GLDN vs. FIAX

Last updated Aug 6, 2026

GLDN (Nicholas Gold Income ETF) and FIAX (Nicholas Fixed Income Alternative ETF) are both exchange-traded funds - GLDN is a Gold fund actively managed by Nicholas, while FIAX is a Nontraditional Bonds fund actively managed by Nicholas. Both are actively managed. Their 0.40 correlation means their historical movements had little consistent relationship. GLDN charges 1.07%/yr vs 1.04%/yr for FIAX.

Performance

GLDN vs. FIAX - Performance Comparison

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

Returns By Period

GLDN

• 1D: 6.18%
• 1M: 3.13%
• 6M: —
• YTD: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

FIAX

• 1D: 0.06%
• 1M: -0.24%
• 6M: 1.62%
• YTD: 1.83%
• 1Y: 3.85%
• 3Y*: 3.36%
• 5Y*: —
• 10Y*: —
• ALL TIME*: 3.23%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
FIAX Nicholas Fixed Income Alternative ETF	$166.55K	$240.42K	$199.96K
GLDN Nicholas Gold Income ETF	$89.38K	$105.25K	$99.21K

GLDN vs. FIAX - Yearly Performance Comparison

	2026 (YTD)
GLDN Nicholas Gold Income ETF	-20.08%
FIAX Nicholas Fixed Income Alternative ETF	1.56%

Correlation

The correlation between GLDN and FIAX is 0.40, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 18, 2026	0.40

Return for Risk

GLDN vs. FIAX — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

GLDN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

FIAX

FIAX Risk / Return Rank: 37
FIAX Sharpe Ratio Rank: 34
FIAX Sortino Ratio Rank: 33
FIAX Omega Ratio Rank: 33
FIAX Calmar Ratio Rank: 40
FIAX Martin Ratio Rank: 46

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

GLDN vs. FIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Gold Income ETF (GLDN) 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.

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.

	GLDN	FIAX	Difference
Sharpe ratio: Return per unit of total volatility	—	0.97	—
Sortino ratio: Return per unit of downside risk	—	1.41	—
Omega ratio: Gain probability vs. loss probability	—	1.18	—
Calmar ratio: Return relative to maximum drawdown	—	1.61	—
Martin ratio: Return relative to average drawdown	—	6.00	—

Drawdowns

GLDN vs. FIAX - Drawdown Comparison

The maximum GLDN drawdown since its inception was -36.20%, which is greater than FIAX's maximum drawdown of -6.26%. Use the drawdown chart below to compare losses from any high point for GLDN and FIAX.

Drawdown Indicators

	GLDN	FIAX	Difference
Max Drawdown Largest peak-to-trough decline	-36.20%	-6.26%	-29.94%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.40%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-6.26%	—
Current Drawdown Current decline from peak	-27.23%	-0.24%	-26.99%
Average Drawdown Average peak-to-trough decline	-21.05%	-0.82%	-20.23%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.64%	—

Volatility

Volatility by Period

	GLDN	FIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.96%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.03%	—
Volatility (1Y) Calculated over the trailing 1-year period	42.00%	3.98%	+38.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.00%	4.00%	+38.00%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.00%	4.00%	+38.00%

GLDN vs. FIAX - Expense Ratio Comparison

GLDN has a 1.07% expense ratio, which is higher than FIAX's 1.04% expense ratio.

Dividends

GLDN vs. FIAX - Dividend Comparison

GLDN's dividend yield for the trailing twelve months is around 6.99%, less than FIAX's 8.21% yield.

Position	TTM	2025	2024	2023
FIAX Nicholas Fixed Income Alternative ETF	8.21%	8.17%	8.11%	4.81%
GLDN Nicholas Gold Income ETF	6.99%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLDN and FIAX in my portfolio?

GLDN and FIAX have a correlation of 0.40, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, GLDN or FIAX?

On fees, FIAX is cheaper at 1.04% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLDN or FIAX?

FIAX is cheaper with a 1.04% expense ratio, compared with 1.07% for GLDN.

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

FIAX has the higher dividend yield at 8.21%, compared with 6.99% for GLDN.

What is the main difference between GLDN and FIAX?

GLDN is categorized as Gold, while FIAX is Nontraditional Bonds. Their fees differ too: 1.07% for GLDN and 1.04% for FIAX.