HYKE vs. FIAX

Last updated Jun 5, 2026

HYKE (Vest 2 Year Interest Rate Hedge ETF) and FIAX (Nicholas Fixed Income Alternative ETF) are both Nontraditional Bonds funds. Both are actively managed. HYKE charges 0.85%/yr vs 1.04%/yr for FIAX.

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.

Returns By Period

HYKE

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

HYKE vs. FIAX - Yearly Performance Comparison

	2026 (YTD)
HYKE Vest 2 Year Interest Rate Hedge ETF	0.00%
FIAX Nicholas Fixed Income Alternative ETF	2.86%

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: 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.

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	—	1.11	—
Sharpe Ratio (All Time) Calculated using the full available price history	—	0.81	—

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	—	-2.40%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-6.26%	—
Current Drawdown Current decline from peak	0.00%	-0.30%	+0.30%
Average Drawdown Average peak-to-trough decline	0.00%	-0.85%	+0.85%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.66%	—

Volatility

Volatility by Period

	HYKE	FIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.42%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.40%	—
Volatility (1Y) Calculated over the trailing 1-year period	0.00%	4.14%	-4.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	0.00%	4.04%	-4.04%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	0.00%	4.04%	-4.04%

HYKE vs. FIAX - Expense Ratio Comparison

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

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 8.19%.

Position	TTM	2025	2024	2023
FIAX Nicholas Fixed Income Alternative ETF	8.19%	8.17%	8.11%	4.81%
HYKE Vest 2 Year Interest Rate Hedge ETF	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Which ETF is better, HYKE or FIAX?

On fees, HYKE is cheaper at 0.85% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, HYKE or FIAX?

HYKE is cheaper with a 0.85% expense ratio, compared with 1.04% for FIAX.

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

FIAX has the higher dividend yield at 8.19%, compared with 0.00% for HYKE.

What is the main difference between HYKE and FIAX?

They also come from different issuers: Cboe Vest and Nicholas. Their fees differ too: 0.85% for HYKE and 1.04% for FIAX.