LIBD vs. LFAI

Last updated Jun 4, 2026

LIBD (LifeX 2065 Inflation-Protected Longevity Income ETF) and LFAI (LifeX 2050 Longevity Income ETF) are both exchange-traded funds - LIBD is a Inflation-Protected Bonds fund actively managed by Stone Ridge, while LFAI is a Government Bonds fund actively managed by Stone Ridge. Both are actively managed. Over the past year, LIBD returned 3.91% vs 4.26% for LFAI. Their correlation of 0.91 suggests significant overlap in exposure. Both charge a 0.25% expense ratio.

Performance

LIBD vs. LFAI - Performance Comparison

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

Returns By Period

In the year-to-date period, LIBD achieves a 0.48% return, which is significantly higher than LFAI's -0.43% return.

LIBD

• 1D: -0.40%
• 1M: 0.93%
• YTD: 0.48%
• 6M: -1.01%
• 1Y: 3.91%
• 3Y*: —
• 5Y*: —
• 10Y*: —

LFAI

• 1D: -0.31%
• 1M: 0.37%
• YTD: -0.43%
• 6M: -1.22%
• 1Y: 4.26%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LIBD vs. LFAI - Yearly Performance Comparison

	2026 (YTD)	2025
LIBD LifeX 2065 Inflation-Protected Longevity Income ETF	0.48%	3.37%
LFAI LifeX 2050 Longevity Income ETF	-0.43%	6.42%

Correlation

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

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

Return for Risk

LIBD vs. LFAI — Risk / Return Rank

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

LIBD

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

LFAI

LFAI Risk / Return Rank: 20
LFAI Sharpe Ratio Rank: 21
LFAI Sortino Ratio Rank: 20
LFAI Omega Ratio Rank: 19
LFAI Calmar Ratio Rank: 20
LFAI Martin Ratio Rank: 20

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.

LIBD vs. LFAI - Risk-Adjusted Trends Comparison

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

	LIBD	LFAI	Difference
Sharpe ratio: Return per unit of total volatility	0.49	0.68	-0.19
Sortino ratio: Return per unit of downside risk	0.75	1.02	-0.28
Omega ratio: Gain probability vs. loss probability	1.08	1.12	-0.03
Calmar ratio: Return relative to maximum drawdown	0.63	0.81	-0.17
Martin ratio: Return relative to average drawdown	1.36	2.28	-0.93
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LIBD vs. LFAI - Sharpe Ratio Comparison

The current LIBD Sharpe Ratio is 0.49, which is comparable to the LFAI Sharpe Ratio of 0.68. The chart below compares the historical Sharpe Ratios of LIBD and LFAI, 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

	LIBD	LFAI	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.49	0.68	-0.19
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	-0.16	+0.44

Drawdowns

LIBD vs. LFAI - Drawdown Comparison

The maximum LIBD drawdown since its inception was -7.31%, smaller than the maximum LFAI drawdown of -8.64%. Use the drawdown chart below to compare losses from any high point for LIBD and LFAI.

Drawdown Indicators

	LIBD	LFAI	Difference
Max Drawdown Largest peak-to-trough decline	-7.31%	-8.64%	+1.33%
Max Drawdown (1Y) Largest decline over 1 year	-6.19%	-5.30%	-0.89%
Current Drawdown Current decline from peak	-3.69%	-3.38%	-0.31%
Average Drawdown Average peak-to-trough decline	-3.20%	-3.52%	+0.32%
Ulcer Index Depth and duration of drawdowns from previous peaks	2.89%	1.87%	+1.02%

Volatility

LIBD vs. LFAI - Volatility Comparison

LifeX 2065 Inflation-Protected Longevity Income ETF (LIBD) has a higher volatility of 2.14% compared to LifeX 2050 Longevity Income ETF (LFAI) at 2.03%. This indicates that LIBD's price experiences larger fluctuations and is considered to be riskier than LFAI based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LIBD	LFAI	Difference
Volatility (1M) Calculated over the trailing 1-month period	2.14%	2.03%	+0.11%
Volatility (6M) Calculated over the trailing 6-month period	5.64%	4.42%	+1.22%
Volatility (1Y) Calculated over the trailing 1-year period	8.08%	6.30%	+1.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	9.64%	7.16%	+2.48%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	9.64%	7.16%	+2.48%

LIBD vs. LFAI - Expense Ratio Comparison

Both LIBD and LFAI 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

LIBD vs. LFAI - Dividend Comparison

LIBD's dividend yield for the trailing twelve months is around 11.50%, less than LFAI's 13.55% yield.

Position	TTM	2025	2024
LFAI LifeX 2050 Longevity Income ETF	13.55%	16.48%	1.91%
LIBD LifeX 2065 Inflation-Protected Longevity Income ETF	11.50%	13.52%	0.00%

Frequently Asked Questions

Can I hold both LIBD and LFAI in my portfolio?

With a correlation of 0.91, LIBD and LFAI 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, LIBD or LFAI?

LIBD has higher volatility (2.14%) compared to LFAI (2.03%). In terms of maximum drawdown, LIBD dropped -7.31% vs LFAI's -8.64%.

Which ETF is better, LIBD or LFAI?

On 1-year performance, LFAI leads with 4.26% vs 3.91% for LIBD. Both ETFs have the same 0.25% expense ratio. On volatility, LFAI has been the lower-risk option at 2.03%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LIBD or LFAI?

Over the 1-year period, LFAI has performed better with a 4.26% return vs 3.91%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LIBD or LFAI?

LIBD and LFAI have the same expense ratio: 0.25% per year.

Which ETF pays a higher dividend yield, LIBD or LFAI?

LFAI has the higher dividend yield at 13.55%, compared with 11.50% for LIBD.

What is the main difference between LIBD and LFAI?

LIBD is categorized as Inflation-Protected Bonds, while LFAI is Government Bonds.

Which has better risk-adjusted returns?

LFAI currently has the higher Sharpe Ratio (0.68 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.