LQDH vs. MILK

Last updated Jun 4, 2026

LQDH (iShares Interest Rate Hedged Corporate Bond ETF) and MILK (Pacer US Cash Cows Bond ETF) are both Corporate Bonds funds. LQDH is actively managed, while MILK is passively managed. Over the past year, LQDH returned 7.62% vs 9.23% for MILK. At a 0.49 correlation, their price movements are largely independent. LQDH charges 0.25%/yr vs 0.49%/yr for MILK.

Performance

LQDH vs. MILK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Interest Rate Hedged Corporate Bond ETF (LQDH) and Pacer US Cash Cows Bond ETF (MILK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LQDH achieves a 2.31% return, which is significantly higher than MILK's 2.18% return.

LQDH

• 1D: -0.09%
• 1M: 1.29%
• YTD: 2.31%
• 6M: 3.11%
• 1Y: 7.62%
• 3Y*: 8.08%
• 5Y*: 5.28%
• 10Y*: 4.64%

MILK

• 1D: -0.24%
• 1M: 1.10%
• YTD: 2.18%
• 6M: 1.55%
• 1Y: 9.23%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LQDH vs. MILK - Yearly Performance Comparison

	2026 (YTD)	2025	2024
LQDH iShares Interest Rate Hedged Corporate Bond ETF	2.31%	7.00%	0.20%
MILK Pacer US Cash Cows Bond ETF	2.18%	7.49%	-0.35%

Correlation

The correlation between LQDH and MILK is 0.50, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.50
Correlation (All Time) Calculated using the full available price history since Dec 19, 2024	0.49

Return for Risk

LQDH vs. MILK — Risk / Return Rank

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

LQDH

LQDH Risk / Return Rank: 80
LQDH Sharpe Ratio Rank: 85
LQDH Sortino Ratio Rank: 90
LQDH Omega Ratio Rank: 88
LQDH Calmar Ratio Rank: 65
LQDH Martin Ratio Rank: 73

MILK

MILK Risk / Return Rank: 52
MILK Sharpe Ratio Rank: 53
MILK Sortino Ratio Rank: 55
MILK Omega Ratio Rank: 51
MILK Calmar Ratio Rank: 50
MILK Martin Ratio Rank: 53

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.

LQDH vs. MILK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Interest Rate Hedged Corporate Bond ETF (LQDH) 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.

	LQDH	MILK	Difference
Sharpe ratio: Return per unit of total volatility	2.83	1.78	+1.05
Sortino ratio: Return per unit of downside risk	4.30	2.59	+1.72
Omega ratio: Gain probability vs. loss probability	1.57	1.32	+0.25
Calmar ratio: Return relative to maximum drawdown	3.26	2.47	+0.79
Martin ratio: Return relative to average drawdown	13.85	8.90	+4.96
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LQDH vs. MILK - Sharpe Ratio Comparison

The current LQDH Sharpe Ratio is 2.83, which is higher than the MILK Sharpe Ratio of 1.78. The chart below compares the historical Sharpe Ratios of LQDH and MILK, 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

	LQDH	MILK	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.83	1.78	+1.05
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.20	—	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.72	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.58	0.97	-0.38

Drawdowns

LQDH vs. MILK - Drawdown Comparison

The maximum LQDH drawdown since its inception was -24.63%, which is greater than MILK's maximum drawdown of -6.16%. Use the drawdown chart below to compare losses from any high point for LQDH and MILK.

Drawdown Indicators

	LQDH	MILK	Difference
Max Drawdown Largest peak-to-trough decline	-24.63%	-6.16%	-18.47%
Max Drawdown (1Y) Largest decline over 1 year	-2.34%	-3.75%	+1.41%
Max Drawdown (3Y) Largest decline over 3 years	-4.86%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-7.08%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-24.63%	—	—
Current Drawdown Current decline from peak	-0.09%	-0.24%	+0.15%
Average Drawdown Average peak-to-trough decline	-1.68%	-1.09%	-0.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.55%	1.04%	-0.49%

Volatility

LQDH vs. MILK - Volatility Comparison

The current volatility for iShares Interest Rate Hedged Corporate Bond ETF (LQDH) is 0.50%, while Pacer US Cash Cows Bond ETF (MILK) has a volatility of 1.58%. This indicates that LQDH experiences smaller price fluctuations and is considered to be less risky than MILK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LQDH	MILK	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.50%	1.58%	-1.08%
Volatility (6M) Calculated over the trailing 6-month period	2.03%	3.78%	-1.75%
Volatility (1Y) Calculated over the trailing 1-year period	2.70%	5.21%	-2.51%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.41%	6.69%	-2.28%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.44%	6.69%	-0.25%

LQDH vs. MILK - Expense Ratio Comparison

LQDH has a 0.25% expense ratio, which is lower than MILK's 0.49% expense ratio.

Dividends

LQDH vs. MILK - Dividend Comparison

LQDH's dividend yield for the trailing twelve months is around 5.95%, less than MILK's 7.04% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LQDH iShares Interest Rate Hedged Corporate Bond ETF	5.95%	6.06%	7.57%	7.69%	3.73%	1.65%	2.22%	3.09%	5.08%	2.37%	2.33%	2.98%
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

Can I hold both LQDH and MILK in my portfolio?

LQDH and MILK have a correlation of 0.50, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LQDH or MILK?

MILK has higher volatility (1.58%) compared to LQDH (0.50%). In terms of maximum drawdown, LQDH dropped -24.63% vs MILK's -6.16%.

Which ETF is better, LQDH or MILK?

On 1-year performance, MILK leads with 9.23% vs 7.62% for LQDH. On fees, LQDH is cheaper at 0.25% per year. On volatility, LQDH has been the lower-risk option at 0.50%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LQDH or MILK?

Over the 1-year period, MILK has performed better with a 9.23% return vs 7.62%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LQDH or MILK?

LQDH is cheaper with a 0.25% expense ratio, compared with 0.49% for MILK.

Which ETF pays a higher dividend yield, LQDH or MILK?

MILK has the higher dividend yield at 7.04%, compared with 5.95% for LQDH.

What is the main difference between LQDH and MILK?

They also come from different issuers: iShares and Pacer. Their fees differ too: 0.25% for LQDH and 0.49% for MILK.

Which has better risk-adjusted returns?

LQDH currently has the higher Sharpe Ratio (2.83 vs 1.78), 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.