FIAX vs. NGHT
FIAX (Nicholas Fixed Income Alternative ETF) and NGHT (Nicholas Bitcoin and Treasuries AfterDark ETF) are both exchange-traded funds - FIAX is a Nontraditional Bonds fund actively managed by Nicholas, while NGHT is a Cryptocurrency fund actively managed by Nicholas. Both are actively managed. Their 0.24 correlation means their historical movements had little consistent relationship. FIAX charges 1.04%/yr vs 0.97%/yr for NGHT.
Performance
FIAX vs. NGHT - Performance Comparison
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Returns By Period
FIAX
- 1D
- -0.09%
- 1M
- -0.24%
- 6M
- 1.17%
- YTD
- 1.83%
- 1Y
- 3.82%
- 3Y*
- 3.36%
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- 3.23%
NGHT
- 1D
- -1.55%
- 1M
- -8.43%
- 6M
- —
- YTD
- —
- 1Y
- —
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
- ALL TIME*
- —
Liquidity Comparison
| Position | Avg. Volume Value (2W) | Avg. Volume Value (1M) | Avg. Volume Value (3M) |
|---|---|---|---|
| $137.68K | $252.41K | $198.03K | |
| $138.55K | $323.86K | $253.13K |
FIAX vs. NGHT - Yearly Performance Comparison
| 2026 (YTD) | |
|---|---|
FIAX Nicholas Fixed Income Alternative ETF | 2.62% |
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF | -21.76% |
Correlation
The correlation between FIAX and NGHT is 0.24, which is low. Their historical price movements had little consistent relationship.
| Correlation | |
|---|---|
Correlation (All Time) Calculated using the full available price history since Apr 8, 2026 | 0.24 |
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Return for Risk
FIAX vs. NGHT — Risk / Return Rank
FIAX
NGHT
Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.
FIAX vs. NGHT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Fixed Income Alternative ETF (FIAX) and Nicholas Bitcoin and Treasuries AfterDark ETF (NGHT). 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 | NGHT | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | — | — | |
| Sortino ratioReturn per unit of downside risk | — | — | |
| Omega ratioGain probability vs. loss probability | 1.18 | — | — |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | — | — |
| Martin ratioReturn relative to average drawdown | 5.95 | — | — |
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Drawdowns
FIAX vs. NGHT - Drawdown Comparison
The maximum FIAX drawdown since its inception was -6.26%, smaller than the maximum NGHT drawdown of -25.57%. Use the drawdown chart below to compare losses from any high point for FIAX and NGHT.
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Drawdown Indicators
| FIAX | NGHT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.26% | -25.57% | +19.31% |
Max Drawdown (1Y)Largest decline over 1 year | -2.40% | — | — |
Max Drawdown (3Y)Largest decline over 3 years | -6.26% | — | — |
Current DrawdownCurrent decline from peak | -0.24% | -25.57% | +25.33% |
Average DrawdownAverage peak-to-trough decline | -0.83% | -12.41% | +11.58% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.64% | — | — |
Volatility
FIAX vs. NGHT - Volatility Comparison
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Volatility by Period
| FIAX | NGHT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.97% | — | — |
Volatility (6M)Calculated over the trailing 6-month period | 3.08% | — | — |
Volatility (1Y)Calculated over the trailing 1-year period | 3.99% | 30.04% | -26.05% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.00% | 30.04% | -26.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.00% | 30.04% | -26.04% |
FIAX vs. NGHT - Expense Ratio Comparison
FIAX has a 1.04% expense ratio, which is higher than NGHT's 0.97% expense ratio.
Dividends
FIAX vs. NGHT - Dividend Comparison
FIAX's dividend yield for the trailing twelve months is around 8.21%, while NGHT has not paid dividends to shareholders.
| Position | TTM | 2025 | 2024 | 2023 |
|---|---|---|---|---|
FIAX Nicholas Fixed Income Alternative ETF | 8.21% | 8.17% | 8.11% | 4.81% |
NGHT Nicholas Bitcoin and Treasuries AfterDark ETF | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
FIAX and NGHT have a correlation of 0.24, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
On fees, NGHT is cheaper at 0.97% per year. The better choice depends on whether you care most about return, fees, risk, or income.
NGHT is cheaper with a 0.97% expense ratio, compared with 1.04% for FIAX.
FIAX has the higher dividend yield at 8.21%, compared with 0.00% for NGHT.
FIAX is categorized as Nontraditional Bonds, while NGHT is Cryptocurrency. Their fees differ too: 1.04% for FIAX and 0.97% for NGHT.
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