LIAE vs. LFBE

Last updated Jun 4, 2026

LIAE (LifeX 2050 Inflation-Protected Longevity Income ETF) and LFBE (LifeX 2065 Longevity Income ETF) are both exchange-traded funds - LIAE is a Inflation-Protected Bonds fund actively managed by Stone Ridge, while LFBE is a Government Bonds fund actively managed by Stone Ridge. Both are actively managed. Over the past year, LIAE returned 4.97% vs 4.42% for LFBE. Their correlation of 0.92 suggests significant overlap in exposure. Both charge a 0.25% expense ratio.

Performance

LIAE vs. LFBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LifeX 2050 Inflation-Protected Longevity Income ETF (LIAE) and LifeX 2065 Longevity Income ETF (LFBE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LIAE achieves a 0.84% return, which is significantly higher than LFBE's -0.38% return.

LIAE

• 1D: -0.32%
• 1M: 0.26%
• YTD: 0.84%
• 6M: 0.10%
• 1Y: 4.97%
• 3Y*: —
• 5Y*: —
• 10Y*: —

LFBE

• 1D: -0.36%
• 1M: 0.65%
• YTD: -0.38%
• 6M: -1.72%
• 1Y: 4.42%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LIAE vs. LFBE - Yearly Performance Comparison

	2026 (YTD)	2025
LIAE LifeX 2050 Inflation-Protected Longevity Income ETF	0.84%	6.50%
LFBE LifeX 2065 Longevity Income ETF	-0.38%	5.14%

Correlation

The correlation between LIAE and LFBE is 0.92, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.92
Correlation (All Time) Calculated using the full available price history since Jan 7, 2025	0.92

The correlation between LIAE and LFBE has been stable across timeframes, ranging from 0.92 to 0.92 - a consistent structural relationship.

Return for Risk

LIAE vs. LFBE — Risk / Return Rank

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

LIAE

LIAE Risk / Return Rank: 26
LIAE Sharpe Ratio Rank: 26
LIAE Sortino Ratio Rank: 25
LIAE Omega Ratio Rank: 24
LIAE Calmar Ratio Rank: 29
LIAE Martin Ratio Rank: 26

LFBE

LFBE Risk / Return Rank: 17
LFBE Sharpe Ratio Rank: 18
LFBE Sortino Ratio Rank: 17
LFBE Omega Ratio Rank: 16
LFBE Calmar Ratio Rank: 18
LFBE Martin Ratio Rank: 18

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.

LIAE vs. LFBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LifeX 2050 Inflation-Protected Longevity Income ETF (LIAE) and LifeX 2065 Longevity Income ETF (LFBE). 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.

	LIAE	LFBE	Difference
Sharpe ratio Return per unit of total volatility	0.90	0.53	+0.36
Sortino ratio Return per unit of downside risk	1.33	0.83	+0.51
Omega ratio Gain probability vs. loss probability	1.16	1.09	+0.06
Calmar ratio Return relative to maximum drawdown	1.36	0.66	+0.70
Martin ratio Return relative to average drawdown	3.43	1.72	+1.71
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LIAE vs. LFBE - Sharpe Ratio Comparison

The current LIAE Sharpe Ratio is 0.90, which is higher than the LFBE Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of LIAE and LFBE, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	LIAE	LFBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.90	0.53	+0.36
Sharpe Ratio (All Time) Calculated using the full available price history	0.05	0.36	-0.31

Drawdowns

LIAE vs. LFBE - Drawdown Comparison

The maximum LIAE drawdown since its inception was -7.03%, smaller than the maximum LFBE drawdown of -7.65%. Use the drawdown chart below to compare losses from any high point for LIAE and LFBE.

Drawdown Indicators

	LIAE	LFBE	Difference
Max Drawdown Largest peak-to-trough decline	-7.03%	-7.65%	+0.62%
Max Drawdown (1Y) Largest decline over 1 year	-3.68%	-6.76%	+3.08%
Current Drawdown Current decline from peak	-1.41%	-4.11%	+2.70%
Average Drawdown Average peak-to-trough decline	-2.52%	-2.89%	+0.37%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.45%	2.57%	-1.12%

Volatility

LIAE vs. LFBE - Volatility Comparison

The current volatility for LifeX 2050 Inflation-Protected Longevity Income ETF (LIAE) is 1.46%, while LifeX 2065 Longevity Income ETF (LFBE) has a volatility of 2.57%. This indicates that LIAE experiences smaller price fluctuations and is considered to be less risky than LFBE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LIAE	LFBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	2.57%	-1.11%
Volatility (6M) Calculated over the trailing 6-month period	3.86%	5.73%	-1.87%
Volatility (1Y) Calculated over the trailing 1-year period	5.55%	8.31%	-2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.58%	9.37%	-2.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.58%	9.37%	-2.79%

LIAE vs. LFBE - Expense Ratio Comparison

Both LIAE and LFBE have an expense ratio of 0.25%, making them cost-effective options compared to the broader market, where average expense ratios typically range from 0.3% to 0.9%.

Dividends

LIAE vs. LFBE - Dividend Comparison

LIAE's dividend yield for the trailing twelve months is around 9.72%, more than LFBE's 8.29% yield.

Position	TTM	2025	2024
LFBE LifeX 2065 Longevity Income ETF	8.29%	12.22%	0.00%
LIAE LifeX 2050 Inflation-Protected Longevity Income ETF	9.72%	10.56%	1.47%

Frequently Asked Questions

Can I hold both LIAE and LFBE in my portfolio?

With a correlation of 0.92, LIAE and LFBE move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.

Which is riskier, LIAE or LFBE?

LFBE has higher volatility (2.57%) compared to LIAE (1.46%). In terms of maximum drawdown, LIAE dropped -7.03% vs LFBE's -7.65%.

Which ETF is better, LIAE or LFBE?

On 1-year performance, LIAE leads with 4.97% vs 4.42% for LFBE. Both ETFs have the same 0.25% expense ratio. On volatility, LIAE has been the lower-risk option at 1.46%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LIAE or LFBE?

Over the 1-year period, LIAE has performed better with a 4.97% return vs 4.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LIAE or LFBE?

LIAE and LFBE have the same expense ratio: 0.25% per year.

Which ETF pays a higher dividend yield, LIAE or LFBE?

LIAE has the higher dividend yield at 9.72%, compared with 8.29% for LFBE.

What is the main difference between LIAE and LFBE?

LIAE is categorized as Inflation-Protected Bonds, while LFBE is Government Bonds.

Which has better risk-adjusted returns?

LIAE currently has the higher Sharpe Ratio (0.90 vs 0.53), 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.