FIAX vs. SSFI

Last updated Jun 5, 2026

FIAX (Nicholas Fixed Income Alternative ETF) and SSFI (Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF) are both Nontraditional Bonds funds. Both are actively managed. Over the past 3 years, FIAX returned 3.47%/yr vs 3.26%/yr for SSFI. At a 0.33 correlation, their price movements are largely independent. FIAX charges 1.04%/yr vs 0.81%/yr for SSFI.

Performance

FIAX vs. SSFI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Fixed Income Alternative ETF (FIAX) and Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF (SSFI). 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 higher than SSFI's 0.35% return.

FIAX

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

SSFI

• 1D: 0.15%
• 1M: 0.29%
• YTD: 0.35%
• 6M: 0.35%
• 1Y: 4.13%
• 3Y*: 3.26%
• 5Y*: —
• 10Y*: —

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

FIAX vs. SSFI - 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%
SSFI Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF	0.35%	6.62%	1.10%	4.26%	-1.40%

Correlation

The correlation between FIAX and SSFI is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (All Time) Calculated using the full available price history since Dec 1, 2022	0.33

The correlation between FIAX and SSFI shifts across timeframes, from 0.32 (3 years) to 0.45 (1 year), reflecting how their relationship changes across market environments.

FIAX vs. SSFI - Sectors Allocation Comparison

Sectors	FIAX	SSFI
Technology	35.6%	-
Financial Services	11.8%	100.0%
Communication Services	11.2%	-
Consumer Cyclical	10.1%	-
Healthcare	8.5%	-
Industrials	8.3%	-
Consumer Defensive	4.9%	-
Energy	3.5%	-
Utilities	2.4%	-
Real Estate	1.9%	-
Basic Materials	1.8%	-

Return for Risk

FIAX vs. SSFI — 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

SSFI

SSFI Risk / Return Rank: 31
SSFI Sharpe Ratio Rank: 30
SSFI Sortino Ratio Rank: 30
SSFI Omega Ratio Rank: 28
SSFI Calmar Ratio Rank: 32
SSFI Martin Ratio Rank: 34

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. SSFI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Fixed Income Alternative ETF (FIAX) and Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF (SSFI). 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	SSFI	Difference
Sharpe ratio: Return per unit of total volatility	1.11	1.06	+0.05
Sortino ratio: Return per unit of downside risk	1.64	1.58	+0.07
Omega ratio: Gain probability vs. loss probability	1.20	1.18	+0.02
Calmar ratio: Return relative to maximum drawdown	1.91	1.57	+0.34
Martin ratio: Return relative to average drawdown	6.98	5.00	+1.97
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. SSFI - Sharpe Ratio Comparison

The current FIAX Sharpe Ratio is 1.11, which is comparable to the SSFI Sharpe Ratio of 1.06. The chart below compares the historical Sharpe Ratios of FIAX and SSFI, 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	SSFI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	1.06	+0.05
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	-0.04	+0.84

Drawdowns

FIAX vs. SSFI - Drawdown Comparison

The maximum FIAX drawdown since its inception was -6.26%, smaller than the maximum SSFI drawdown of -16.07%. Use the drawdown chart below to compare losses from any high point for FIAX and SSFI.

Drawdown Indicators

	FIAX	SSFI	Difference
Max Drawdown Largest peak-to-trough decline	-6.26%	-16.07%	+9.81%
Max Drawdown (1Y) Largest decline over 1 year	-2.40%	-2.64%	+0.24%
Max Drawdown (3Y) Largest decline over 3 years	-6.26%	-6.72%	+0.46%
Current Drawdown Current decline from peak	-0.30%	-2.12%	+1.82%
Average Drawdown Average peak-to-trough decline	-0.85%	-7.57%	+6.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.83%	-0.17%

Volatility

FIAX vs. SSFI - Volatility Comparison

Nicholas Fixed Income Alternative ETF (FIAX) and Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF (SSFI) have volatilities of 1.42% and 1.41%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIAX	SSFI	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	1.41%	+0.01%
Volatility (6M) Calculated over the trailing 6-month period	3.40%	2.74%	+0.66%
Volatility (1Y) Calculated over the trailing 1-year period	4.14%	3.96%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.04%	5.76%	-1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.04%	5.76%	-1.72%

FIAX vs. SSFI - Expense Ratio Comparison

FIAX has a 1.04% expense ratio, which is higher than SSFI's 0.81% expense ratio.

Dividends

FIAX vs. SSFI - Dividend Comparison

FIAX's dividend yield for the trailing twelve months is around 8.19%, more than SSFI's 3.36% yield.

Position	TTM	2025	2024	2023	2022	2021
FIAX Nicholas Fixed Income Alternative ETF	8.19%	8.17%	8.11%	4.81%	0.00%	0.00%
SSFI Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF	3.36%	3.51%	3.64%	3.97%	1.87%	0.71%

Frequently Asked Questions

Can I hold both FIAX and SSFI in my portfolio?

FIAX and SSFI have a correlation of 0.45, 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 SSFI?

FIAX has higher volatility (1.42%) compared to SSFI (1.41%). In terms of maximum drawdown, FIAX dropped -6.26% vs SSFI's -16.07%.

Which ETF is better, FIAX or SSFI?

On 3-year performance, FIAX leads with 3.47% vs 3.26% for SSFI. On fees, SSFI is cheaper at 0.81% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIAX or SSFI?

Over the 3-year period, FIAX has performed better with a 3.47% return vs 3.26%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIAX or SSFI?

SSFI is cheaper with a 0.81% expense ratio, compared with 1.04% for FIAX.

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

FIAX has the higher dividend yield at 8.19%, compared with 3.36% for SSFI.

What is the main difference between FIAX and SSFI?

They also come from different issuers: Nicholas and Day Hagan. Their fees differ too: 1.04% for FIAX and 0.81% for SSFI.

Which has better risk-adjusted returns?

FIAX currently has the higher Sharpe Ratio (1.11 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.