FIAX vs. SPY

Last updated Jun 5, 2026

FIAX (Nicholas Fixed Income Alternative ETF) and SPY (State Street SPDR S&P 500 ETF) are both exchange-traded funds - FIAX is a Nontraditional Bonds fund actively managed by Nicholas, while SPY is a S&P 500 fund tracking the S&P 500 Index. FIAX is actively managed, while SPY is passively managed. Over the past 3 years, FIAX returned 3.47%/yr vs 22.58%/yr for SPY. At a 0.50 correlation, their price movements are largely independent. FIAX charges 1.04%/yr vs 0.09%/yr for SPY.

Performance

FIAX vs. SPY - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Fixed Income Alternative ETF (FIAX) and State Street SPDR S&P 500 ETF (SPY). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FIAX achieves a 1.25% return, which is significantly lower than SPY's 11.33% return.

FIAX

• 1D: 0.03%
• 1M: 0.35%
• YTD: 1.25%
• 6M: 1.33%
• 1Y: 4.57%
• 3Y*: 3.47%
• 5Y*: —
• 10Y*: —

SPY

• 1D: 0.38%
• 1M: 4.60%
• YTD: 11.33%
• 6M: 11.25%
• 1Y: 28.50%
• 3Y*: 22.58%
• 5Y*: 13.91%
• 10Y*: 15.48%

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

FIAX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FIAX Nicholas Fixed Income Alternative ETF	1.25%	2.33%	4.67%	3.44%	-0.30%
SPY State Street SPDR S&P 500 ETF	11.33%	17.72%	24.89%	26.18%	-5.76%

Correlation

The correlation between FIAX and SPY is 0.53, 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	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.56
Correlation (All Time) Calculated using the full available price history since Dec 1, 2022	0.50

The correlation between FIAX and SPY has been stable across timeframes, ranging from 0.50 to 0.56 - a consistent structural relationship.

FIAX vs. SPY - Sectors Allocation Comparison

Sectors	FIAX	SPY
Technology	35.6%	35.9%
Financial Services	11.8%	11.8%
Communication Services	11.2%	11.3%
Consumer Cyclical	10.1%	10.3%
Healthcare	8.5%	8.4%
Industrials	8.3%	7.8%
Consumer Defensive	4.9%	4.8%
Energy	3.5%	3.6%
Utilities	2.4%	2.4%
Real Estate	1.9%	1.9%
Basic Materials	1.8%	1.8%

Return for Risk

FIAX vs. SPY — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FIAX

FIAX Risk / Return Rank: 35
FIAX Sharpe Ratio Rank: 31
FIAX Sortino Ratio Rank: 31
FIAX Omega Ratio Rank: 31
FIAX Calmar Ratio Rank: 39
FIAX Martin Ratio Rank: 44

SPY

SPY Risk / Return Rank: 74
SPY Sharpe Ratio Rank: 76
SPY Sortino Ratio Rank: 74
SPY Omega Ratio Rank: 75
SPY Calmar Ratio Rank: 66
SPY Martin Ratio Rank: 78

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. SPY - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Fixed Income Alternative ETF (FIAX) and State Street SPDR S&P 500 ETF (SPY). 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.

	FIAX	SPY	Difference
Sharpe ratio: Return per unit of total volatility	1.11	2.42	-1.31
Sortino ratio: Return per unit of downside risk	1.64	3.29	-1.65
Omega ratio: Gain probability vs. loss probability	1.20	1.44	-0.23
Calmar ratio: Return relative to maximum drawdown	1.91	3.22	-1.31
Martin ratio: Return relative to average drawdown	6.98	14.99	-8.01
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FIAX vs. SPY - Sharpe Ratio Comparison

The current FIAX Sharpe Ratio is 1.11, which is lower than the SPY Sharpe Ratio of 2.42. The chart below compares the historical Sharpe Ratios of FIAX and SPY, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	FIAX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	2.42	-1.31
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.82	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.87	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	0.59	+0.22

Drawdowns

FIAX vs. SPY - Drawdown Comparison

The maximum FIAX drawdown since its inception was -6.26%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for FIAX and SPY.

Drawdown Indicators

	FIAX	SPY	Difference
Max Drawdown Largest peak-to-trough decline	-6.26%	-55.19%	+48.93%
Max Drawdown (1Y) Largest decline over 1 year	-2.40%	-8.88%	+6.48%
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	—	-33.72%	—
Current Drawdown Current decline from peak	-0.30%	-0.33%	+0.03%
Average Drawdown Average peak-to-trough decline	-0.85%	-9.05%	+8.20%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	1.91%	-1.25%

Volatility

FIAX vs. SPY - Volatility Comparison

The current volatility for Nicholas Fixed Income Alternative ETF (FIAX) is 1.42%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 2.79%. This indicates that FIAX experiences smaller price fluctuations and is considered to be less risky than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIAX	SPY	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	2.79%	-1.37%
Volatility (6M) Calculated over the trailing 6-month period	3.40%	8.91%	-5.51%
Volatility (1Y) Calculated over the trailing 1-year period	4.14%	11.82%	-7.68%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.04%	17.05%	-13.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.04%	17.93%	-13.89%

FIAX vs. SPY - Expense Ratio Comparison

FIAX has a 1.04% expense ratio, which is higher than SPY's 0.09% expense ratio.

Dividends

FIAX vs. SPY - Dividend Comparison

FIAX's dividend yield for the trailing twelve months is around 8.19%, more than SPY's 0.98% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIAX Nicholas Fixed Income Alternative ETF	8.19%	8.17%	8.11%	4.81%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SPY State Street SPDR S&P 500 ETF	0.98%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

Frequently Asked Questions

Can I hold both FIAX and SPY in my portfolio?

FIAX and SPY have a correlation of 0.53, 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 SPY?

SPY has higher volatility (2.79%) compared to FIAX (1.42%). In terms of maximum drawdown, FIAX dropped -6.26% vs SPY's -55.19%.

Which ETF is better, FIAX or SPY?

On 3-year performance, SPY leads with 22.58% vs 3.47% for FIAX. On fees, SPY is cheaper at 0.09% per year. On volatility, FIAX has been the lower-risk option at 1.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIAX or SPY?

Over the 3-year period, SPY has performed better with a 22.58% return vs 3.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIAX or SPY?

SPY is cheaper with a 0.09% expense ratio, compared with 1.04% for FIAX.

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

FIAX has the higher dividend yield at 8.19%, compared with 0.98% for SPY.

What is the main difference between FIAX and SPY?

FIAX is categorized as Nontraditional Bonds, while SPY is S&P 500. They also come from different issuers: Nicholas and State Street. Their fees differ too: 1.04% for FIAX and 0.09% for SPY.

Which has better risk-adjusted returns?

SPY currently has the higher Sharpe Ratio (2.42 vs 1.11), 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.