FIAX vs. TLTW
FIAX (Nicholas Fixed Income Alternative ETF) and TLTW (iShares 20+ Year Treasury Bond BuyWrite Strategy ETF) are both exchange-traded funds - FIAX is a Nontraditional Bonds fund actively managed by Nicholas, while TLTW is a Derivative Income fund tracking the CBOE TLT 2% OTM Buywrite Index (USD). FIAX is actively managed, while TLTW is passively managed. Over the past 3 years, FIAX returned 3.29%/yr vs 0.52%/yr for TLTW. At a 0.30 correlation, their price movements are largely independent. FIAX charges 1.04%/yr vs 0.35%/yr for TLTW.
Performance
FIAX vs. TLTW - Performance Comparison
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Returns By Period
In the year-to-date period, FIAX achieves a 1.15% return, which is significantly lower than TLTW's 2.17% return.
FIAX
- 1D
- -0.34%
- 1M
- 0.36%
- YTD
- 1.15%
- 6M
- 1.00%
- 1Y
- 4.63%
- 3Y*
- 3.29%
- 5Y*
- —
- 10Y*
- —
TLTW
- 1D
- -0.71%
- 1M
- 2.04%
- YTD
- 2.17%
- 6M
- 2.05%
- 1Y
- 9.22%
- 3Y*
- 0.52%
- 5Y*
- —
- 10Y*
- —
FIAX vs. TLTW - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
FIAX Nicholas Fixed Income Alternative ETF | 1.15% | 2.33% | 4.67% | 3.44% | -0.37% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 2.17% | 11.36% | -2.18% | 0.73% | -3.67% |
Correlation
The correlation between FIAX and TLTW is 0.41, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.41 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2022 | 0.30 |
The correlation between FIAX and TLTW shifts across timeframes, from 0.29 (3 years) to 0.41 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FIAX vs. TLTW — Risk / Return Rank
FIAX
TLTW
FIAX vs. TLTW - 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 BuyWrite Strategy ETF (TLTW). 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 | TLTW | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.09 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.21 | 1.22 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 1.94 | 1.55 | +0.39 |
| Martin ratioReturn relative to average drawdown | 7.05 | 4.46 | +2.59 |
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Drawdowns
FIAX vs. TLTW - Drawdown Comparison
The maximum FIAX drawdown since its inception was -6.26%, smaller than the maximum TLTW drawdown of -18.61%. Use the drawdown chart below to compare losses from any high point for FIAX and TLTW.
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Drawdown Indicators
| FIAX | TLTW | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -6.26% | -18.61% | +12.35% |
Max Drawdown (1Y)Largest decline over 1 year | -2.40% | -5.97% | +3.57% |
Max Drawdown (3Y)Largest decline over 3 years | -6.26% | -17.19% | +10.93% |
Current DrawdownCurrent decline from peak | -0.46% | -2.28% | +1.82% |
Average DrawdownAverage peak-to-trough decline | -0.85% | -8.17% | +7.32% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.66% | 2.07% | -1.41% |
Volatility
FIAX vs. TLTW - Volatility Comparison
The current volatility for Nicholas Fixed Income Alternative ETF (FIAX) is 0.81%, while iShares 20+ Year Treasury Bond BuyWrite Strategy ETF (TLTW) has a volatility of 1.68%. This indicates that FIAX experiences smaller price fluctuations and is considered to be less risky than TLTW based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FIAX | TLTW | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.81% | 1.68% | -0.87% |
Volatility (6M)Calculated over the trailing 6-month period | 3.41% | 5.82% | -2.41% |
Volatility (1Y)Calculated over the trailing 1-year period | 4.15% | 7.63% | -3.48% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.03% | 11.34% | -7.31% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 4.03% | 11.34% | -7.31% |
FIAX vs. TLTW - Expense Ratio Comparison
FIAX has a 1.04% expense ratio, which is higher than TLTW's 0.35% expense ratio.
Dividends
FIAX vs. TLTW - Dividend Comparison
FIAX's dividend yield for the trailing twelve months is around 8.23%, less than TLTW's 11.64% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 |
|---|---|---|---|---|---|
FIAX Nicholas Fixed Income Alternative ETF | 8.23% | 8.17% | 8.11% | 4.81% | 0.00% |
TLTW iShares 20+ Year Treasury Bond BuyWrite Strategy ETF | 11.64% | 14.82% | 14.47% | 19.59% | 8.71% |
Frequently Asked Questions
FIAX and TLTW have a correlation of 0.41, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
TLTW has higher volatility (1.68%) compared to FIAX (0.81%). In terms of maximum drawdown, FIAX dropped -6.26% vs TLTW's -18.61%.
On 3-year performance, FIAX leads with 3.29% vs 0.52% for TLTW. On fees, TLTW is cheaper at 0.35% per year. On volatility, FIAX has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FIAX has performed better with a 3.29% return vs 0.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
TLTW is cheaper with a 0.35% expense ratio, compared with 1.04% for FIAX.
TLTW has the higher dividend yield at 11.64%, compared with 8.23% for FIAX.
FIAX is categorized as Nontraditional Bonds, while TLTW is Derivative Income. They also come from different issuers: Nicholas and iShares. Their fees differ too: 1.04% for FIAX and 0.35% for TLTW.
TLTW currently has the higher Sharpe Ratio (1.22 vs 1.12), 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.
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