WAYEX vs. LQD
WAYEX (Waycross Long/Short Equity Fund) and LQD (iShares iBoxx $ Investment Grade Corporate Bond ETF) are both funds - WAYEX is a Long-Short fund managed by Waycross, while LQD is a Corporate Bonds fund tracking the iBoxx $ Liquid Investment Grade Index. Over the past 10 years, WAYEX returned 9.88%/yr vs 2.52%/yr for LQD. At a 0.13 correlation, their price movements are largely independent. WAYEX charges 2.27%/yr vs 0.15%/yr for LQD.
Performance
WAYEX vs. LQD - Performance Comparison
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Returns By Period
In the year-to-date period, WAYEX achieves a 0.78% return, which is significantly higher than LQD's 0.46% return. Over the past 10 years, WAYEX has outperformed LQD with an annualized return of 9.88%, while LQD has yielded a comparatively lower 2.52% annualized return.
WAYEX
- 1D
- -0.33%
- 1M
- 1.69%
- YTD
- 0.78%
- 6M
- 0.54%
- 1Y
- 11.56%
- 3Y*
- 15.07%
- 5Y*
- 8.72%
- 10Y*
- 9.88%
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%
WAYEX vs. LQD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
WAYEX Waycross Long/Short Equity Fund | 0.78% | 13.16% | 22.40% | 18.99% | -11.66% | 11.43% | 22.27% | 21.17% | -8.80% | 13.05% |
LQD iShares iBoxx $ Investment Grade Corporate Bond ETF | 0.46% | 7.90% | 0.86% | 9.40% | -17.92% | -1.84% | 10.97% | 17.37% | -3.79% | 7.06% |
Correlation
The correlation between WAYEX and LQD is 0.35, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.35 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.27 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.25 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.17 |
Correlation (All Time) Calculated using the full available price history since May 12, 2015 | 0.13 |
Over the past year, WAYEX and LQD have become more correlated (0.35) than their long-term average of 0.13, meaning their price movements have been converging.
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Return for Risk
WAYEX vs. LQD — Risk / Return Rank
WAYEX
LQD
WAYEX vs. LQD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Waycross Long/Short Equity Fund (WAYEX) and iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD). 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.
| WAYEX | LQD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.42 | ||
| Sortino ratioReturn per unit of downside risk | +0.61 | ||
| Omega ratioGain probability vs. loss probability | 1.28 | 1.20 | +0.08 |
| Calmar ratioReturn relative to maximum drawdown | 1.47 | 1.83 | -0.36 |
| Martin ratioReturn relative to average drawdown | 5.62 | 5.23 | +0.39 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| WAYEX | LQD | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 1.55 | 1.14 | +0.42 |
Sharpe Ratio (5Y)Calculated over the trailing 5-year period | 0.84 | -0.01 | +0.85 |
Sharpe Ratio (10Y)Calculated over the trailing 10-year period | 0.86 | 0.29 | +0.57 |
Sharpe Ratio (All Time)Calculated using the full available price history | 0.73 | 0.54 | +0.19 |
Drawdowns
WAYEX vs. LQD - Drawdown Comparison
The maximum WAYEX drawdown since its inception was -20.77%, smaller than the maximum LQD drawdown of -24.95%. Use the drawdown chart below to compare losses from any high point for WAYEX and LQD.
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Drawdown Indicators
| WAYEX | LQD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -20.77% | -24.95% | +4.18% |
Max Drawdown (1Y)Largest decline over 1 year | -8.05% | -3.34% | -4.71% |
Max Drawdown (3Y)Largest decline over 3 years | -10.83% | -8.43% | -2.40% |
Max Drawdown (5Y)Largest decline over 5 years | -17.31% | -24.95% | +7.64% |
Max Drawdown (10Y)Largest decline over 10 years | -20.77% | -24.95% | +4.18% |
Current DrawdownCurrent decline from peak | -0.88% | -3.72% | +2.84% |
Average DrawdownAverage peak-to-trough decline | -4.13% | -3.99% | -0.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 2.10% | 1.17% | +0.93% |
Volatility
WAYEX vs. LQD - Volatility Comparison
Waycross Long/Short Equity Fund (WAYEX) has a higher volatility of 2.35% compared to iShares iBoxx $ Investment Grade Corporate Bond ETF (LQD) at 1.65%. This indicates that WAYEX's price experiences larger fluctuations and is considered to be riskier than LQD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| WAYEX | LQD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 2.35% | 1.65% | +0.70% |
Volatility (6M)Calculated over the trailing 6-month period | 5.65% | 3.90% | +1.75% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.60% | 5.36% | +2.24% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 10.38% | 8.65% | +1.73% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 11.57% | 8.68% | +2.89% |
WAYEX vs. LQD - Expense Ratio Comparison
WAYEX has a 2.27% expense ratio, which is higher than LQD's 0.15% expense ratio.
Dividends
WAYEX vs. LQD - Dividend Comparison
WAYEX's dividend yield for the trailing twelve months is around 5.25%, more than LQD's 4.57% 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% |
WAYEX Waycross Long/Short Equity Fund | 5.25% | 5.29% | 12.41% | 2.86% | 0.00% | 5.33% | 1.17% | 1.05% | 0.00% | 1.01% | 0.00% | 0.00% |
Frequently Asked Questions
WAYEX and LQD have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
WAYEX has higher volatility (2.35%) compared to LQD (1.65%). In terms of maximum drawdown, WAYEX dropped -20.77% vs LQD's -24.95%.
WAYEX currently has the higher Sharpe Ratio (1.55 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.
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