FIAX vs SPY
Nicholas Fixed Income Alternative ETF vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | FIAX | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 0.97% | 0.09% | |
| AUM | $128M | $821.1B | |
| Dividend Yield | 8.20% | 1.01% | |
| Holdings | 11 | 505 | |
| YTD Return | +1.30% | +12.22% | |
| 1Y Return | +3.37% | +20.83% | |
| 3Y Return (annualized) | +3.25% | +21.70% | |
| 5Y Return (annualized) | - | +12.98% | |
| Volatility (annualized) | 3.5% | 15.3% | |
| Max Drawdown | -6.3% | -56.5% | |
| Fund Family | XFunds | State Street Investment Management | |
| Category | Alternative | Equity | |
| Inception | Nov 29, 2022 | Jan 22, 1993 |
FIAX vs SPY Performance
Nicholas Fixed Income Alternative ETF (FIAX) is a ETF from XFunds and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year FIAX returned +3.37% while SPY returned +20.83%. Year to date, FIAX is up 1.30% versus a gain of 12.22% for SPY.
Over three years, FIAX compounded at +3.25% per year against +21.70% for SPY. Across the full 4-year window we track, SPY has the edge at +8.79% annualized vs +3.08%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 3.5% for FIAX. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -6.3% for FIAX and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.71. They usually move together, but the gap leaves some room for diversification.
Fees and Cost Over Time
FIAX charges 0.97% per year while SPY charges 0.09%. On a $10,000 position that is $97 vs $9 annually, a gap of $88 per year that compounds over a long holding period. On income, FIAX currently yields 8.20% against 1.01% for SPY.
Holdings Overlap
FIAX and SPY share 0 holdings out of 508 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, FIAX or SPY?
FIAX has an expense ratio of 0.97% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $88 per year of difference.
Which performed better, FIAX or SPY?
Over the past year FIAX returned +3.37% vs +20.83% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (4 years), FIAX annualized +3.08% vs +8.79% for SPY. Past performance does not guarantee future results.
Which is riskier, FIAX or SPY?
SPY has been the more volatile fund at 15.3% annualized versus 3.5% for FIAX. Worst drawdown: FIAX -6.3% vs SPY -56.5%.
Should I hold both FIAX and SPY?
FIAX and SPY have a monthly-return correlation of 0.71, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between FIAX and SPY?
FIAX and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 508 unique securities.
Which pays a higher dividend, FIAX or SPY?
FIAX yields 8.20% while SPY yields 1.01%, so FIAX currently pays the higher dividend yield.
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