Nicholas Global Equity and Income ETF (GIAX) Performance
GIAX total return
Distributions reinvested · as of Oct 23, 2026- YTD
- +9.0% since Dec 31, 2025
- 1 year
- +8.5% total return
- Since first price
- +26.3% since 2024
GIAX trailing returns vs SPY, QQQ, AGG
| Period | GIAX total return | Price only | S&P 500 (SPY) | Nasdaq-100 (QQQ) | U.S. bonds (AGG) |
|---|---|---|---|---|---|
| 1 month | −8.4% | −10.5% | −1.0% | −5.0% | +0.9% |
| 3 months | +0.5% | −5.8% | +3.2% | +1.9% | −0.4% |
| 6 months | +3.3% | −8.8% | +7.8% | +8.4% | −1.5% |
| YTD | +9.0% | −10.6% | +12.3% | +15.1% | −1.0% |
| 1 year | +8.5% | −16.0% | +14.4% | +15.9% | −1.1% |
| Since inceptionJul 30, 2024 | +26.3% | −26.3% | — | — | — |
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: GIAX vs SPY
From Jul 30, 2024: GIAX grew to $12,634, SPY to $14,389.
Year-end values with distributions reinvested, no taxes or trading costs. Start: first common trading day of both funds.
GIAX returns by calendar year
1 of 1 full years positive. Best 2025 (+11.7%), worst 2025 (+11.7%). 2026 is year to date.
GIAX annual returns table
| Year | GIAX | Largest drop | SPY | QQQ | AGG |
|---|---|---|---|---|---|
| 2026YTD | +9.0% | −19.6% | +12.3% | +15.1% | −1.0% |
| 2025 | +11.7% | −20.4% | +17.7% | +20.8% | +7.2% |
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.
GIAX largest drawdowns
Now 13.3% below the high| Peak | Decline | Bottom | Recovered | Fall | Underwater |
|---|---|---|---|---|---|
| Feb 19, 2025 | −20.4% | Apr 8, 2025 | Jun 16, 2025 | 48 days | 4 months |
| Jun 2, 2026 | −19.6% | Jul 29, 2026 | not yet | 57 days | 5 months so far |
| Jan 12, 2026 | −17.6% | Mar 30, 2026 | Apr 17, 2026 | 3 months | 3 months |
Declines from a closing high (distributions reinvested) of 10% or more. Underwater = time from the peak until the old high was regained.
GIAX risk statistics
| Statistic | Since 2024 |
|---|---|
| Annualized return | +14.7% |
| Volatility (annualized) | 20.8% |
| Sharpe ratio | 0.56 |
| Sortino ratio | 1.04 |
| Best month | +15.8% |
| Worst month | −10.9% |
| Best 12 months | +32.2% |
| Worst 12 months | +8.4% |
| Positive months | 62% |
| Beta vs S&P 500 | — |
| Correlation with S&P 500 | — |
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.
GIAX rolling returns
| Holding period | Periods | Worst | Median | Best | Positive |
|---|---|---|---|---|---|
| 1-year | 16 | +6.1% | +11.6% | +32.2% | 100% |
Every holding period starting at a month-end since 2024. Returns for 3 years and longer are annualized.
GIAX performance overview
Nicholas Global Equity and Income ETF (GIAX) returned +8.5% over the past year, with distributions reinvested. Since its first recorded price on Jul 30, 2024 it has returned +26.3%. Over the same year S&P 500 (SPY) returned +14.4%.
The deepest decline was −20.4%, from Feb 19, 2025 to Apr 8, 2025, and it took 2 months to get back to the old high. Volatility has been 20.8% a year.
Related: GIAX chart, GIAX holdings, GIAX dividends. See the GIAX overview for the latest quote and fund facts.
GIAX performance FAQ
What is the GIAX return over the past year?
GIAX returned +8.5% over the 12 months to October 23, 2026, including reinvested distributions. On price alone it fell 16.0%.
How much would $10,000 invested in GIAX be worth?
$10,000 invested in GIAX at its first recorded close on July 30, 2024 would be worth about $12,634 on October 23, 2026 with distributions reinvested.
What is the biggest drawdown of GIAX?
The largest peak-to-trough decline was −20.4% between February 19, 2025 and April 8, 2025. It recovered to the old high on June 16, 2025, 2 months after the bottom.
How volatile is GIAX?
Over the past history GIAX had an annualized volatility of 20.8% and a Sharpe ratio of 0.56 (excess return over 1–3 month T-bills per unit of risk).