FTBD vs. FIAX

Last updated Jun 5, 2026

FTBD (Fidelity Tactical Bond ETF) and FIAX (Nicholas Fixed Income Alternative ETF) are both Nontraditional Bonds funds. Both are actively managed. Over the past 3 years, FTBD returned 5.19%/yr vs 3.47%/yr for FIAX. At a 0.36 correlation, their price movements are largely independent. FTBD charges 0.55%/yr vs 1.04%/yr for FIAX.

Performance

FTBD vs. FIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Fidelity Tactical Bond ETF (FTBD) and Nicholas Fixed Income Alternative ETF (FIAX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, FTBD achieves a 1.15% return, which is significantly lower than FIAX's 1.25% return.

FTBD

• 1D: 0.16%
• 1M: 0.34%
• YTD: 1.15%
• 6M: 1.17%
• 1Y: 5.91%
• 3Y*: 5.19%
• 5Y*: —
• 10Y*: —

FIAX

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

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

FTBD vs. FIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023
FTBD Fidelity Tactical Bond ETF	1.15%	8.35%	1.77%	3.73%
FIAX Nicholas Fixed Income Alternative ETF	1.25%	2.33%	4.67%	3.19%

Correlation

The correlation between FTBD and FIAX is 0.47, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.47
Correlation (3Y) Calculated over the trailing 3-year period	0.36
Correlation (All Time) Calculated using the full available price history since Jan 27, 2023	0.37

The correlation between FTBD and FIAX shifts across timeframes, from 0.36 (3 years) to 0.47 (1 year), reflecting how their relationship changes across market environments.

FTBD vs. FIAX - Sectors Allocation Comparison

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

Return for Risk

FTBD vs. FIAX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

FTBD

FTBD Risk / Return Rank: 40
FTBD Sharpe Ratio Rank: 40
FTBD Sortino Ratio Rank: 40
FTBD Omega Ratio Rank: 38
FTBD Calmar Ratio Rank: 41
FTBD Martin Ratio Rank: 43

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

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.

FTBD vs. FIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Fidelity Tactical Bond ETF (FTBD) and Nicholas Fixed Income Alternative ETF (FIAX). 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.

	FTBD	FIAX	Difference
Sharpe ratio: Return per unit of total volatility	1.39	1.11	+0.28
Sortino ratio: Return per unit of downside risk	2.03	1.64	+0.39
Omega ratio: Gain probability vs. loss probability	1.24	1.20	+0.04
Calmar ratio: Return relative to maximum drawdown	1.99	1.91	+0.08
Martin ratio: Return relative to average drawdown	6.83	6.98	-0.15
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

FTBD vs. FIAX - Sharpe Ratio Comparison

The current FTBD Sharpe Ratio is 1.39, which is comparable to the FIAX Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of FTBD and FIAX, 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

	FTBD	FIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.39	1.11	+0.28
Sharpe Ratio (All Time) Calculated using the full available price history	0.76	0.81	-0.04

Drawdowns

FTBD vs. FIAX - Drawdown Comparison

The maximum FTBD drawdown since its inception was -6.98%, which is greater than FIAX's maximum drawdown of -6.26%. Use the drawdown chart below to compare losses from any high point for FTBD and FIAX.

Drawdown Indicators

	FTBD	FIAX	Difference
Max Drawdown Largest peak-to-trough decline	-6.98%	-6.26%	-0.72%
Max Drawdown (1Y) Largest decline over 1 year	-2.98%	-2.40%	-0.58%
Max Drawdown (3Y) Largest decline over 3 years	-6.56%	-6.26%	-0.30%
Current Drawdown Current decline from peak	-0.99%	-0.30%	-0.69%
Average Drawdown Average peak-to-trough decline	-1.57%	-0.85%	-0.72%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.66%	+0.21%

Volatility

FTBD vs. FIAX - Volatility Comparison

Fidelity Tactical Bond ETF (FTBD) and Nicholas Fixed Income Alternative ETF (FIAX) have volatilities of 1.46% and 1.42%, 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

	FTBD	FIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	1.42%	+0.04%
Volatility (6M) Calculated over the trailing 6-month period	3.17%	3.40%	-0.23%
Volatility (1Y) Calculated over the trailing 1-year period	4.32%	4.14%	+0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.86%	4.04%	+1.82%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.86%	4.04%	+1.82%

FTBD vs. FIAX - Expense Ratio Comparison

FTBD has a 0.55% expense ratio, which is lower than FIAX's 1.04% expense ratio.

Dividends

FTBD vs. FIAX - Dividend Comparison

FTBD's dividend yield for the trailing twelve months is around 5.03%, less than FIAX's 8.19% yield.

Position	TTM	2025	2024	2023
FIAX Nicholas Fixed Income Alternative ETF	8.19%	8.17%	8.11%	4.81%
FTBD Fidelity Tactical Bond ETF	5.03%	5.04%	4.76%	4.69%

Frequently Asked Questions

Can I hold both FTBD and FIAX in my portfolio?

FTBD and FIAX have a correlation of 0.47, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, FTBD or FIAX?

FTBD has higher volatility (1.46%) compared to FIAX (1.42%). In terms of maximum drawdown, FTBD dropped -6.98% vs FIAX's -6.26%.

Which ETF is better, FTBD or FIAX?

On 3-year performance, FTBD leads with 5.19% vs 3.47% for FIAX. On fees, FTBD is cheaper at 0.55% 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, FTBD or FIAX?

Over the 3-year period, FTBD has performed better with a 5.19% return vs 3.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, FTBD or FIAX?

FTBD is cheaper with a 0.55% expense ratio, compared with 1.04% for FIAX.

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

FIAX has the higher dividend yield at 8.19%, compared with 5.03% for FTBD.

What is the main difference between FTBD and FIAX?

They also come from different issuers: Fidelity and Nicholas. Their fees differ too: 0.55% for FTBD and 1.04% for FIAX.

Which has better risk-adjusted returns?

FTBD currently has the higher Sharpe Ratio (1.39 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.