LQDW vs. MSD
LQDW (iShares Investment Grade Corporate Bond Buywrite Strategy ETF) is Corporate Bonds fund tracking the CBOE LQD BuyWrite Index, while MSD (Morgan Stanley Emerging Markets Debt Fund, Inc.) is a stock. Over the past 3 years, LQDW returned 3.64%/yr vs 14.39%/yr for MSD. At a 0.36 correlation, their price movements are largely independent.
Performance
LQDW vs. MSD - Performance Comparison
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Returns By Period
In the year-to-date period, LQDW achieves a 1.70% return, which is significantly higher than MSD's 1.04% return.
LQDW
- 1D
- -0.22%
- 1M
- 1.18%
- YTD
- 1.70%
- 6M
- 1.70%
- 1Y
- 6.47%
- 3Y*
- 3.64%
- 5Y*
- —
- 10Y*
- —
MSD
- 1D
- -0.27%
- 1M
- -0.44%
- YTD
- 1.04%
- 6M
- 1.32%
- 1Y
- 1.73%
- 3Y*
- 14.39%
- 5Y*
- 4.15%
- 10Y*
- 5.47%
LQDW vs. MSD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 1.70% | 9.05% | 2.60% | 3.99% | -6.78% |
MSD Morgan Stanley Emerging Markets Debt Fund, Inc. | 1.04% | 5.58% | 24.92% | 19.14% | -0.47% |
Correlation
The correlation between LQDW and MSD is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.33 |
Correlation (All Time) Calculated using the full available price history since Aug 22, 2022 | 0.36 |
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Return for Risk
LQDW vs. MSD — Risk / Return Rank
LQDW
MSD
LQDW vs. MSD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW) and Morgan Stanley Emerging Markets Debt Fund, Inc. (MSD). 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.
Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.
| LQDW | MSD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +1.63 | ||
| Sortino ratioReturn per unit of downside risk | +2.24 | ||
| Omega ratioGain probability vs. loss probability | 1.36 | 1.04 | +0.33 |
| Calmar ratioReturn relative to maximum drawdown | 2.51 | 0.16 | +2.34 |
| Martin ratioReturn relative to average drawdown | 9.31 | 0.44 | +8.87 |
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Drawdowns
LQDW vs. MSD - Drawdown Comparison
The maximum LQDW drawdown since its inception was -9.20%, smaller than the maximum MSD drawdown of -58.51%. Use the drawdown chart below to compare losses from any high point for LQDW and MSD.
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Drawdown Indicators
| LQDW | MSD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.20% | -58.51% | +49.31% |
Max Drawdown (1Y)Largest decline over 1 year | -2.59% | -10.59% | +8.00% |
Max Drawdown (3Y)Largest decline over 3 years | -6.74% | -12.84% | +6.10% |
Max Drawdown (5Y)Largest decline over 5 years | — | -33.89% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -37.50% | — |
Current DrawdownCurrent decline from peak | -0.22% | -5.84% | +5.62% |
Average DrawdownAverage peak-to-trough decline | -2.32% | -11.29% | +8.97% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.70% | 3.97% | -3.27% |
Volatility
LQDW vs. MSD - Volatility Comparison
The current volatility for iShares Investment Grade Corporate Bond Buywrite Strategy ETF (LQDW) is 0.99%, while Morgan Stanley Emerging Markets Debt Fund, Inc. (MSD) has a volatility of 2.61%. This indicates that LQDW experiences smaller price fluctuations and is considered to be less risky than MSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| LQDW | MSD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.99% | 2.61% | -1.62% |
Volatility (6M)Calculated over the trailing 6-month period | 3.12% | 8.37% | -5.25% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.63% | 10.32% | -6.69% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 5.47% | 14.06% | -8.59% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.47% | 14.74% | -9.27% |
Dividends
LQDW vs. MSD - Dividend Comparison
LQDW's dividend yield for the trailing twelve months is around 12.52%, more than MSD's 8.88% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
LQDW iShares Investment Grade Corporate Bond Buywrite Strategy ETF | 12.52% | 16.02% | 15.74% | 19.28% | 8.85% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
MSD Morgan Stanley Emerging Markets Debt Fund, Inc. | 8.88% | 9.88% | 11.88% | 10.90% | 7.34% | 4.99% | 4.67% | 5.37% | 6.56% | 5.81% | 6.87% | 7.03% |
Frequently Asked Questions
LQDW and MSD have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
MSD has higher volatility (2.61%) compared to LQDW (0.99%). In terms of maximum drawdown, LQDW dropped -9.20% vs MSD's -58.51%.
LQDW currently has the higher Sharpe Ratio (1.80 vs 0.17), 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.
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