.73 | ||
| Omega ratioGain probability vs. loss probability | 1.18 | 1.28 | -0.09 |
| Calmar ratioReturn relative to maximum drawdown | 1.72 | 2.41 | -0.70 |
| Martin ratioReturn relative to average drawdown | 6.24 | 10.57 | -4.33 |
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Drawdowns
FIAX vs. HYG - Drawdown Comparison
The maximum FIAX drawdown since its inception was -6.26%, smaller than the maximum HYG drawdown of -34.25%. Use the drawdown chart below to compare losses from any high point for FIAX and HYG.
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Drawdown Indicators
| FIAX | HYG | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.26% | -34.25% | +27.99% |
Max Drawdown (1Y)Largest decline over 1 year | -2.40% | -2.34% | -0.06% |
Max Drawdown (3Y)Largest decline over 3 years | -6.26% | -4.56% | -1.70% |
Max Drawdown (5Y)Largest decline over 5 years | — | -15.79% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.03% | — |
Current DrawdownCurrent decline from peak | -0.09% | -0.24% | +0.15% |
Average DrawdownAverage peak-to-trough decline | -0.84% | -3.23% | +2.39% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.53% | +0.13% |
Volatility
FIAX vs. HYG - Volatility Comparison
The current volatility for Nicholas Fixed Income Alternative ETF (FIAX) is 0.84%, while iShares iBoxx $ High Yield Corporate Bond ETF (HYG) has a volatility of 1.13%. This indicates that FIAX experiences smaller price fluctuations and is considered to be less risky than HYG based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FIAX | HYG | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 1.13% | -0.29% |
Volatility (6M)Calculated over the trailing 6-month period | 3.39% | 3.11% | +0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.12% | 3.88% | +0.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.03% | 7.54% | -3.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.03% | 8.27% | -4.24% |
FIAX vs. HYG - Expense Ratio Comparison
FIAX has a 1.04% expense ratio, which is higher than HYG's 0.49% expense ratio.
Dividends
FIAX vs. HYG - Dividend Comparison
FIAX's dividend yield for the trailing twelve months is around 8.20%, more than HYG's 5.91% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FIAX Nicholas Fixed Income Alternative ETF | 8.20% | 8.17% | 8.11% | 4.81% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.91% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
Frequently Asked Questions
FIAX and HYG have a correlation of 0.61, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HYG has higher volatility (1.13%) compared to FIAX (0.84%). In terms of maximum drawdown, FIAX dropped -6.26% vs HYG's -34.25%.
On 3-year performance, HYG leads with 8.74% vs 3.41% for FIAX. On fees, HYG is cheaper at 0.49% per year. On volatility, FIAX has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, HYG has performed better with a 8.74% return vs 3.41%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
HYG is cheaper with a 0.49% expense ratio, compared with 1.04% for FIAX.
FIAX has the higher dividend yield at 8.20%, compared with 5.91% for HYG.
FIAX is categorized as Nontraditional Bonds, while HYG is High Yield Bonds. They also come from different issuers: Nicholas and iShares. Their fees differ too: 1.04% for FIAX and 0.49% for HYG.
HYG currently has the higher Sharpe Ratio (1.46 vs 1.00), 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.
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