FIAX vs. LQDW
FIAX (Nicholas Fixed Income Alternative ETF) and LQDW (iShares Investment Grade Corporate Bond Buywrite Strategy ETF) are both exchange-traded funds - FIAX is a Nontraditional Bonds fund actively managed by Nicholas, while LQDW is a Corporate Bonds fund tracking the CBOE LQD BuyWrite Index. FIAX is actively managed, while LQDW is passively managed. Over the past 3 years, FIAX returned 3.37%/yr vs 3.70%/yr for LQDW. At a 0.33 correlation, their price movements are largely independent. FIAX charges 1.04%/yr vs 0.34%/yr for LQDW.
Performance
FIAX vs. LQDW - Performance Comparison
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Returns By Period
In the year-to-date period, FIAX achieves a 1.38% return, which is significantly lower than LQDW's 1.88% return.
FIAX
- 1D
- 0.23%
- 1M
- 0.59%
- YTD
- 1.38%
- 6M
- 1.86%
- 1Y
- 4.35%
- 3Y*
- 3.37%
- 5Y*
- —
- 10Y*
- —
LQDW
- 1D
- 0.18%
- 1M
- 1.36%
- YTD
- 1.88%
- 6M
- 2.02%
- 1Y
- 6.49%
- 3Y*
- 3.70%
- 5Y*
- —
- 10Y*
- —
FIAX vs. LQDW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FIAX Nicholas Fixed Income Alternative ETF | 1.38% | 2.33% | 4.67% | 3.44% | -0.37% |
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 1.88% | 9.05% | 2.60% | 3.99% | -1.16% |
Correlation
The correlation between FIAX and LQDW is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.50 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2022 | 0.33 |
The correlation between FIAX and LQDW shifts across timeframes, from 0.33 (all time) to 0.50 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FIAX vs. LQDW — Risk / Return Rank
FIAX
LQDW
FIAX vs. LQDW - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Fixed Income Alternative ETF (FIAX) and iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW). 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 | LQDW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.74 | ||
| Sortino ratioReturn per unit of downside risk | -0.99 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.36 | -0.17 |
| Calmar ratioReturn relative to maximum drawdown | 1.82 | 2.52 | -0.69 |
| Martin ratioReturn relative to average drawdown | 6.62 | 9.34 | -2.72 |
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Drawdowns
FIAX vs. LQDW - Drawdown Comparison
The maximum FIAX drawdown since its inception was -6.26%, smaller than the maximum LQDW drawdown of -9.20%. Use the drawdown chart below to compare losses from any high point for FIAX and LQDW.
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Drawdown Indicators
| FIAX | LQDW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.26% | -9.20% | +2.94% |
Max Drawdown (1Y)Largest decline over 1 year | -2.40% | -2.59% | +0.19% |
Max Drawdown (3Y)Largest decline over 3 years | -6.26% | -6.74% | +0.48% |
Current DrawdownCurrent decline from peak | -0.24% | -0.04% | -0.20% |
Average DrawdownAverage peak-to-trough decline | -0.85% | -2.32% | +1.47% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 0.70% | -0.04% |
Volatility
FIAX vs. LQDW - Volatility Comparison
The current volatility for Nicholas Fixed Income Alternative ETF (FIAX) is 0.84%, while iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW) has a volatility of 1.00%. This indicates that FIAX experiences smaller price fluctuations and is considered to be less risky than LQDW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FIAX | LQDW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.84% | 1.00% | -0.16% |
Volatility (6M)Calculated over the trailing 6-month period | 3.40% | 3.12% | +0.28% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.15% | 3.62% | +0.53% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.03% | 5.47% | -1.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.03% | 5.47% | -1.44% |
FIAX vs. LQDW - Expense Ratio Comparison
FIAX has a 1.04% expense ratio, which is higher than LQDW's 0.34% expense ratio.
Dividends
FIAX vs. LQDW - Dividend Comparison
FIAX's dividend yield for the trailing twelve months is around 8.21%, less than LQDW's 12.49% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FIAX Nicholas Fixed Income Alternative ETF | 8.21% | 8.17% | 8.11% | 4.81% | 0.00% |
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 12.49% | 16.02% | 15.74% | 19.28% | 8.85% |
Frequently Asked Questions
FIAX and LQDW have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LQDW has higher volatility (1.00%) compared to FIAX (0.84%). In terms of maximum drawdown, FIAX dropped -6.26% vs LQDW's -9.20%.
On 3-year performance, LQDW leads with 3.70% vs 3.37% for FIAX. On fees, LQDW is cheaper at 0.34% 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, LQDW has performed better with a 3.70% return vs 3.37%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LQDW is cheaper with a 0.34% expense ratio, compared with 1.04% for FIAX.
LQDW has the higher dividend yield at 12.49%, compared with 8.21% for FIAX.
FIAX is categorized as Nontraditional Bonds, while LQDW is Corporate Bonds. They also come from different issuers: Nicholas and iShares. Their fees differ too: 1.04% for FIAX and 0.34% for LQDW.
LQDW currently has the higher Sharpe Ratio (1.80 vs 1.06), 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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