LIAM vs. PBTP

Last updated Jun 23, 2026

LIAM (LifeX 2055 Inflation-Protected Longevity Income ETF) and PBTP (Invesco PureBeta 0-5 Yr US TIPS ETF) are both Inflation-Protected Bonds funds. LIAM is actively managed, while PBTP is passively managed. Over the past year, LIAM returned 3.08% vs 3.62% for PBTP. A 0.55 correlation means they provide meaningful diversification when combined. LIAM charges 0.25%/yr vs 0.07%/yr for PBTP.

Performance

LIAM vs. PBTP - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LifeX 2055 Inflation-Protected Longevity Income ETF (LIAM) and Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LIAM achieves a 0.41% return, which is significantly lower than PBTP's 1.42% return.

LIAM

• 1D: -0.76%
• 1M: 0.36%
• YTD: 0.41%
• 6M: 0.58%
• 1Y: 3.08%
• 3Y*: —
• 5Y*: —
• 10Y*: —

PBTP

• 1D: -0.18%
• 1M: -0.30%
• YTD: 1.42%
• 6M: 1.44%
• 1Y: 3.62%
• 3Y*: 4.97%
• 5Y*: 3.22%
• 10Y*: —

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

LIAM vs. PBTP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LIAM LifeX 2055 Inflation-Protected Longevity Income ETF	0.41%	5.26%	-7.09%
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF	1.42%	5.98%	0.16%

Correlation

The correlation between LIAM and PBTP is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (All Time) Calculated using the full available price history since Sep 16, 2024	0.55

The correlation between LIAM and PBTP has been stable across timeframes, ranging from 0.53 to 0.55 - a consistent structural relationship.

Return for Risk

LIAM vs. PBTP — Risk / Return Rank

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

LIAM

LIAM Risk / Return Rank: 16
LIAM Sharpe Ratio Rank: 16
LIAM Sortino Ratio Rank: 15
LIAM Omega Ratio Rank: 14
LIAM Calmar Ratio Rank: 17
LIAM Martin Ratio Rank: 16

PBTP

PBTP Risk / Return Rank: 82
PBTP Sharpe Ratio Rank: 73
PBTP Sortino Ratio Rank: 82
PBTP Omega Ratio Rank: 82
PBTP Calmar Ratio Rank: 88
PBTP Martin Ratio Rank: 86

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. PBTP - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LifeX 2055 Inflation-Protected Longevity Income ETF (LIAM) and Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP). 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.

	LIAM	PBTP	Difference
Sharpe ratio: Return per unit of total volatility	0.49	2.25	-1.76
Sortino ratio: Return per unit of downside risk	0.74	3.46	-2.72
Omega ratio: Gain probability vs. loss probability	1.09	1.47	-0.38
Calmar ratio: Return relative to maximum drawdown	0.70	4.98	-4.29
Martin ratio: Return relative to average drawdown	1.61	17.63	-16.01

LIAM vs. PBTP - Sharpe Ratio Comparison

The current LIAM Sharpe Ratio is 0.49, which is lower than the PBTP Sharpe Ratio of 2.25. The chart below compares the historical Sharpe Ratios of LIAM and PBTP, 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

LIAM vs. PBTP - Drawdown Comparison

The maximum LIAM drawdown since its inception was -8.39%, which is greater than PBTP's maximum drawdown of -5.44%. Use the drawdown chart below to compare losses from any high point for LIAM and PBTP.

Drawdown Indicators

	LIAM	PBTP	Difference
Max Drawdown Largest peak-to-trough decline	-8.39%	-5.44%	-2.95%
Max Drawdown (1Y) Largest decline over 1 year	-4.45%	-0.73%	-3.72%
Max Drawdown (3Y) Largest decline over 3 years	—	-1.03%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-5.44%	—
Current Drawdown Current decline from peak	-2.53%	-0.73%	-1.80%
Average Drawdown Average peak-to-trough decline	-3.32%	-0.75%	-2.57%
Ulcer Index Depth and duration of drawdowns from previous peaks	1.92%	0.21%	+1.71%

Volatility

LIAM vs. PBTP - Volatility Comparison

LifeX 2055 Inflation-Protected Longevity Income ETF (LIAM) has a higher volatility of 1.82% compared to Invesco PureBeta 0-5 Yr US TIPS ETF (PBTP) at 0.63%. This indicates that LIAM's price experiences larger fluctuations and is considered to be riskier than PBTP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LIAM	PBTP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.82%	0.63%	+1.19%
Volatility (6M) Calculated over the trailing 6-month period	4.67%	1.17%	+3.50%
Volatility (1Y) Calculated over the trailing 1-year period	6.31%	1.62%	+4.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.64%	2.85%	+4.79%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	7.64%	2.64%	+5.00%

LIAM vs. PBTP - Expense Ratio Comparison

LIAM has a 0.25% expense ratio, which is higher than PBTP's 0.07% 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

LIAM vs. PBTP - Dividend Comparison

LIAM's dividend yield for the trailing twelve months is around 6.47%, more than PBTP's 5.86% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017
LIAM LifeX 2055 Inflation-Protected Longevity Income ETF	6.47%	9.02%	1.21%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
PBTP Invesco PureBeta 0-5 Yr US TIPS ETF	5.86%	3.82%	2.59%	2.36%	5.33%	3.12%	1.25%	2.12%	2.33%	0.73%

Frequently Asked Questions

Can I hold both LIAM and PBTP in my portfolio?

LIAM and PBTP have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LIAM or PBTP?

LIAM has higher volatility (1.82%) compared to PBTP (0.63%). In terms of maximum drawdown, LIAM dropped -8.39% vs PBTP's -5.44%.

Which ETF is better, LIAM or PBTP?

On 1-year performance, PBTP leads with 3.62% vs 3.08% for LIAM. On fees, PBTP is cheaper at 0.07% per year. On volatility, PBTP has been the lower-risk option at 0.63%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LIAM or PBTP?

Over the 1-year period, PBTP has performed better with a 3.62% return vs 3.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LIAM or PBTP?

PBTP is cheaper with a 0.07% expense ratio, compared with 0.25% for LIAM.

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

LIAM has the higher dividend yield at 6.47%, compared with 5.86% for PBTP.

What is the main difference between LIAM and PBTP?

They also come from different issuers: Stone Ridge and Invesco. Their fees differ too: 0.25% for LIAM and 0.07% for PBTP.

Which has better risk-adjusted returns?

PBTP currently has the higher Sharpe Ratio (2.25 vs 0.49), 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.