FIAX vs. TLT
Compare and contrast key facts about Nicholas Fixed Income Alternative ETF (FIAX) and iShares 20+ Year Treasury Bond ETF (TLT).
FIAX and TLT 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. TLT is a passively managed fund by iShares that tracks the performance of the ICE U.S. Treasury 20+ Year Bond Index. It was launched on Jul 22, 2002.
Performance
FIAX vs. TLT - Performance Comparison
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FIAX vs. TLT - 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% |
TLT iShares 20+ Year Treasury Bond ETF | 0.17% | 4.25% | -8.05% | 2.77% | -2.62% |
Returns By Period
In the year-to-date period, FIAX achieves a -0.92% return, which is significantly lower than TLT's 0.17% return.
FIAX
- 1D
- 0.66%
- 1M
- -1.18%
- YTD
- -0.92%
- 6M
- 0.75%
- 1Y
- 2.45%
- 3Y*
- 2.79%
- 5Y*
- —
- 10Y*
- —
TLT
- 1D
- -0.10%
- 1M
- -4.23%
- YTD
- 0.17%
- 6M
- -0.87%
- 1Y
- -0.49%
- 3Y*
- -2.78%
- 5Y*
- -5.85%
- 10Y*
- -1.38%
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FIAX vs. TLT - Expense Ratio Comparison
FIAX has a 1.04% expense ratio, which is higher than TLT's 0.15% expense ratio.
Return for Risk
FIAX vs. TLT — Risk / Return Rank
FIAX
TLT
FIAX vs. TLT - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Nicholas Fixed Income Alternative ETF (FIAX) and iShares 20+ Year Treasury Bond ETF (TLT). 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 | TLT | Difference | |
|---|---|---|---|
Sharpe ratioReturn per unit of total volatility | 0.55 | -0.04 | +0.59 |
Sortino ratioReturn per unit of downside risk | 0.80 | 0.02 | +0.78 |
Omega ratioGain probability vs. loss probability | 1.10 | 1.00 | +0.10 |
Calmar ratioReturn relative to maximum drawdown | 0.65 | 0.05 | +0.59 |
Martin ratioReturn relative to average drawdown | 2.59 | 0.11 | +2.47 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| FIAX | TLT | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 0.55 | -0.04 | +0.59 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | — | -0.37 | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | — | -0.09 | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.69 | 0.26 | +0.43 |
Correlation
The correlation between FIAX and TLT is 0.26, which is considered to be low. This implies their price changes are not closely related. A low correlation is generally favorable for portfolio diversification, as it helps to reduce overall risk by spreading it across multiple assets with different performance patterns.
Dividends
FIAX vs. TLT - Dividend Comparison
FIAX's dividend yield for the trailing twelve months is around 8.30%, more than TLT's 4.49% 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% |
TLT iShares 20+ Year Treasury Bond ETF | 4.49% | 4.43% | 4.30% | 3.38% | 2.67% | 1.50% | 1.50% | 2.27% | 2.63% | 2.43% | 2.60% | 2.61% |
Drawdowns
FIAX vs. TLT - Drawdown Comparison
The maximum FIAX drawdown since its inception was -6.26%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for FIAX and TLT.
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Drawdown Indicators
| FIAX | TLT | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.26% | -48.35% | +42.09% |
Max Drawdown (1Y)Largest decline over 1 year | -3.66% | -9.23% | +5.57% |
Max Drawdown (5Y)Largest decline over 5 years | — | -43.70% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -48.35% | — |
Current DrawdownCurrent decline from peak | -1.70% | -40.17% | +38.47% |
Average DrawdownAverage peak-to-trough decline | -0.87% | -13.62% | +12.75% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.92% | 4.38% | -3.46% |
Volatility
FIAX vs. TLT - Volatility Comparison
The current volatility for Nicholas Fixed Income Alternative ETF (FIAX) is 1.58%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 3.71%. This indicates that FIAX experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FIAX | TLT | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.58% | 3.71% | -2.13% |
Volatility (6M)Calculated over the trailing 6-month period | 3.16% | 6.61% | -3.45% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.47% | 11.44% | -6.97% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.01% | 15.90% | -11.89% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.01% | 14.93% | -10.92% |