RISR vs. FIAX

Last updated Jun 23, 2026

RISR (FolioBeyond Alternative Income and Interest Rate Hedge ETF) and FIAX (Nicholas Fixed Income Alternative ETF) are both Nontraditional Bonds funds. Both are actively managed. Over the past 3 years, RISR returned 11.28%/yr vs 3.29%/yr for FIAX. At a correlation of -0.23, they often move in opposite directions. RISR charges 1.13%/yr vs 1.04%/yr for FIAX.

Performance

RISR vs. FIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in FolioBeyond Alternative Income and Interest Rate Hedge ETF (RISR) 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, RISR achieves a 2.99% return, which is significantly higher than FIAX's 1.15% return.

RISR

• 1D: 0.22%
• 1M: 0.01%
• YTD: 2.99%
• 6M: 3.27%
• 1Y: 5.10%
• 3Y*: 11.28%
• 5Y*: —
• 10Y*: —

FIAX

• 1D: -0.34%
• 1M: 0.36%
• YTD: 1.15%
• 6M: 1.00%
• 1Y: 4.63%
• 3Y*: 3.29%
• 5Y*: —
• 10Y*: —

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

RISR vs. FIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
RISR FolioBeyond Alternative Income and Interest Rate Hedge ETF	2.99%	4.63%	24.20%	7.02%	4.15%
FIAX Nicholas Fixed Income Alternative ETF	1.15%	2.33%	4.67%	3.44%	-0.37%

Correlation

The correlation between RISR and FIAX is -0.27, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.27
Correlation (3Y) Calculated over the trailing 3-year period	-0.22
Correlation (All Time) Calculated using the full available price history since Nov 30, 2022	-0.23

Return for Risk

RISR vs. FIAX — Risk / Return Rank

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

RISR

RISR Risk / Return Rank: 30
RISR Sharpe Ratio Rank: 27
RISR Sortino Ratio Rank: 26
RISR Omega Ratio Rank: 25
RISR Calmar Ratio Rank: 40
RISR Martin Ratio Rank: 33

FIAX

FIAX Risk / Return Rank: 36
FIAX Sharpe Ratio Rank: 32
FIAX Sortino Ratio Rank: 32
FIAX Omega Ratio Rank: 31
FIAX Calmar Ratio Rank: 40
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.

RISR vs. FIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for FolioBeyond Alternative Income and Interest Rate Hedge ETF (RISR) 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.

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.

	RISR	FIAX	Difference
Sharpe ratio: Return per unit of total volatility	0.95	1.12	-0.17
Sortino ratio: Return per unit of downside risk	1.38	1.66	-0.28
Omega ratio: Gain probability vs. loss probability	1.17	1.21	-0.04
Calmar ratio: Return relative to maximum drawdown	1.96	1.94	+0.03
Martin ratio: Return relative to average drawdown	4.64	7.05	-2.41

RISR vs. FIAX - Sharpe Ratio Comparison

The current RISR Sharpe Ratio is 0.95, which is comparable to the FIAX Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of RISR 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.

Drawdowns

RISR vs. FIAX - Drawdown Comparison

The maximum RISR drawdown since its inception was -14.31%, which is greater than FIAX's maximum drawdown of -6.26%. Use the drawdown chart below to compare losses from any high point for RISR and FIAX.

Drawdown Indicators

	RISR	FIAX	Difference
Max Drawdown Largest peak-to-trough decline	-14.31%	-6.26%	-8.05%
Max Drawdown (1Y) Largest decline over 1 year	-2.61%	-2.40%	-0.21%
Max Drawdown (3Y) Largest decline over 3 years	-8.07%	-6.26%	-1.81%
Current Drawdown Current decline from peak	-0.51%	-0.46%	-0.05%
Average Drawdown Average peak-to-trough decline	-2.17%	-0.85%	-1.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.10%	0.66%	+0.44%

Volatility

RISR vs. FIAX - Volatility Comparison

FolioBeyond Alternative Income and Interest Rate Hedge ETF (RISR) has a higher volatility of 1.23% compared to Nicholas Fixed Income Alternative ETF (FIAX) at 0.81%. This indicates that RISR'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

	RISR	FIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.23%	0.81%	+0.42%
Volatility (6M) Calculated over the trailing 6-month period	3.95%	3.41%	+0.54%
Volatility (1Y) Calculated over the trailing 1-year period	5.40%	4.15%	+1.25%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	11.79%	4.03%	+7.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	11.79%	4.03%	+7.76%

RISR vs. FIAX - Expense Ratio Comparison

RISR has a 1.13% expense ratio, which is higher than FIAX's 1.04% expense ratio.

Dividends

RISR vs. FIAX - Dividend Comparison

RISR's dividend yield for the trailing twelve months is around 5.92%, less than FIAX's 8.23% yield.

Position	TTM	2025	2024	2023	2022	2021
FIAX Nicholas Fixed Income Alternative ETF	8.23%	8.17%	8.11%	4.81%	0.00%	0.00%
RISR FolioBeyond Alternative Income and Interest Rate Hedge ETF	5.92%	5.95%	5.67%	7.96%	4.26%	0.30%

Frequently Asked Questions

Can I hold both RISR and FIAX in my portfolio?

RISR and FIAX have a correlation of -0.27, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, RISR or FIAX?

RISR has higher volatility (1.23%) compared to FIAX (0.81%). In terms of maximum drawdown, RISR dropped -14.31% vs FIAX's -6.26%.

Which ETF is better, RISR or FIAX?

On 3-year performance, RISR leads with 11.28% vs 3.29% for FIAX. On fees, FIAX is cheaper at 1.04% per year. On volatility, FIAX has been the lower-risk option at 0.81%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, RISR or FIAX?

Over the 3-year period, RISR has performed better with a 11.28% return vs 3.29%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, RISR or FIAX?

FIAX is cheaper with a 1.04% expense ratio, compared with 1.13% for RISR.

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

FIAX has the higher dividend yield at 8.23%, compared with 5.92% for RISR.

What is the main difference between RISR and FIAX?

They also come from different issuers: FolioBeyond and Nicholas. Their fees differ too: 1.13% for RISR and 1.04% for FIAX.

Which has better risk-adjusted returns?

FIAX currently has the higher Sharpe Ratio (1.12 vs 0.95), 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.