HYKE vs. FIAX

Last updated Apr 2, 2026

Compare and contrast key facts about Vest 2 Year Interest Rate Hedge ETF (HYKE) and Nicholas Fixed Income Alternative ETF (FIAX).

HYKE and FIAX are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. HYKE is an actively managed fund by Cboe Vest. It was launched on Jan 10, 2024. FIAX is an actively managed fund by Nicholas. It was launched on Nov 29, 2022.

Performance

HYKE vs. FIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Vest 2 Year Interest Rate Hedge ETF (HYKE) and Nicholas Fixed Income Alternative ETF (FIAX). The values are adjusted to include any dividend payments, if applicable.

HYKE vs. FIAX - Yearly Performance Comparison

	2026 (YTD)
HYKE Vest 2 Year Interest Rate Hedge ETF	0.00%
FIAX Nicholas Fixed Income Alternative ETF	0.75%

Returns By Period

HYKE

• 1D: 0.00%
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

FIAX

• 1D: 0.09%
• 1M: -0.97%
• YTD: -0.83%
• 6M: 0.79%
• 1Y: 2.43%
• 3Y*: 2.82%
• 5Y*: —
• 10Y*: —

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

HYKE vs. FIAX - Expense Ratio Comparison

HYKE has a 0.85% expense ratio, which is lower than FIAX's 1.04% expense ratio.

FIAX

Nicholas Fixed Income Alternative ETF

HYKE

Vest 2 Year Interest Rate Hedge ETF

Return for Risk

HYKE 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: 27
FIAX Sharpe Ratio Rank: 28
FIAX Sortino Ratio Rank: 26
FIAX Omega Ratio Rank: 24
FIAX Calmar Ratio Rank: 27
FIAX Martin Ratio Rank: 30

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.

HYKE vs. FIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Vest 2 Year Interest Rate Hedge ETF (HYKE) 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

	HYKE	FIAX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	0.55	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.70	—

Dividends

HYKE vs. FIAX - Dividend Comparison

HYKE has not paid dividends to shareholders, while FIAX's dividend yield for the trailing twelve months is around 8.29%.

	TTM	2025	2024	2023
HYKE Vest 2 Year Interest Rate Hedge ETF	0.00%	0.00%	0.00%	0.00%
FIAX Nicholas Fixed Income Alternative ETF	8.29%	8.17%	8.11%	4.81%

Drawdowns

HYKE vs. FIAX - Drawdown Comparison

The maximum HYKE drawdown since its inception was 0.00%, smaller than the maximum FIAX drawdown of -6.26%. Use the drawdown chart below to compare losses from any high point for HYKE and FIAX.

Drawdown Indicators

	HYKE	FIAX	Difference
Max Drawdown Largest peak-to-trough decline	0.00%	-6.26%	+6.26%
Max Drawdown (1Y) Largest decline over 1 year	—	-3.66%	—
Current Drawdown Current decline from peak	0.00%	-1.61%	+1.61%
Average Drawdown Average peak-to-trough decline	0.00%	-0.87%	+0.87%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.92%	—

Volatility

Volatility by Period

	HYKE	FIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.59%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.16%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	4.47%	-4.47%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	4.01%	-4.01%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	4.01%	-4.01%