SSFI vs. FIAX

Last updated Jun 23, 2026

SSFI (Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF) and FIAX (Nicholas Fixed Income Alternative ETF) are both Nontraditional Bonds funds. Both are actively managed. Over the past 3 years, SSFI returned 3.17%/yr vs 3.29%/yr for FIAX. At a 0.33 correlation, their price movements are largely independent. SSFI charges 0.81%/yr vs 1.04%/yr for FIAX.

Performance

SSFI vs. FIAX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF (SSFI) 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, SSFI achieves a 0.49% return, which is significantly lower than FIAX's 1.15% return.

SSFI

• 1D: -0.30%
• 1M: 0.85%
• YTD: 0.49%
• 6M: 0.60%
• 1Y: 4.04%
• 3Y*: 3.17%
• 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)

SSFI vs. FIAX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SSFI Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF	0.49%	6.62%	1.10%	4.26%	-0.74%
FIAX Nicholas Fixed Income Alternative ETF	1.15%	2.33%	4.67%	3.44%	-0.37%

Correlation

The correlation between SSFI and FIAX is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.49
Correlation (3Y) Calculated over the trailing 3-year period	0.32
Correlation (All Time) Calculated using the full available price history since Nov 30, 2022	0.33

The correlation between SSFI and FIAX shifts across timeframes, from 0.32 (3 years) to 0.49 (1 year), reflecting how their relationship changes across market environments.

Return for Risk

SSFI vs. FIAX — Risk / Return Rank

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

SSFI

SSFI Risk / Return Rank: 30
SSFI Sharpe Ratio Rank: 29
SSFI Sortino Ratio Rank: 29
SSFI Omega Ratio Rank: 26
SSFI Calmar Ratio Rank: 32
SSFI 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.

SSFI vs. FIAX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF (SSFI) 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.

	SSFI	FIAX	Difference
Sharpe ratio: Return per unit of total volatility	1.02	1.12	-0.10
Sortino ratio: Return per unit of downside risk	1.54	1.66	-0.11
Omega ratio: Gain probability vs. loss probability	1.18	1.21	-0.03
Calmar ratio: Return relative to maximum drawdown	1.53	1.94	-0.40
Martin ratio: Return relative to average drawdown	4.71	7.05	-2.34

SSFI vs. FIAX - Sharpe Ratio Comparison

The current SSFI Sharpe Ratio is 1.02, which is comparable to the FIAX Sharpe Ratio of 1.12. The chart below compares the historical Sharpe Ratios of SSFI 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

SSFI vs. FIAX - Drawdown Comparison

The maximum SSFI drawdown since its inception was -16.07%, which is greater than FIAX's maximum drawdown of -6.26%. Use the drawdown chart below to compare losses from any high point for SSFI and FIAX.

Drawdown Indicators

	SSFI	FIAX	Difference
Max Drawdown Largest peak-to-trough decline	-16.07%	-6.26%	-9.81%
Max Drawdown (1Y) Largest decline over 1 year	-2.64%	-2.40%	-0.24%
Max Drawdown (3Y) Largest decline over 3 years	-6.72%	-6.26%	-0.46%
Current Drawdown Current decline from peak	-1.98%	-0.46%	-1.52%
Average Drawdown Average peak-to-trough decline	-7.51%	-0.85%	-6.66%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	0.66%	+0.20%

Volatility

SSFI vs. FIAX - Volatility Comparison

Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF (SSFI) has a higher volatility of 1.21% compared to Nicholas Fixed Income Alternative ETF (FIAX) at 0.81%. This indicates that SSFI'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

	SSFI	FIAX	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.21%	0.81%	+0.40%
Volatility (6M) Calculated over the trailing 6-month period	2.89%	3.41%	-0.52%
Volatility (1Y) Calculated over the trailing 1-year period	3.97%	4.15%	-0.18%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.75%	4.03%	+1.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	5.75%	4.03%	+1.72%

SSFI vs. FIAX - Expense Ratio Comparison

SSFI has a 0.81% expense ratio, which is lower than FIAX's 1.04% expense ratio.

Dividends

SSFI vs. FIAX - Dividend Comparison

SSFI's dividend yield for the trailing twelve months is around 3.36%, 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%
SSFI Day Hagan/Ned Davis Research Smart Sector Fixed Income ETF	3.36%	3.51%	3.64%	3.97%	1.87%	0.71%

Frequently Asked Questions

Can I hold both SSFI and FIAX in my portfolio?

SSFI and FIAX have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SSFI or FIAX?

SSFI has higher volatility (1.21%) compared to FIAX (0.81%). In terms of maximum drawdown, SSFI dropped -16.07% vs FIAX's -6.26%.

Which ETF is better, SSFI or FIAX?

On 3-year performance, FIAX leads with 3.29% vs 3.17% for SSFI. On fees, SSFI is cheaper at 0.81% 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, SSFI or FIAX?

Over the 3-year period, FIAX has performed better with a 3.29% return vs 3.17%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SSFI or FIAX?

SSFI is cheaper with a 0.81% expense ratio, compared with 1.04% for FIAX.

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

FIAX has the higher dividend yield at 8.23%, compared with 3.36% for SSFI.

What is the main difference between SSFI and FIAX?

They also come from different issuers: Day Hagan and Nicholas. Their fees differ too: 0.81% for SSFI and 1.04% for FIAX.

Which has better risk-adjusted returns?

FIAX currently has the higher Sharpe Ratio (1.12 vs 1.02), 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.