GOLY vs. FIAX

Last updated Jun 5, 2026

GOLY (Strategy Shares Gold-Hedged Bond ETF) and FIAX (Nicholas Fixed Income Alternative ETF) are both Nontraditional Bonds funds. GOLY is passively managed, while FIAX is actively managed. Over the past 3 years, GOLY returned 17.72%/yr vs 3.47%/yr for FIAX. At a 0.30 correlation, their price movements are largely independent. GOLY charges 0.79%/yr vs 1.04%/yr for FIAX.

Performance

GOLY vs. FIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Strategy Shares Gold-Hedged Bond ETF (GOLY) 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, GOLY achieves a -18.09% return, which is significantly lower than FIAX's 1.25% return.

GOLY

• 1D: 1.19%
• 1M: -1.96%
• YTD: -18.09%
• 6M: -15.05%
• 1Y: 3.79%
• 3Y*: 17.72%
• 5Y*: 6.28%
• 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)

GOLY vs. FIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
GOLY Strategy Shares Gold-Hedged Bond ETF	-18.09%	57.98%	19.82%	12.74%	2.11%
FIAX Nicholas Fixed Income Alternative ETF	1.25%	2.33%	4.67%	3.44%	-0.30%

Correlation

The correlation between GOLY and FIAX is 0.38, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.38
Correlation (3Y) Calculated over the trailing 3-year period	0.28
Correlation (All Time) Calculated using the full available price history since Dec 1, 2022	0.30

Return for Risk

GOLY vs. FIAX — Risk / Return Rank

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

GOLY

GOLY Risk / Return Rank: 11
GOLY Sharpe Ratio Rank: 11
GOLY Sortino Ratio Rank: 11
GOLY Omega Ratio Rank: 12
GOLY Calmar Ratio Rank: 11
GOLY Martin Ratio Rank: 10

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.

GOLY vs. FIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Strategy Shares Gold-Hedged Bond ETF (GOLY) 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.

	GOLY	FIAX	Difference
Sharpe ratio: Return per unit of total volatility	0.12	1.11	-0.99
Sortino ratio: Return per unit of downside risk	0.36	1.64	-1.28
Omega ratio: Gain probability vs. loss probability	1.05	1.20	-0.15
Calmar ratio: Return relative to maximum drawdown	0.13	1.91	-1.79
Martin ratio: Return relative to average drawdown	0.29	6.98	-6.69
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

GOLY vs. FIAX - Sharpe Ratio Comparison

The current GOLY Sharpe Ratio is 0.12, which is lower than the FIAX Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of GOLY 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

	GOLY	FIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.12	1.11	-0.99
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.28	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.30	0.81	-0.51

Drawdowns

GOLY vs. FIAX - Drawdown Comparison

The maximum GOLY drawdown since its inception was -35.99%, which is greater than FIAX's maximum drawdown of -6.26%. Use the drawdown chart below to compare losses from any high point for GOLY and FIAX.

Drawdown Indicators

	GOLY	FIAX	Difference
Max Drawdown Largest peak-to-trough decline	-35.99%	-6.26%	-29.73%
Max Drawdown (1Y) Largest decline over 1 year	-30.16%	-2.40%	-27.76%
Max Drawdown (3Y) Largest decline over 3 years	-30.16%	-6.26%	-23.90%
Max Drawdown (5Y) Largest decline over 5 years	-35.99%	—	—
Current Drawdown Current decline from peak	-29.33%	-0.30%	-29.03%
Average Drawdown Average peak-to-trough decline	-11.87%	-0.85%	-11.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	13.12%	0.66%	+12.46%

Volatility

GOLY vs. FIAX - Volatility Comparison

Strategy Shares Gold-Hedged Bond ETF (GOLY) has a higher volatility of 6.55% compared to Nicholas Fixed Income Alternative ETF (FIAX) at 1.42%. This indicates that GOLY's price experiences larger fluctuations and is considered to be riskier than FIAX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	GOLY	FIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	6.55%	1.42%	+5.13%
Volatility (6M) Calculated over the trailing 6-month period	29.54%	3.40%	+26.14%
Volatility (1Y) Calculated over the trailing 1-year period	32.90%	4.14%	+28.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	22.30%	4.04%	+18.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	22.21%	4.04%	+18.17%

GOLY vs. FIAX - Expense Ratio Comparison

GOLY has a 0.79% expense ratio, which is lower than FIAX's 1.04% expense ratio.

Dividends

GOLY vs. FIAX - Dividend Comparison

GOLY's dividend yield for the trailing twelve months is around 9.62%, more than FIAX's 8.19% yield.

Position	TTM	2025	2024	2023	2022	2021
FIAX Nicholas Fixed Income Alternative ETF	8.19%	8.17%	8.11%	4.81%	0.00%	0.00%
GOLY Strategy Shares Gold-Hedged Bond ETF	9.62%	7.22%	3.85%	2.94%	2.57%	1.11%

Frequently Asked Questions

Can I hold both GOLY and FIAX in my portfolio?

GOLY and FIAX have a correlation of 0.38, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, GOLY or FIAX?

GOLY has higher volatility (6.55%) compared to FIAX (1.42%). In terms of maximum drawdown, GOLY dropped -35.99% vs FIAX's -6.26%.

Which ETF is better, GOLY or FIAX?

On 3-year performance, GOLY leads with 17.72% vs 3.47% for FIAX. On fees, GOLY is cheaper at 0.79% per year. On volatility, FIAX has been the lower-risk option at 1.42%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, GOLY or FIAX?

Over the 3-year period, GOLY has performed better with a 17.72% return vs 3.47%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, GOLY or FIAX?

GOLY is cheaper with a 0.79% expense ratio, compared with 1.04% for FIAX.

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

GOLY has the higher dividend yield at 9.62%, compared with 8.19% for FIAX.

What is the main difference between GOLY and FIAX?

They also come from different issuers: Strategy Shares and Nicholas. Their fees differ too: 0.79% for GOLY and 1.04% for FIAX.

Which has better risk-adjusted returns?

FIAX currently has the higher Sharpe Ratio (1.11 vs 0.12), 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.