GLDN vs. FIAX

Last updated Jun 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. At a 0.42 correlation, their price movements are largely independent. 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: -6.72%
• 1M: -12.29%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FIAX

• 1D: -0.14%
• 1M: -0.44%
• YTD: 1.10%
• 6M: 1.13%
• 1Y: 4.74%
• 3Y*: 3.39%
• 5Y*: —
• 10Y*: —

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

GLDN vs. FIAX - Yearly Performance Comparison

	2026 (YTD)
GLDN Nicholas Gold Income ETF	-21.20%
FIAX Nicholas Fixed Income Alternative ETF	0.50%

Correlation

The correlation between GLDN and FIAX is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Feb 19, 2026	0.42

Return for Risk

GLDN vs. FIAX — Risk / Return Rank

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

FIAX

FIAX Risk / Return Rank: 38
FIAX Sharpe Ratio Rank: 34
FIAX Sortino Ratio Rank: 33
FIAX Omega Ratio Rank: 33
FIAX Calmar Ratio Rank: 43
FIAX Martin Ratio Rank: 47

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.

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.

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

Sharpe Ratios by Period

	GLDN	FIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.15	—
Sharpe Ratio (All Time) Calculated using the full available price history	-1.33	0.80	-2.12

Drawdowns

GLDN vs. FIAX - Drawdown Comparison

The maximum GLDN drawdown since its inception was -28.04%, 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	-28.04%	-6.26%	-21.78%
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	-28.04%	-0.44%	-27.60%
Average Drawdown Average peak-to-trough decline	-15.70%	-0.85%	-14.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.66%	—

Volatility

Volatility by Period

	GLDN	FIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.26%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.39%	—
Volatility (1Y) Calculated over the trailing 1-year period	41.85%	4.14%	+37.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	41.85%	4.04%	+37.81%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	41.85%	4.04%	+37.81%

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 4.42%, less than FIAX's 8.20% yield.

Position	TTM	2025	2024	2023
FIAX Nicholas Fixed Income Alternative ETF	8.20%	8.17%	8.11%	4.81%
GLDN Nicholas Gold Income ETF	4.42%	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 0.42, 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 8.20%, compared with 4.42% 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.