LQDA vs. LITE

Last updated Jun 9, 2026

LQDA (Liquidia Corporation) and LITE (Lumentum Holdings Inc.) are both stocks. LQDA operates in Biotechnology (Healthcare), while LITE operates in Communication Equipment (Technology). Over the past 5 years, LQDA returned 87.74%/yr vs 62.02%/yr for LITE. At a 0.15 correlation, their price movements are largely independent.

Performance

LQDA vs. LITE - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Liquidia Corporation (LQDA) and Lumentum Holdings Inc. (LITE). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LQDA achieves a 85.27% return, which is significantly lower than LITE's 142.93% return.

LQDA

• 1D: 3.31%
• 1M: 51.06%
• YTD: 85.27%
• 6M: 82.52%
• 1Y: 252.26%
• 3Y*: 96.59%
• 5Y*: 87.74%
• 10Y*: —

LITE

• 1D: 3.68%
• 1M: -0.93%
• YTD: 142.93%
• 6M: 161.38%
• 1Y: 999.19%
• 3Y*: 159.80%
• 5Y*: 62.02%
• 10Y*: 43.30%

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

LQDA vs. LITE - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018
LQDA Liquidia Corporation	85.27%	193.28%	-2.24%	88.85%	30.80%	65.08%	-30.99%	-80.26%	95.14%
LITE Lumentum Holdings Inc.	142.93%	339.06%	60.15%	0.48%	-50.68%	11.57%	19.55%	88.76%	-23.27%

Correlation

The correlation between LQDA and LITE 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	0.13
Correlation (5Y) Calculated over the trailing 5-year period	0.16
Correlation (All Time) Calculated using the full available price history since Jul 27, 2018	0.15

The correlation between LQDA and LITE shifts across timeframes, from -0.02 (1 year) to 0.16 (5 years), reflecting how their relationship changes across market environments.

Fundamentals

Market Cap LQDA : $6.46B LITE : $86.14B
EPS LQDA : $0.24 LITE : $5.26
PE Ratio LQDA : 267.21 LITE : 170.11
PS Ratio LQDA : 20.69 LITE : 30.07
PB Ratio LQDA : 59.51 LITE : 28.97
Total Revenue (TTM) LQDA : $288.07M LITE : $2.49B
Gross Profit (TTM) LQDA : $275.77M LITE : $938.50M
EBITDA (TTM) LQDA : $51.53M LITE : $470.10M

Return for Risk

LQDA vs. LITE — Risk / Return Rank

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

LQDA

LQDA Risk / Return Rank: 95
LQDA Sharpe Ratio Rank: 97
LQDA Sortino Ratio Rank: 94
LQDA Omega Ratio Rank: 92
LQDA Calmar Ratio Rank: 95
LQDA Martin Ratio Rank: 94

LITE

LITE Risk / Return Rank: 99
LITE Sharpe Ratio Rank: 100
LITE Sortino Ratio Rank: 98
LITE Omega Ratio Rank: 98
LITE Calmar Ratio Rank: 100
LITE Martin Ratio Rank: 100

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. LITE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Liquidia Corporation (LQDA) and Lumentum Holdings Inc. (LITE). 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	LITE	Difference
Sharpe ratio: Return per unit of total volatility	3.74	11.76	-8.02
Sortino ratio: Return per unit of downside risk	3.74	5.52	-1.78
Omega ratio: Gain probability vs. loss probability	1.46	1.73	-0.27
Calmar ratio: Return relative to maximum drawdown	7.12	35.18	-28.06
Martin ratio: Return relative to average drawdown	15.88	134.51	-118.63
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. LITE - Sharpe Ratio Comparison

The current LQDA Sharpe Ratio is 3.74, which is lower than the LITE Sharpe Ratio of 11.76. The chart below compares the historical Sharpe Ratios of LQDA and LITE, 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	LITE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	3.74	11.76	-8.02
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.20	1.04	+0.16
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.77	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.29	0.75	-0.45

Drawdowns

LQDA vs. LITE - Drawdown Comparison

The maximum LQDA drawdown since its inception was -93.87%, which is greater than LITE's maximum drawdown of -66.89%. Use the drawdown chart below to compare losses from any high point for LQDA and LITE.

Drawdown Indicators

	LQDA	LITE	Difference
Max Drawdown Largest peak-to-trough decline	-93.87%	-66.89%	-26.98%
Max Drawdown (1Y) Largest decline over 1 year	-35.66%	-28.70%	-6.96%
Max Drawdown (3Y) Largest decline over 3 years	-46.80%	-50.63%	+3.83%
Max Drawdown (5Y) Largest decline over 5 years	-55.36%	-66.48%	+11.12%
Max Drawdown (10Y) Largest decline over 10 years	—	-66.89%	—
Current Drawdown Current decline from peak	0.00%	-14.97%	+14.97%
Average Drawdown Average peak-to-trough decline	-69.65%	-23.16%	-46.49%
Ulcer Index Depth and duration of drawdowns from previous peaks	16.05%	7.49%	+8.56%

Volatility

LQDA vs. LITE - Volatility Comparison

The current volatility for Liquidia Corporation (LQDA) is 28.47%, while Lumentum Holdings Inc. (LITE) has a volatility of 31.18%. This indicates that LQDA experiences smaller price fluctuations and is considered to be less risky than LITE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LQDA	LITE	Difference
Volatility (1M) Calculated over the trailing 1-month period	28.47%	31.18%	-2.71%
Volatility (6M) Calculated over the trailing 6-month period	47.97%	69.07%	-21.10%
Volatility (1Y) Calculated over the trailing 1-year period	68.06%	86.01%	-17.95%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	73.62%	59.79%	+13.83%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	85.75%	56.55%	+29.20%

Dividends

LQDA vs. LITE - Dividend Comparison

Neither LQDA nor LITE has paid dividends to shareholders.

Tickers have no history of dividend payments

Financials

LQDA vs. LITE - Profitability Comparison

The chart below illustrates the profitability comparison between Liquidia Corporation and Lumentum Holdings Inc. over time, highlighting three key metrics: Gross Profit Margin, Operating Margin, and Net Profit Margin.

LQDA - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Liquidia Corporation reported a gross profit of 132.09M and revenue of 132.87M. Therefore, the gross margin over that period was 99.4%.

LITE - Gross Margin

Gross margin is calculated as gross profit divided by revenue. For the three months ending on Jun 2026, Lumentum Holdings Inc. reported a gross profit of 357.00M and revenue of 808.40M. Therefore, the gross margin over that period was 44.2%.

LQDA - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Liquidia Corporation reported an operating income of 61.50M and revenue of 132.87M, resulting in an operating margin of 46.3%.

LITE - Operating Margin

Operating margin is calculated as operating income divided by revenue. For the three months ending on Jun 2026, Lumentum Holdings Inc. reported an operating income of 174.50M and revenue of 808.40M, resulting in an operating margin of 21.6%.

LQDA - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Liquidia Corporation reported a net income of 52.86M and revenue of 132.87M, resulting in a net margin of 39.8%.

LITE - Net Margin

Net margin is calculated as net income divided by revenue. For the three months ending on Jun 2026, Lumentum Holdings Inc. reported a net income of 144.20M and revenue of 808.40M, resulting in a net margin of 17.8%.

Frequently Asked Questions

Can I hold both LQDA and LITE in my portfolio?

LQDA and LITE 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 LITE?

LITE has higher volatility (31.18%) compared to LQDA (28.47%). In terms of maximum drawdown, LQDA dropped -93.87% vs LITE's -66.89%.

Which has better risk-adjusted returns?

LITE currently has the higher Sharpe Ratio (11.76 vs 3.74), 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.