LFAO vs. SHV

Last updated Jun 23, 2026

LFAO (LifeX 2055 Longevity Income ETF) and SHV (iShares 0-1 Year Treasury Bond ETF) are both Government Bonds funds. LFAO is actively managed, while SHV is passively managed. Over the past year, LFAO returned 3.55% vs 3.83% for SHV. At a 0.12 correlation, their price movements are largely independent. LFAO charges 0.25%/yr vs 0.15%/yr for SHV.

Performance

LFAO vs. SHV - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LifeX 2055 Longevity Income ETF (LFAO) and iShares 0-1 Year Treasury Bond ETF (SHV). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LFAO achieves a 0.08% return, which is significantly lower than SHV's 1.58% return.

LFAO

• 1D: -0.52%
• 1M: 1.40%
• YTD: 0.08%
• 6M: 0.11%
• 1Y: 3.55%
• 3Y*: —
• 5Y*: —
• 10Y*: —

SHV

• 1D: -0.01%
• 1M: 0.25%
• YTD: 1.58%
• 6M: 1.68%
• 1Y: 3.83%
• 3Y*: 4.60%
• 5Y*: 3.35%
• 10Y*: 2.23%

*Multi-year figures are annualized to reflect compound growth (CAGR)

LFAO vs. SHV - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LFAO LifeX 2055 Longevity Income ETF	0.08%	5.65%	-8.36%
SHV iShares 0-1 Year Treasury Bond ETF	1.58%	4.21%	1.37%

Correlation

The correlation between LFAO and SHV is 0.13, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.13
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024	0.12

Return for Risk

LFAO vs. SHV — Risk / Return Rank

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

LFAO

LFAO Risk / Return Rank: 15
LFAO Sharpe Ratio Rank: 16
LFAO Sortino Ratio Rank: 15
LFAO Omega Ratio Rank: 14
LFAO Calmar Ratio Rank: 15
LFAO Martin Ratio Rank: 16

SHV

SHV Risk / Return Rank: 100
SHV Sharpe Ratio Rank: 100
SHV Sortino Ratio Rank: 100
SHV Omega Ratio Rank: 100
SHV Calmar Ratio Rank: 100
SHV Martin Ratio Rank: 100

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.

LFAO vs. SHV - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LifeX 2055 Longevity Income ETF (LFAO) and iShares 0-1 Year Treasury Bond ETF (SHV). 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.

	LFAO	SHV	Difference
Sharpe ratio: Return per unit of total volatility	0.52	18.56	-18.04
Sortino ratio: Return per unit of downside risk	0.80	98.01	-97.21
Omega ratio: Gain probability vs. loss probability	1.09	35.59	-34.50
Calmar ratio: Return relative to maximum drawdown	0.61	141.48	-140.87
Martin ratio: Return relative to average drawdown	1.58	1,585.41	-1,583.83

LFAO vs. SHV - Sharpe Ratio Comparison

The current LFAO Sharpe Ratio is 0.52, which is lower than the SHV Sharpe Ratio of 18.56. The chart below compares the historical Sharpe Ratios of LFAO and SHV, 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

LFAO vs. SHV - Drawdown Comparison

The maximum LFAO drawdown since its inception was -10.12%, which is greater than SHV's maximum drawdown of -0.45%. Use the drawdown chart below to compare losses from any high point for LFAO and SHV.

Drawdown Indicators

	LFAO	SHV	Difference
Max Drawdown Largest peak-to-trough decline	-10.12%	-0.45%	-9.67%
Max Drawdown (1Y) Largest decline over 1 year	-5.86%	-0.03%	-5.83%
Max Drawdown (3Y) Largest decline over 3 years	—	-0.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-0.39%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-0.45%	—
Current Drawdown Current decline from peak	-3.18%	-0.01%	-3.17%
Average Drawdown Average peak-to-trough decline	-4.54%	-0.03%	-4.51%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.26%	0.00%	+2.26%

Volatility

LFAO vs. SHV - Volatility Comparison

LifeX 2055 Longevity Income ETF (LFAO) has a higher volatility of 1.72% compared to iShares 0-1 Year Treasury Bond ETF (SHV) at 0.07%. This indicates that LFAO's price experiences larger fluctuations and is considered to be riskier than SHV based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LFAO	SHV	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.72%	0.07%	+1.65%
Volatility (6M) Calculated over the trailing 6-month period	5.04%	0.13%	+4.91%
Volatility (1Y) Calculated over the trailing 1-year period	6.87%	0.21%	+6.66%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.05%	0.29%	+7.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.05%	0.28%	+7.77%

LFAO vs. SHV - Expense Ratio Comparison

LFAO has a 0.25% expense ratio, which is higher than SHV's 0.15% expense ratio. However, both funds are considered low-cost compared to the broader market, where average expense ratios usually range from 0.3% to 0.9%.

Dividends

LFAO vs. SHV - Dividend Comparison

LFAO's dividend yield for the trailing twelve months is around 10.95%, more than SHV's 3.83% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LFAO LifeX 2055 Longevity Income ETF	10.95%	14.33%	1.64%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SHV iShares 0-1 Year Treasury Bond ETF	3.83%	4.09%	5.02%	4.73%	1.39%	0.00%	0.74%	2.19%	1.66%	0.72%	0.34%	0.03%

Frequently Asked Questions

Can I hold both LFAO and SHV in my portfolio?

LFAO and SHV have a correlation of 0.13, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LFAO or SHV?

LFAO has higher volatility (1.72%) compared to SHV (0.07%). In terms of maximum drawdown, LFAO dropped -10.12% vs SHV's -0.45%.

Which ETF is better, LFAO or SHV?

On 1-year performance, SHV leads with 3.83% vs 3.55% for LFAO. On fees, SHV is cheaper at 0.15% per year. On volatility, SHV has been the lower-risk option at 0.07%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LFAO or SHV?

Over the 1-year period, SHV has performed better with a 3.83% return vs 3.55%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LFAO or SHV?

SHV is cheaper with a 0.15% expense ratio, compared with 0.25% for LFAO.

Which ETF pays a higher dividend yield, LFAO or SHV?

LFAO has the higher dividend yield at 10.95%, compared with 3.83% for SHV.

What is the main difference between LFAO and SHV?

They also come from different issuers: Stone Ridge and iShares. Their fees differ too: 0.25% for LFAO and 0.15% for SHV.

Which has better risk-adjusted returns?

SHV currently has the higher Sharpe Ratio (18.56 vs 0.52), 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.