VPC vs. FIAX
VPC (Virtus Private Credit ETF) and FIAX (Nicholas Fixed Income Alternative ETF) are both Nontraditional Bonds funds. VPC is passively managed, while FIAX is actively managed. Over the past 3 years, VPC returned 1.19%/yr vs 3.37%/yr for FIAX. At a 0.30 correlation, their price movements are largely independent. VPC charges 0.75%/yr vs 1.04%/yr for FIAX.
Performance
VPC vs. FIAX - Performance Comparison
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Returns By Period
In the year-to-date period, VPC achieves a -12.79% return, which is significantly lower than FIAX's 1.38% return.
VPC
- 1D
- 0.41%
- 1M
- -3.76%
- YTD
- -12.79%
- 6M
- -11.42%
- 1Y
- -15.79%
- 3Y*
- 1.19%
- 5Y*
- 0.39%
- 10Y*
- —
FIAX
- 1D
- 0.23%
- 1M
- 0.59%
- YTD
- 1.38%
- 6M
- 1.86%
- 1Y
- 4.35%
- 3Y*
- 3.37%
- 5Y*
- —
- 10Y*
- —
VPC vs. FIAX - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
VPC Virtus Private Credit ETF | -12.79% | -6.75% | 10.52% | 22.20% | -3.36% |
FIAX Nicholas Fixed Income Alternative ETF | 1.38% | 2.33% | 4.67% | 3.44% | -0.37% |
Correlation
The correlation between VPC and FIAX is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.34 |
Correlation (All Time) Calculated using the full available price history since Nov 30, 2022 | 0.30 |
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Return for Risk
VPC vs. FIAX — Risk / Return Rank
VPC
FIAX
VPC vs. FIAX - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Virtus Private Credit ETF (VPC) 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.
| VPC | FIAX | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.24 | ||
| Sortino ratioReturn per unit of downside risk | -3.17 | ||
| Omega ratioGain probability vs. loss probability | 0.82 | 1.20 | -0.37 |
| Calmar ratioReturn relative to maximum drawdown | -0.70 | 1.82 | -2.52 |
| Martin ratioReturn relative to average drawdown | -1.30 | 6.62 | -7.92 |
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Drawdowns
VPC vs. FIAX - Drawdown Comparison
The maximum VPC drawdown since its inception was -53.45%, which is greater than FIAX's maximum drawdown of -6.26%. Use the drawdown chart below to compare losses from any high point for VPC and FIAX.
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Drawdown Indicators
| VPC | FIAX | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -53.45% | -6.26% | -47.19% |
Max Drawdown (1Y)Largest decline over 1 year | -22.76% | -2.40% | -20.36% |
Max Drawdown (3Y)Largest decline over 3 years | -24.86% | -6.26% | -18.60% |
Max Drawdown (5Y)Largest decline over 5 years | -24.86% | — | — |
Current DrawdownCurrent decline from peak | -22.76% | -0.24% | -22.52% |
Average DrawdownAverage peak-to-trough decline | -7.76% | -0.85% | -6.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 12.20% | 0.66% | +11.54% |
Volatility
VPC vs. FIAX - Volatility Comparison
Virtus Private Credit ETF (VPC) has a higher volatility of 4.19% compared to Nicholas Fixed Income Alternative ETF (FIAX) at 0.84%. This indicates that VPC'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.
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Volatility by Period
| VPC | FIAX | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.19% | 0.84% | +3.35% |
Volatility (6M)Calculated over the trailing 6-month period | 11.26% | 3.40% | +7.86% |
Volatility (1Y)Calculated over the trailing 1-year period | 13.50% | 4.15% | +9.35% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 13.56% | 4.03% | +9.53% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 20.52% | 4.03% | +16.49% |
VPC vs. FIAX - Expense Ratio Comparison
VPC has a 0.75% expense ratio, which is lower than FIAX's 1.04% expense ratio.
Dividends
VPC vs. FIAX - Dividend Comparison
VPC's dividend yield for the trailing twelve months is around 16.70%, more than FIAX's 8.21% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 |
|---|---|---|---|---|---|---|---|---|
FIAX Nicholas Fixed Income Alternative ETF | 8.21% | 8.17% | 8.11% | 4.81% | 0.00% | 0.00% | 0.00% | 0.00% |
VPC Virtus Private Credit ETF | 16.70% | 14.33% | 11.26% | 11.71% | 10.74% | 6.31% | 10.06% | 8.19% |
Frequently Asked Questions
VPC and FIAX have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
VPC has higher volatility (4.19%) compared to FIAX (0.84%). In terms of maximum drawdown, VPC dropped -53.45% vs FIAX's -6.26%.
On 3-year performance, FIAX leads with 3.37% vs 1.19% for VPC. On fees, VPC is cheaper at 0.75% per year. On volatility, FIAX has been the lower-risk option at 0.84%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, FIAX has performed better with a 3.37% return vs 1.19%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
VPC is cheaper with a 0.75% expense ratio, compared with 1.04% for FIAX.
VPC has the higher dividend yield at 16.70%, compared with 8.21% for FIAX.
They also come from different issuers: Virtus Investment Partners and Nicholas. Their fees differ too: 0.75% for VPC and 1.04% for FIAX.
FIAX currently has the higher Sharpe Ratio (1.06 vs -1.18), 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.
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