LIAU vs. LFBE

Last updated Jun 4, 2026

LIAU (LifeX 2060 Inflation-Protected Longevity Income ETF) and LFBE (LifeX 2065 Longevity Income ETF) are both exchange-traded funds - LIAU 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, LIAU returned 4.25% vs 4.42% for LFBE. Their correlation of 0.93 suggests significant overlap in exposure. Both charge a 0.25% expense ratio.

Performance

LIAU vs. LFBE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in LifeX 2060 Inflation-Protected Longevity Income ETF (LIAU) 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, LIAU achieves a 0.65% return, which is significantly higher than LFBE's -0.38% return.

LIAU

• 1D: -0.40%
• 1M: 0.64%
• YTD: 0.65%
• 6M: -0.67%
• 1Y: 4.25%
• 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)

LIAU vs. LFBE - Yearly Performance Comparison

	2026 (YTD)	2025
LIAU LifeX 2060 Inflation-Protected Longevity Income ETF	0.65%	4.25%
LFBE LifeX 2065 Longevity Income ETF	-0.38%	5.14%

Correlation

The correlation between LIAU and LFBE is 0.94, 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	0.94
Correlation (All Time) Calculated using the full available price history since Jan 7, 2025	0.93

The correlation between LIAU and LFBE has been stable across timeframes, ranging from 0.93 to 0.94 - a consistent structural relationship.

Return for Risk

LIAU vs. LFBE — Risk / Return Rank

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

LIAU

LIAU Risk / Return Rank: 18
LIAU Sharpe Ratio Rank: 19
LIAU Sortino Ratio Rank: 18
LIAU Omega Ratio Rank: 18
LIAU Calmar Ratio Rank: 19
LIAU Martin Ratio Rank: 18

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.

LIAU vs. LFBE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for LifeX 2060 Inflation-Protected Longevity Income ETF (LIAU) 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.

	LIAU	LFBE	Difference
Sharpe ratio: Return per unit of total volatility	0.59	0.53	+0.06
Sortino ratio: Return per unit of downside risk	0.89	0.83	+0.06
Omega ratio: Gain probability vs. loss probability	1.10	1.09	+0.01
Calmar ratio: Return relative to maximum drawdown	0.79	0.66	+0.14
Martin ratio: Return relative to average drawdown	1.79	1.72	+0.07
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LIAU vs. LFBE - Sharpe Ratio Comparison

The current LIAU Sharpe Ratio is 0.59, which is comparable to the LFBE Sharpe Ratio of 0.53. The chart below compares the historical Sharpe Ratios of LIAU 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

	LIAU	LFBE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.59	0.53	+0.06
Sharpe Ratio (All Time) Calculated using the full available price history	-0.30	0.36	-0.66

Drawdowns

LIAU vs. LFBE - Drawdown Comparison

The maximum LIAU drawdown since its inception was -9.95%, which is greater than LFBE's maximum drawdown of -7.65%. Use the drawdown chart below to compare losses from any high point for LIAU and LFBE.

Drawdown Indicators

	LIAU	LFBE	Difference
Max Drawdown Largest peak-to-trough decline	-9.95%	-7.65%	-2.30%
Max Drawdown (1Y) Largest decline over 1 year	-5.38%	-6.76%	+1.38%
Current Drawdown Current decline from peak	-4.43%	-4.11%	-0.32%
Average Drawdown Average peak-to-trough decline	-5.24%	-2.89%	-2.35%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.37%	2.57%	-0.20%

Volatility

LIAU vs. LFBE - Volatility Comparison

The current volatility for LifeX 2060 Inflation-Protected Longevity Income ETF (LIAU) is 1.93%, while LifeX 2065 Longevity Income ETF (LFBE) has a volatility of 2.57%. This indicates that LIAU 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

	LIAU	LFBE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.93%	2.57%	-0.64%
Volatility (6M) Calculated over the trailing 6-month period	5.08%	5.73%	-0.65%
Volatility (1Y) Calculated over the trailing 1-year period	7.22%	8.31%	-1.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.69%	9.37%	-0.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.69%	9.37%	-0.68%

LIAU vs. LFBE - Expense Ratio Comparison

Both LIAU 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

LIAU vs. LFBE - Dividend Comparison

LIAU's dividend yield for the trailing twelve months is around 9.36%, more than LFBE's 8.29% yield.

Position	TTM	2025	2024
LFBE LifeX 2065 Longevity Income ETF	8.29%	12.22%	0.00%
LIAU LifeX 2060 Inflation-Protected Longevity Income ETF	9.36%	12.93%	1.04%

Frequently Asked Questions

Can I hold both LIAU and LFBE in my portfolio?

With a correlation of 0.94, LIAU 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, LIAU or LFBE?

LFBE has higher volatility (2.57%) compared to LIAU (1.93%). In terms of maximum drawdown, LIAU dropped -9.95% vs LFBE's -7.65%.

Which ETF is better, LIAU or LFBE?

On 1-year performance, LFBE leads with 4.42% vs 4.25% for LIAU. Both ETFs have the same 0.25% expense ratio. On volatility, LIAU has been the lower-risk option at 1.93%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LIAU or LFBE?

Over the 1-year period, LFBE has performed better with a 4.42% return vs 4.25%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LIAU or LFBE?

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

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

LIAU has the higher dividend yield at 9.36%, compared with 8.29% for LFBE.

What is the main difference between LIAU and LFBE?

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

Which has better risk-adjusted returns?

LIAU currently has the higher Sharpe Ratio (0.59 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.