GLDN vs. GIAX

Last updated Aug 6, 2026

GLDN (Nicholas Gold Income ETF) and GIAX (Nicholas Global Equity and Income ETF) are both exchange-traded funds - GLDN is a Gold fund actively managed by Nicholas, while GIAX is a Derivative Income fund actively managed by Nicholas. Both are actively managed. Their 0.44 correlation means their historical movements had little consistent relationship. GLDN charges 1.07%/yr vs 1.03%/yr for GIAX.

Performance

GLDN vs. GIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nicholas Gold Income ETF (GLDN) and Nicholas Global Equity and Income ETF (GIAX). 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*: —

GIAX

• 1D: -0.47%
• 1M: -2.34%
• 6M: 15.96%
• YTD: 12.25%
• 1Y: 15.46%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 13.52%

*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)
GIAX Nicholas Global Equity and Income ETF	$1.39M	$1.89M	$1.97M
GLDN Nicholas Gold Income ETF	$89.38K	$105.25K	$99.21K

GLDN vs. GIAX - Yearly Performance Comparison

	2026 (YTD)
GLDN Nicholas Gold Income ETF	-20.08%
GIAX Nicholas Global Equity and Income ETF	15.33%

Correlation

The correlation between GLDN and GIAX is 0.44, 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	0.44

Return for Risk

GLDN vs. GIAX — 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.

GIAX

GIAX Risk / Return Rank: 24
GIAX Sharpe Ratio Rank: 24
GIAX Sortino Ratio Rank: 23
GIAX Omega Ratio Rank: 24
GIAX Calmar Ratio Rank: 22
GIAX Martin Ratio Rank: 28

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. GIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nicholas Gold Income ETF (GLDN) and Nicholas Global Equity and Income ETF (GIAX). 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	GIAX	Difference
Sharpe ratio: Return per unit of total volatility	—	0.61	—
Sortino ratio: Return per unit of downside risk	—	0.99	—
Omega ratio: Gain probability vs. loss probability	—	1.12	—
Calmar ratio: Return relative to maximum drawdown	—	0.79	—
Martin ratio: Return relative to average drawdown	—	2.57	—

Drawdowns

GLDN vs. GIAX - Drawdown Comparison

The maximum GLDN drawdown since its inception was -36.20%, which is greater than GIAX's maximum drawdown of -20.38%. Use the drawdown chart below to compare losses from any high point for GLDN and GIAX.

Drawdown Indicators

	GLDN	GIAX	Difference
Max Drawdown Largest peak-to-trough decline	-36.20%	-20.38%	-15.82%
Max Drawdown (1Y) Largest decline over 1 year	—	-19.64%	—
Current Drawdown Current decline from peak	-27.23%	-10.73%	-16.50%
Average Drawdown Average peak-to-trough decline	-21.05%	-3.58%	-17.47%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	6.02%	—

Volatility

Volatility by Period

	GLDN	GIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	9.77%	—
Volatility (6M) Calculated over the trailing 6-month period	—	22.77%	—
Volatility (1Y) Calculated over the trailing 1-year period	42.00%	25.55%	+16.45%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	42.00%	22.73%	+19.27%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	42.00%	22.73%	+19.27%

GLDN vs. GIAX - Expense Ratio Comparison

GLDN has a 1.07% expense ratio, which is higher than GIAX's 1.03% expense ratio.

Dividends

GLDN vs. GIAX - Dividend Comparison

GLDN's dividend yield for the trailing twelve months is around 6.99%, less than GIAX's 25.17% yield.

Position	TTM	2025	2024
GIAX Nicholas Global Equity and Income ETF	25.17%	25.62%	10.58%
GLDN Nicholas Gold Income ETF	6.99%	0.00%	0.00%

Frequently Asked Questions

Can I hold both GLDN and GIAX in my portfolio?

GLDN and GIAX have a correlation of 0.44, 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 GIAX?

On fees, GIAX is cheaper at 1.03% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, GLDN or GIAX?

GIAX is cheaper with a 1.03% expense ratio, compared with 1.07% for GLDN.

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

GIAX has the higher dividend yield at 25.17%, compared with 6.99% for GLDN.

What is the main difference between GLDN and GIAX?

GLDN is categorized as Gold, while GIAX is Derivative Income. Their fees differ too: 1.07% for GLDN and 1.03% for GIAX.