LQD vs. MILK
LQD (iShares iBoxx $ Investment Grade Corporate Bond ETF) and MILK (Pacer US Cash Cows Bond ETF) are both Corporate Bonds funds - LQD tracks the iBoxx $ Liquid Investment Grade Index while MILK tracks the Solactive Pacer US Cash Cows Bond Index. Both are passively managed. Over the past year, LQD returned 6.08% vs 9.23% for MILK. Their correlation of 0.95 suggests significant overlap in exposure. LQD charges 0.15%/yr vs 0.49%/yr for MILK.
Performance
LQD vs. MILK - Performance Comparison
Loading charts...
Returns By Period
In the year-to-date period, LQD achieves a 0.46% return, which is significantly lower than MILK's 2.18% return.
LQD
- 1D
- -0.28%
- 1M
- 0.72%
- YTD
- 0.46%
- 6M
- -0.03%
- 1Y
- 6.08%
- 3Y*
- 4.95%
- 5Y*
- -0.04%
- 10Y*
- 2.52%
MILK
- 1D
- -0.24%
- 1M
- 1.10%
- YTD
- 2.18%
- 6M
- 1.55%
- 1Y
- 9.23%
- 3Y*
- —
- 5Y*
- —
- 10Y*
- —
LQD vs. MILK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | |
|---|---|---|---|
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 0.46% | 7.90% | -0.28% |
MILK Pacer US Cash Cows Bond ETF | 2.18% | 7.49% | -0.35% |
Correlation
The correlation between LQD and MILK is 0.95 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.95 |
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024 | 0.95 |
The correlation between LQD and MILK has been stable across timeframes, ranging from 0.95 to 0.95 - a consistent structural relationship.
Compare stocks, funds, or ETFs
Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.
Return for Risk
LQD vs. MILK — Risk / Return Rank
LQD
MILK
LQD vs. MILK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) and Pacer US Cash Cows Bond ETF (MILK). 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.
| LQD | MILK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.64 | ||
| Sortino ratioReturn per unit of downside risk | -0.91 | ||
| Omega ratioGain probability vs. loss probability | 1.20 | 1.32 | -0.12 |
| Calmar ratioReturn relative to maximum drawdown | 1.83 | 2.47 | -0.64 |
| Martin ratioReturn relative to average drawdown | 5.23 | 8.90 | -3.67 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
Loading charts...
Sharpe Ratios by Period
| LQD | MILK | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.14 | 1.78 | -0.64 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | -0.01 | — | — |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.29 | — | — |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.54 | 0.97 | -0.43 |
Drawdowns
LQD vs. MILK - Drawdown Comparison
The maximum LQD drawdown since its inception was -24.95%, which is greater than MILK's maximum drawdown of -6.16%. Use the drawdown chart below to compare losses from any high point for LQD and MILK.
Loading charts...
Drawdown Indicators
| LQD | MILK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.95% | -6.16% | -18.79% |
Max Drawdown (1Y)Largest decline over 1 year | -3.34% | -3.75% | +0.41% |
Max Drawdown (3Y)Largest decline over 3 years | -8.43% | — | — |
Max Drawdown (5Y)Largest decline over 5 years | -24.95% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -24.95% | — | — |
Current DrawdownCurrent decline from peak | -3.72% | -0.24% | -3.48% |
Average DrawdownAverage peak-to-trough decline | -3.99% | -1.09% | -2.90% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.17% | 1.04% | +0.13% |
Volatility
LQD vs. MILK - Volatility Comparison
iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) and Pacer US Cash Cows Bond ETF (MILK) have volatilities of 1.65% and 1.58%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
Loading charts...
Volatility by Period
| LQD | MILK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.65% | 1.58% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 3.90% | 3.78% | +0.12% |
Volatility (1Y)Calculated over the trailing 1-year period | 5.36% | 5.21% | +0.15% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 8.65% | 6.69% | +1.96% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.68% | 6.69% | +1.99% |
LQD vs. MILK - Expense Ratio Comparison
LQD has a 0.15% expense ratio, which is lower than MILK's 0.49% expense ratio.
Dividends
LQD vs. MILK - Dividend Comparison
LQD's dividend yield for the trailing twelve months is around 4.57%, less than MILK's 7.04% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 4.57% | 4.48% | 4.45% | 3.99% | 3.30% | 2.30% | 2.66% | 3.29% | 3.67% | 3.10% | 3.34% | 3.47% |
MILK Pacer US Cash Cows Bond ETF | 7.04% | 6.97% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.95, LQD and MILK 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.
LQD has higher volatility (1.65%) compared to MILK (1.58%). In terms of maximum drawdown, LQD dropped -24.95% vs MILK's -6.16%.
On 1-year performance, MILK leads with 9.23% vs 6.08% for LQD. On fees, LQD is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 1-year period, MILK has performed better with a 9.23% return vs 6.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LQD is cheaper with a 0.15% expense ratio, compared with 0.49% for MILK.
MILK has the higher dividend yield at 7.04%, compared with 4.57% for LQD.
LQD tracks iBoxx $ Liquid Investment Grade Index, while MILK tracks Solactive Pacer US Cash Cows Bond Index. They also come from different issuers: iShares and Pacer. Their fees differ too: 0.15% for LQD and 0.49% for MILK.
MILK currently has the higher Sharpe Ratio (1.78 vs 1.14), 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.
Find the right allocation for LQD and MILK
Add both to a portfolio and optimize allocations for your target — whether that's maximizing returns, minimizing drawdowns, or balancing risk across holdings.
Open Portfolio Optimizer