FIAX vs. SPY

Last updated Apr 1, 2026

Compare and contrast key facts about Nicholas Fixed Income Alternative ETF (FIAX) and State Street SPDR S&P 500 ETF (SPY).

FIAX and SPY are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. FIAX is an actively managed fund by Nicholas. It was launched on Nov 29, 2022. SPY is a passively managed fund by State Street that tracks the performance of the S&P 500 Index. It was launched on Jan 22, 1993.

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.

FIAX vs. SPY - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
FIAX Nicholas Fixed Income Alternative ETF	-0.92%	2.33%	4.67%	3.44%	-0.30%
SPY State Street SPDR S&P 500 ETF	-4.37%	17.72%	24.89%	26.18%	-5.76%

Returns By Period

In the year-to-date period, FIAX achieves a -0.92% return, which is significantly higher than SPY's -4.37% return.

FIAX

• 1D: 0.66%
• 1M: -1.18%
• YTD: -0.92%
• 6M: 0.75%
• 1Y: 2.45%
• 3Y*: 2.79%
• 5Y*: —
• 10Y*: —

SPY

• 1D: 2.91%
• 1M: -4.94%
• YTD: -4.37%
• 6M: -1.82%
• 1Y: 17.59%
• 3Y*: 18.19%
• 5Y*: 11.69%
• 10Y*: 13.98%

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

FIAX vs. SPY - Expense Ratio Comparison

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

FIAX

Nicholas Fixed Income Alternative ETF

SPY

State Street SPDR S&P 500 ETF

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: 29
FIAX Sharpe Ratio Rank: 31
FIAX Sortino Ratio Rank: 28
FIAX Omega Ratio Rank: 26
FIAX Calmar Ratio Rank: 28
FIAX Martin Ratio Rank: 30

SPY

SPY Risk / Return Rank: 64
SPY Sharpe Ratio Rank: 56
SPY Sortino Ratio Rank: 60
SPY Omega Ratio Rank: 65
SPY Calmar Ratio Rank: 65
SPY Martin Ratio Rank: 75

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	0.55	0.93	-0.38
Sortino ratio Return per unit of downside risk	0.80	1.45	-0.65
Omega ratio Gain probability vs. loss probability	1.10	1.22	-0.12
Calmar ratio Return relative to maximum drawdown	0.65	1.53	-0.88
Martin ratio Return relative to average drawdown	2.59	7.30	-4.71
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 0.55, which is lower than the SPY Sharpe Ratio of 0.93. The chart below compares the historical Sharpe Ratios of FIAX and SPY, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	FIAX	SPY	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.55	0.93	-0.38
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.69	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.78	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.69	0.56	+0.13

Correlation

The correlation between FIAX and SPY is 0.48, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

FIAX vs. SPY - Dividend Comparison

FIAX's dividend yield for the trailing twelve months is around 8.30%, more than SPY's 1.14% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
FIAX Nicholas Fixed Income Alternative ETF	8.30%	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	1.14%	1.07%	1.21%	1.40%	1.65%	1.20%	1.52%	1.75%	2.04%	1.80%	2.03%	2.06%

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	-3.66%	-12.05%	+8.39%
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	-1.70%	-6.24%	+4.54%
Average Drawdown Average peak-to-trough decline	-0.87%	-9.09%	+8.22%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.92%	2.52%	-1.60%

Volatility

FIAX vs. SPY - Volatility Comparison

The current volatility for Nicholas Fixed Income Alternative ETF (FIAX) is 1.58%, while State Street SPDR S&P 500 ETF (SPY) has a volatility of 5.31%. 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	1.58%	5.31%	-3.73%
Volatility (6M) Calculated over the trailing 6-month period	3.16%	9.47%	-6.31%
Volatility (1Y) Calculated over the trailing 1-year period	4.47%	19.05%	-14.58%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.01%	17.06%	-13.05%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.01%	17.92%	-13.91%