Nicholas Fixed Income Alternative ETF (FIAX) Performance
FIAX total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +2.0% since Dec 31, 2025
- 1 year
- +2.9% total return
- 3 years
- +3.9% a year
- Since first price
- +3.1% a year since 2022
FIAX trailing returns vs SPY, QQQ, AGG
| Period | FIAX total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | +1.4% | +0.7% | −1.0% | −5.0% | +0.9% |
| 3 months | +0.6% | −1.4% | +3.2% | +1.9% | −0.4% |
| 6 months | +1.1% | −2.9% | +7.8% | +8.4% | −1.5% |
| YTD | +2.0% | −4.6% | +12.3% | +15.1% | −1.0% |
| 1 year | +2.9% | −5.1% | +14.4% | +15.9% | −1.1% |
| 3 years | +12.1%+3.9%/yr | −11.6% | +87.4%+23.3%/yr | +101.4%+26.3%/yr | +16.6%+5.2%/yr |
| Since inceptionNov 30, 2022 | +12.7%+3.1%/yr | −14.3% | — | — | — |
Total return from adjusted closes (distributions reinvested, before tax). Periods of 3 years or more are also shown annualized. Price only excludes distributions.
Growth of $10,000: FIAX vs SPY
From Nov 30, 2022: FIAX grew to $11,270, SPY to $19,634.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
FIAX returns by calendar year
3 of 3 full years positive. Best 2024 (+4.7%), worst 2025 (+2.3%). 2026 is year to date.
FIAX annual returns table
| Year | FIAX | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +2.0% | −2.4% | +12.3% | +15.1% | −1.0% |
| 2025 | +2.3% | −6.0% | +17.7% | +20.8% | +7.2% |
| 2024 | +4.7% | −2.0% | +24.9% | +25.6% | +1.3% |
| 2023 | +3.4% | −3.0% | +26.2% | +54.9% | +5.7% |
Largest drop = deepest fall from a high within that calendar year.
Calendar-year return vs largest drop within the year
Most years include a sizable fall at some point even when the year ends higher.
FIAX risk statistics
| Statistic | 3 years | Since 2022 |
|---|---|---|
| Annualized return | +3.3% | +2.8% |
| Volatility (annualized) | 3.7% | 3.5% |
| Sharpe ratio | -0.29 | -0.47 |
| Sortino ratio | -0.39 | -0.59 |
| Best month | +2.5% | +2.5% |
| Worst month | −1.8% | −2.0% |
| Best 12 months | +8.0% | +8.0% |
| Worst 12 months | +0.5% | +0.5% |
| Positive months | 56% | 61% |
| Beta vs S&P 500 | 0.23 | — |
| Correlation with S&P 500 | 0.76 | — |
From monthly total returns. Sharpe and Sortino use 1–3 month T-bills (BIL) as the risk-free rate, so they need history from 2007 on.
FIAX rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 36 | +0.5% | +2.9% | +8.0% | 100% |
| 3-year (a year) | 12 | +2.8% | +3.4% | +4.1% | 100% |
Every holding period starting at a month-end since 2022. Returns for 3 years and longer are annualized.
FIAX performance overview
Nicholas Fixed Income Alternative ETF (FIAX) returned +2.9% over the past year, with distributions reinvested. Since its first recorded price in 2022 it has returned +3.1% a year, turning $10,000 into about $11,270. Over the same year S&P 500 (SPY) returned +14.4%.
Related: FIAX chart, FIAX dividends. See the FIAX overview for the latest quote and fund facts.
FIAX performance FAQ
What is the FIAX return over the past year?
FIAX returned +2.9% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 5.1%.
How much would $10,000 invested in FIAX be worth?
$10,000 invested in FIAX at its first recorded close on November 30, 2022 would be worth about $11,270 on October 23, 2026 with distributions reinvested.
What was the worst year for FIAX?
The worst calendar year was 2025, with a total return of +2.3%. The best was 2024 at +4.7%.
How volatile is FIAX?
Over the past 3 years FIAX had an annualized volatility of 3.7% and a Sharpe ratio of -0.29 (excess return over 1–3 month T-bills per unit of risk).