GIAX vs. FEPI

Last updated Jun 4, 2026

GIAX (Nicholas Global Equity and Income ETF) and FEPI (REX FANG & Innovation Equity Premium Income ETF) are both exchange-traded funds - GIAX is a Derivative Income fund actively managed by Nicholas, while FEPI is a Technology Equities fund actively managed by REX. Both are actively managed. Over the past year, GIAX returned 31.82% vs 33.15% for FEPI. Their correlation of 0.82 suggests significant overlap in exposure. GIAX charges 0.97%/yr vs 0.65%/yr for FEPI.

Performance

GIAX vs. FEPI - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Global Equity and Income ETF (GIAX) and REX FANG & Innovation Equity Premium Income ETF (FEPI). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, GIAX achieves a 22.12% return, which is significantly higher than FEPI's 10.42% return.

GIAX

• 1D: -2.89%
• 1M: 12.88%
• YTD: 22.12%
• 6M: 19.89%
• 1Y: 31.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —

FEPI

• 1D: -0.75%
• 1M: 5.91%
• YTD: 10.42%
• 6M: 11.37%
• 1Y: 33.15%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

GIAX vs. FEPI - Yearly Performance Comparison

	2026 (YTD)	2025	2024
GIAX Nicholas Global Equity and Income ETF	22.12%	11.73%	3.74%
FEPI REX FANG & Innovation Equity Premium Income ETF	10.42%	18.33%	9.12%

Correlation

The correlation between GIAX and FEPI is 0.78, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.78
Correlation (All Time) Calculated using the full available price history since Jul 31, 2024	0.82

The correlation between GIAX and FEPI has been stable across timeframes, ranging from 0.78 to 0.82 - a consistent structural relationship.

GIAX vs. FEPI - Sectors Allocation Comparison

Sectors	GIAX	FEPI
Technology	36.5%	62.1%
Communication Services	14.8%	24.9%
Financial Services	14.0%	-
Consumer Cyclical	11.8%	13.0%
Industrials	5.8%	-
Basic Materials	4.4%	-
Utilities	4.0%	-
Healthcare	3.1%	-
Real Estate	2.9%	-
Consumer Defensive	1.4%	-
Energy	1.3%	-

Return for Risk

GIAX vs. FEPI — Risk / Return Rank

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

GIAX

GIAX Risk / Return Rank: 41
GIAX Sharpe Ratio Rank: 41
GIAX Sortino Ratio Rank: 39
GIAX Omega Ratio Rank: 41
GIAX Calmar Ratio Rank: 36
GIAX Martin Ratio Rank: 47

FEPI

FEPI Risk / Return Rank: 54
FEPI Sharpe Ratio Rank: 58
FEPI Sortino Ratio Rank: 54
FEPI Omega Ratio Rank: 58
FEPI Calmar Ratio Rank: 51
FEPI Martin Ratio Rank: 51

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.

GIAX vs. FEPI - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Global Equity and Income ETF (GIAX) and REX FANG & Innovation Equity Premium Income ETF (FEPI). 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.

	GIAX	FEPI	Difference
Sharpe ratio Return per unit of total volatility	1.47	2.02	-0.55
Sortino ratio Return per unit of downside risk	2.04	2.67	-0.63
Omega ratio Gain probability vs. loss probability	1.27	1.36	-0.09
Calmar ratio Return relative to maximum drawdown	1.81	2.58	-0.77
Martin ratio Return relative to average drawdown	7.84	8.66	-0.82
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GIAX vs. FEPI - Sharpe Ratio Comparison

The current GIAX Sharpe Ratio is 1.47, which is comparable to the FEPI Sharpe Ratio of 2.02. The chart below compares the historical Sharpe Ratios of GIAX and FEPI, 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

	GIAX	FEPI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.47	2.02	-0.55
Sharpe Ratio (All Time) Calculated using the full available price history	0.97	1.16	-0.19

Drawdowns

GIAX vs. FEPI - Drawdown Comparison

The maximum GIAX drawdown since its inception was -20.38%, smaller than the maximum FEPI drawdown of -23.56%. Use the drawdown chart below to compare losses from any high point for GIAX and FEPI.

Drawdown Indicators

	GIAX	FEPI	Difference
Max Drawdown Largest peak-to-trough decline	-20.38%	-23.56%	+3.18%
Max Drawdown (1Y) Largest decline over 1 year	-17.62%	-12.91%	-4.71%
Current Drawdown Current decline from peak	-2.89%	-1.45%	-1.44%
Average Drawdown Average peak-to-trough decline	-2.99%	-3.51%	+0.52%
Ulcer Index Depth and duration of drawdowns from previous peaks	4.07%	3.84%	+0.23%

Volatility

GIAX vs. FEPI - Volatility Comparison

Nicholas Global Equity and Income ETF (GIAX) has a higher volatility of 8.06% compared to REX FANG & Innovation Equity Premium Income ETF (FEPI) at 3.31%. This indicates that GIAX's price experiences larger fluctuations and is considered to be riskier than FEPI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GIAX	FEPI	Difference
Volatility (1M) Calculated over the trailing 1-month period	8.06%	3.31%	+4.75%
Volatility (6M) Calculated over the trailing 6-month period	19.80%	12.58%	+7.22%
Volatility (1Y) Calculated over the trailing 1-year period	21.77%	16.54%	+5.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	21.46%	19.02%	+2.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	21.46%	19.02%	+2.44%

GIAX vs. FEPI - Expense Ratio Comparison

GIAX has a 0.97% expense ratio, which is higher than FEPI's 0.65% expense ratio.

Dividends

GIAX vs. FEPI - Dividend Comparison

GIAX's dividend yield for the trailing twelve months is around 22.33%, less than FEPI's 23.92% yield.

Position	TTM	2025	2024	2023
FEPI REX FANG & Innovation Equity Premium Income ETF	23.92%	25.48%	27.18%	4.21%
GIAX Nicholas Global Equity and Income ETF	22.33%	25.62%	10.58%	0.00%

Frequently Asked Questions

Can I hold both GIAX and FEPI in my portfolio?

GIAX and FEPI have a correlation of 0.78, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GIAX or FEPI?

GIAX has higher volatility (8.06%) compared to FEPI (3.31%). In terms of maximum drawdown, GIAX dropped -20.38% vs FEPI's -23.56%.

Which ETF is better, GIAX or FEPI?

On 1-year performance, FEPI leads with 33.15% vs 31.82% for GIAX. On fees, FEPI is cheaper at 0.65% per year. On volatility, FEPI has been the lower-risk option at 3.31%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GIAX or FEPI?

Over the 1-year period, FEPI has performed better with a 33.15% return vs 31.82%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GIAX or FEPI?

FEPI is cheaper with a 0.65% expense ratio, compared with 0.97% for GIAX.

Which ETF pays a higher dividend yield, GIAX or FEPI?

FEPI has the higher dividend yield at 23.92%, compared with 22.33% for GIAX.

What is the main difference between GIAX and FEPI?

GIAX is categorized as Derivative Income, while FEPI is Technology Equities. They also come from different issuers: Nicholas and REX. Their fees differ too: 0.97% for GIAX and 0.65% for FEPI.

Which has better risk-adjusted returns?

FEPI currently has the higher Sharpe Ratio (2.02 vs 1.47), 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.