FIAX vs. VBIL

Last updated Jun 5, 2026

FIAX (Nicholas Fixed Income Alternative ETF) and VBIL (Vanguard 0-3 Month Treasury Bill ETF) are both exchange-traded funds - FIAX is a Nontraditional Bonds fund actively managed by Nicholas, while VBIL is a Ultrashort Bond fund tracking the Bloomberg US Treasury Bills 0-3 Months Index. FIAX is actively managed, while VBIL is passively managed. Over the past year, FIAX returned 4.57% vs 3.93% for VBIL. At a correlation of -0.01, they often move in opposite directions. FIAX charges 1.04%/yr vs 0.07%/yr for VBIL.

Performance

FIAX vs. VBIL - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Fixed Income Alternative ETF (FIAX) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). 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 VBIL's 1.51% return.

FIAX

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

VBIL

• 1D: 0.01%
• 1M: 0.30%
• YTD: 1.51%
• 6M: 1.81%
• 1Y: 3.93%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

FIAX vs. VBIL - Yearly Performance Comparison

	2026 (YTD)	2025
FIAX Nicholas Fixed Income Alternative ETF	1.25%	1.12%
VBIL Vanguard 0-3 Month Treasury Bill ETF	1.51%	3.71%

Correlation

The correlation between FIAX and VBIL is -0.05, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.05
Correlation (All Time) Calculated using the full available price history since Feb 12, 2025	-0.01

Return for Risk

FIAX vs. VBIL — 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

VBIL

VBIL Risk / Return Rank: 100
VBIL Sharpe Ratio Rank: 100
VBIL Sortino Ratio Rank: 100
VBIL Omega Ratio Rank: 100
VBIL Calmar Ratio Rank: 99
VBIL Martin Ratio Rank: 100

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. VBIL - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Fixed Income Alternative ETF (FIAX) and Vanguard 0-3 Month Treasury Bill ETF (VBIL). 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	VBIL	Difference
Sharpe ratio: Return per unit of total volatility	1.11	15.14	-14.03
Sortino ratio: Return per unit of downside risk	1.64	39.04	-37.40
Omega ratio: Gain probability vs. loss probability	1.20	21.07	-19.86
Calmar ratio: Return relative to maximum drawdown	1.91	42.54	-40.62
Martin ratio: Return relative to average drawdown	6.98	531.60	-524.62
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. VBIL - Sharpe Ratio Comparison

The current FIAX Sharpe Ratio is 1.11, which is lower than the VBIL Sharpe Ratio of 15.14. The chart below compares the historical Sharpe Ratios of FIAX and VBIL, 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	VBIL	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.11	15.14	-14.03
Sharpe Ratio (All Time) Calculated using the full available price history	0.81	13.45	-12.64

Drawdowns

FIAX vs. VBIL - Drawdown Comparison

The maximum FIAX drawdown since its inception was -6.26%, which is greater than VBIL's maximum drawdown of -0.09%. Use the drawdown chart below to compare losses from any high point for FIAX and VBIL.

Drawdown Indicators

	FIAX	VBIL	Difference
Max Drawdown Largest peak-to-trough decline	-6.26%	-0.09%	-6.17%
Max Drawdown (1Y) Largest decline over 1 year	-2.40%	-0.09%	-2.31%
Max Drawdown (3Y) Largest decline over 3 years	-6.26%	—	—
Current Drawdown Current decline from peak	-0.30%	0.00%	-0.30%
Average Drawdown Average peak-to-trough decline	-0.85%	-0.00%	-0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.01%	+0.65%

Volatility

FIAX vs. VBIL - Volatility Comparison

Nicholas Fixed Income Alternative ETF (FIAX) has a higher volatility of 1.42% compared to Vanguard 0-3 Month Treasury Bill ETF (VBIL) at 0.06%. This indicates that FIAX's price experiences larger fluctuations and is considered to be riskier than VBIL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	FIAX	VBIL	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.42%	0.06%	+1.36%
Volatility (6M) Calculated over the trailing 6-month period	3.40%	0.16%	+3.24%
Volatility (1Y) Calculated over the trailing 1-year period	4.14%	0.26%	+3.88%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.04%	0.30%	+3.74%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.04%	0.30%	+3.74%

FIAX vs. VBIL - Expense Ratio Comparison

FIAX has a 1.04% expense ratio, which is higher than VBIL's 0.07% expense ratio.

Dividends

FIAX vs. VBIL - Dividend Comparison

FIAX's dividend yield for the trailing twelve months is around 8.19%, more than VBIL's 3.65% yield.

Position	TTM	2025	2024	2023
FIAX Nicholas Fixed Income Alternative ETF	8.19%	8.17%	8.11%	4.81%
VBIL Vanguard 0-3 Month Treasury Bill ETF	3.65%	3.12%	0.00%	0.00%

Frequently Asked Questions

Can I hold both FIAX and VBIL in my portfolio?

FIAX and VBIL have a correlation of -0.05, 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 VBIL?

FIAX has higher volatility (1.42%) compared to VBIL (0.06%). In terms of maximum drawdown, FIAX dropped -6.26% vs VBIL's -0.09%.

Which ETF is better, FIAX or VBIL?

On 1-year performance, FIAX leads with 4.57% vs 3.93% for VBIL. On fees, VBIL is cheaper at 0.07% per year. On volatility, VBIL has been the lower-risk option at 0.06%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, FIAX or VBIL?

Over the 1-year period, FIAX has performed better with a 4.57% return vs 3.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FIAX or VBIL?

VBIL is cheaper with a 0.07% expense ratio, compared with 1.04% for FIAX.

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

FIAX has the higher dividend yield at 8.19%, compared with 3.65% for VBIL.

What is the main difference between FIAX and VBIL?

FIAX is categorized as Nontraditional Bonds, while VBIL is Ultrashort Bond. They also come from different issuers: Nicholas and Vanguard. Their fees differ too: 1.04% for FIAX and 0.07% for VBIL.

Which has better risk-adjusted returns?

VBIL currently has the higher Sharpe Ratio (15.14 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.