LIAM vs. LFBE

Last updated Jun 6, 2026

LIAM (LifeX 2055 Inflation-Protected Longevity Income ETF) and LFBE (LifeX 2065 Longevity Income ETF) are both exchange-traded funds - LIAM 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, LIAM returned 3.56% vs 2.70% for LFBE. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.25% expense ratio.

Performance

LIAM vs. LFBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LifeX 2055 Inflation-Protected Longevity Income ETF (LIAM) 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, LIAM achieves a 0.34% return, which is significantly higher than LFBE's -0.71% return.

LIAM

• 1D: -0.64%
• 1M: -0.63%
• YTD: 0.34%
• 6M: -0.10%
• 1Y: 3.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

LFBE

• 1D: -0.52%
• 1M: -0.89%
• YTD: -0.71%
• 6M: -1.18%
• 1Y: 2.70%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LIAM vs. LFBE - Yearly Performance Comparison

	2026 (YTD)	2025
LIAM LifeX 2055 Inflation-Protected Longevity Income ETF	0.34%	5.81%
LFBE LifeX 2065 Longevity Income ETF	-0.71%	5.14%

Correlation

The correlation between LIAM and LFBE is 0.93, 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	0.93
Correlation (All Time) Calculated using the full available price history since Jan 7, 2025	0.91

The correlation between LIAM and LFBE has been stable across timeframes, ranging from 0.91 to 0.93 - a consistent structural relationship.

Return for Risk

LIAM vs. LFBE — Risk / Return Rank

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

LIAM

LIAM Risk / Return Rank: 19
LIAM Sharpe Ratio Rank: 19
LIAM Sortino Ratio Rank: 18
LIAM Omega Ratio Rank: 17
LIAM Calmar Ratio Rank: 20
LIAM Martin Ratio Rank: 19

LFBE

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

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.

LIAM vs. LFBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LifeX 2055 Inflation-Protected Longevity Income ETF (LIAM) 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.

	LIAM	LFBE	Difference
Sharpe ratio: Return per unit of total volatility	0.56	0.33	+0.23
Sortino ratio: Return per unit of downside risk	0.84	0.53	+0.31
Omega ratio: Gain probability vs. loss probability	1.10	1.06	+0.04
Calmar ratio: Return relative to maximum drawdown	0.80	0.40	+0.40
Martin ratio: Return relative to average drawdown	1.92	1.04	+0.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LIAM vs. LFBE - Sharpe Ratio Comparison

The current LIAM Sharpe Ratio is 0.56, which is higher than the LFBE Sharpe Ratio of 0.33. The chart below compares the historical Sharpe Ratios of LIAM 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

	LIAM	LFBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.56	0.33	+0.23
Sharpe Ratio (All Time) Calculated using the full available price history	-0.14	0.33	-0.48

Drawdowns

LIAM vs. LFBE - Drawdown Comparison

The maximum LIAM drawdown since its inception was -8.39%, which is greater than LFBE's maximum drawdown of -7.65%. Use the drawdown chart below to compare losses from any high point for LIAM and LFBE.

Drawdown Indicators

	LIAM	LFBE	Difference
Max Drawdown Largest peak-to-trough decline	-8.39%	-7.65%	-0.74%
Max Drawdown (1Y) Largest decline over 1 year	-4.45%	-6.76%	+2.31%
Current Drawdown Current decline from peak	-2.60%	-4.43%	+1.83%
Average Drawdown Average peak-to-trough decline	-3.35%	-2.90%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.86%	2.60%	-0.74%

Volatility

LIAM vs. LFBE - Volatility Comparison

The current volatility for LifeX 2055 Inflation-Protected Longevity Income ETF (LIAM) is 1.80%, while LifeX 2065 Longevity Income ETF (LFBE) has a volatility of 2.47%. This indicates that LIAM 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

	LIAM	LFBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.80%	2.47%	-0.67%
Volatility (6M) Calculated over the trailing 6-month period	4.52%	5.75%	-1.23%
Volatility (1Y) Calculated over the trailing 1-year period	6.35%	8.21%	-1.86%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.66%	9.35%	-1.69%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.66%	9.35%	-1.69%

LIAM vs. LFBE - Expense Ratio Comparison

Both LIAM 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

LIAM vs. LFBE - Dividend Comparison

LIAM's dividend yield for the trailing twelve months is around 6.48%, less than LFBE's 8.32% yield.

Position	TTM	2025	2024
LFBE LifeX 2065 Longevity Income ETF	8.32%	12.22%	0.00%
LIAM LifeX 2055 Inflation-Protected Longevity Income ETF	6.48%	9.02%	1.21%

Frequently Asked Questions

Can I hold both LIAM and LFBE in my portfolio?

With a correlation of 0.93, LIAM 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, LIAM or LFBE?

LFBE has higher volatility (2.47%) compared to LIAM (1.80%). In terms of maximum drawdown, LIAM dropped -8.39% vs LFBE's -7.65%.

Which ETF is better, LIAM or LFBE?

On 1-year performance, LIAM leads with 3.56% vs 2.70% for LFBE. Both ETFs have the same 0.25% expense ratio. On volatility, LIAM has been the lower-risk option at 1.80%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LIAM or LFBE?

Over the 1-year period, LIAM has performed better with a 3.56% return vs 2.70%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LIAM or LFBE?

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

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

LFBE has the higher dividend yield at 8.32%, compared with 6.48% for LIAM.

What is the main difference between LIAM and LFBE?

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

Which has better risk-adjusted returns?

LIAM currently has the higher Sharpe Ratio (0.56 vs 0.33), 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.