LQDA vs. BND

Last updated Jun 4, 2026

LQDA (Liquidia Corporation) is a stock, while BND (Vanguard Total Bond Market ETF) is Total Bond Market fund tracking the Bloomberg U.S. Aggregate Float Adjusted Index. Over the past 5 years, LQDA returned 80.96%/yr vs 0.09%/yr for BND. At a 0.03 correlation, their price movements are largely independent.

Performance

LQDA vs. BND - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Liquidia Corporation (LQDA) and Vanguard Total Bond Market ETF (BND). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LQDA achieves a 61.47% return, which is significantly higher than BND's 0.27% return.

LQDA

• 1D: 1.05%
• 1M: 44.72%
• YTD: 61.47%
• 6M: 65.06%
• 1Y: 236.90%
• 3Y*: 84.34%
• 5Y*: 80.96%
• 10Y*: —

BND

• 1D: -0.19%
• 1M: 0.27%
• YTD: 0.27%
• 6M: 0.12%
• 1Y: 5.11%
• 3Y*: 3.96%
• 5Y*: 0.09%
• 10Y*: 1.58%

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

LQDA vs. BND - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
LQDA Liquidia Corporation	61.47%	193.28%	-2.24%	88.85%	30.80%	65.08%	-30.99%	-80.26%	95.14%
BND Vanguard Total Bond Market ETF	0.27%	7.08%	1.38%	5.65%	-13.11%	-1.86%	7.71%	8.84%	1.70%

Correlation

The correlation between LQDA and BND is -0.02, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.02
Correlation (3Y) Calculated over the trailing 3-year period	0.08
Correlation (5Y) Calculated over the trailing 5-year period	0.05
Correlation (All Time) Calculated using the full available price history since Jul 27, 2018	0.03

Return for Risk

LQDA vs. BND — Risk / Return Rank

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

LQDA

LQDA Risk / Return Rank: 93
LQDA Sharpe Ratio Rank: 96
LQDA Sortino Ratio Rank: 93
LQDA Omega Ratio Rank: 91
LQDA Calmar Ratio Rank: 94
LQDA Martin Ratio Rank: 92

BND

BND Risk / Return Rank: 37
BND Sharpe Ratio Rank: 37
BND Sortino Ratio Rank: 39
BND Omega Ratio Rank: 35
BND Calmar Ratio Rank: 38
BND Martin Ratio Rank: 36

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.

LQDA vs. BND - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Liquidia Corporation (LQDA) and Vanguard Total Bond Market ETF (BND). 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.

	LQDA	BND	Difference
Sharpe ratio Return per unit of total volatility	3.55	1.36	+2.20
Sortino ratio Return per unit of downside risk	3.62	2.03	+1.59
Omega ratio Gain probability vs. loss probability	1.45	1.24	+0.21
Calmar ratio Return relative to maximum drawdown	6.69	1.92	+4.77
Martin ratio Return relative to average drawdown	14.83	5.80	+9.03
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LQDA vs. BND - Sharpe Ratio Comparison

The current LQDA Sharpe Ratio is 3.55, which is higher than the BND Sharpe Ratio of 1.36. The chart below compares the historical Sharpe Ratios of LQDA and BND, 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

	LQDA	BND	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.55	1.36	+2.20
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.11	0.01	+1.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.29	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.27	0.59	-0.32

Drawdowns

LQDA vs. BND - Drawdown Comparison

The maximum LQDA drawdown since its inception was -93.87%, which is greater than BND's maximum drawdown of -18.58%. Use the drawdown chart below to compare losses from any high point for LQDA and BND.

Drawdown Indicators

	LQDA	BND	Difference
Max Drawdown Largest peak-to-trough decline	-93.87%	-18.58%	-75.29%
Max Drawdown (1Y) Largest decline over 1 year	-35.66%	-2.68%	-32.98%
Max Drawdown (3Y) Largest decline over 3 years	-46.80%	-5.92%	-40.88%
Max Drawdown (5Y) Largest decline over 5 years	-55.36%	-17.91%	-37.45%
Max Drawdown (10Y) Largest decline over 10 years	—	-18.58%	—
Current Drawdown Current decline from peak	-10.22%	-2.37%	-7.85%
Average Drawdown Average peak-to-trough decline	-69.76%	-3.06%	-66.70%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.05%	0.88%	+15.17%

Volatility

LQDA vs. BND - Volatility Comparison

Liquidia Corporation (LQDA) has a higher volatility of 26.78% compared to Vanguard Total Bond Market ETF (BND) at 1.23%. This indicates that LQDA's price experiences larger fluctuations and is considered to be riskier than BND based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LQDA	BND	Difference
Volatility (1M) Calculated over the trailing 1-month period	26.78%	1.23%	+25.55%
Volatility (6M) Calculated over the trailing 6-month period	47.56%	2.66%	+44.90%
Volatility (1Y) Calculated over the trailing 1-year period	67.16%	3.78%	+63.38%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.46%	6.02%	+67.44%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	85.70%	5.53%	+80.17%

Dividends

LQDA vs. BND - Dividend Comparison

LQDA has not paid dividends to shareholders, while BND's dividend yield for the trailing twelve months is around 3.97%.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BND Vanguard Total Bond Market ETF	3.97%	3.86%	3.67%	3.09%	2.60%	2.12%	2.38%	2.72%	2.81%	2.54%	2.51%	2.57%
LQDA Liquidia Corporation	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LQDA and BND in my portfolio?

LQDA and BND have a correlation of -0.02, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LQDA or BND?

LQDA has higher volatility (26.78%) compared to BND (1.23%). In terms of maximum drawdown, LQDA dropped -93.87% vs BND's -18.58%.

Which has better risk-adjusted returns?

LQDA currently has the higher Sharpe Ratio (3.55 vs 1.36), 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.