LQDA vs SPY

Comparison between Liquidia Corp (LQDA, Company) and SPDR S&P 500 ETF Trust (SPY, ETF).

5-Year PerformanceLQDA has outperformed SPY, delivering a return of +97.8% compared to +13.2%

LQDA vs SPY - Performance Comparison

Log

Key Characteristics

Financial metrics and valuation ratios

Metric	LQDA(COMPANY)	SPY(ETF)
Market Cap / Net Assets	$6.87B	$781B
Expense Ratio	N/A	0.09%
Max Drawdown	93.87%	56.47%
Sharpe Ratio	2.74	1.35
5Y Beta	1.12	1.00
Industry	Drug Manufacturers - Specialty & Generic	N/A
P/E Ratio	323.20	29.13
Forward P/E	19.27	21.48
5Y Dividends CAGR	N/A	6.00%
5Y EPS CAGR	N/A	25.27%
Debt to Equity	0.00%	31.47%
Free Cash Flow Yield	0.60%	N/A
P/S Ratio	24.00	3.87
P/B Ratio	62.63	5.70

Market Cap / Net Assets

LQDA

$6.87B

Winner

SPY

$781B

Expense Ratio

LQDA

N/A

SPY

0.09%

Max Drawdown

LQDA

93.87%

Winner

SPY

56.47%

Sharpe Ratio

Winner

LQDA

2.74

SPY

1.35

5Y Beta

LQDA

1.12

Winner

SPY

1.00

Industry

LQDA

Drug Manufacturers - Specialty & Generic

SPY

N/A

P/E Ratio

LQDA

323.20

Winner

SPY

29.13

Forward P/E

Winner

LQDA

19.27

SPY

21.48

5Y Dividends CAGR

LQDA

N/A

SPY

6.00%

5Y EPS CAGR

LQDA

N/A

SPY

25.27%

Debt to Equity

Winner

LQDA

0.00%

SPY

31.47%

Free Cash Flow Yield

LQDA

0.60%

SPY

N/A

P/S Ratio

LQDA

24.00

Winner

SPY

3.87

P/B Ratio

LQDA

62.63

Winner

SPY

5.70

LQDA vs SPY - Historical Returns

Returns include dividend reinvestment.

Period	LQDA	SPY
1 month	+10.67%	+0.31%
3 months	+81.81%	+7.26%
6 months	+98.44%	+9.12%
1 year	+430.44%	+21.59%
5 years(CAGR)	+97.75%	+13.25%
10 years(CAGR)	N/A	+15.11%
Max(CAGR)	+27.14%	+8.51%

Winner

LQDA

+10.67%

SPY

+0.31%

Winner

LQDA

+81.81%

SPY

+7.26%

Winner

LQDA

+98.44%

SPY

+9.12%

Winner

LQDA

+430.44%

SPY

+21.59%

5Y(CAGR)

Winner

LQDA

+97.75%

SPY

+13.25%

10Y(CAGR)

LQDA

N/A

SPY

+15.11%

Max(CAGR)

Winner

LQDA

+27.14%

SPY

+8.51%

LQDA vs SPY - Annual Returns (1999 - 2026)

Returns include dividend reinvestment.

Year	LQDA	SPY
2026	+139.71%	+10.47%
2025	+185.04%	+18.00%
2024	+1.99%	+25.59%
2023	+97.54%	+26.72%
2022	+23.93%	-18.64%
2021	+62.33%	+30.52%
2020	-32.95%	+17.28%
2019	-78.84%	+31.09%
2018	+95.14%	-5.24%
2017	N/A	+20.78%
2016	N/A	+13.59%
2015	N/A	+1.31%
2014	N/A	+14.56%
2013	N/A	+29.00%
2012	N/A	+14.17%
2011	N/A	+0.85%
2010	N/A	+13.14%
2009	N/A	+22.67%
2008	N/A	-36.25%
2007	N/A	+5.32%
2006	N/A	+13.85%
2005	N/A	+5.32%
2004	N/A	+10.75%
2003	N/A	+24.18%
2002	N/A	-22.42%
2001	N/A	-10.13%
2000	N/A	-8.84%
1999	N/A	+8.61%

LQDA vs SPY Drawdown Comparison

The maximum drawdown for LQDA was -93.87%, occurring on Aug 4, 2021. Recovery took 1824 trading sessions.

The maximum drawdown for SPY was -55.20%, occurring on Mar 9, 2009. Recovery took 1224 trading sessions.

The current LQDA drawdown is -7.59%. The current SPY drawdown is -0.91%.

Rank	LQDA	SPY
#1	-93.87% Oct 9, 2018 - Jan 13, 2026	-55.20% Oct 9, 2007 - Aug 16, 2012
#2	-35.66% Feb 3, 2026 - May 11, 2026	-47.50% Mar 24, 2000 - Oct 26, 2006
#3	-12.57% Jul 9, 2026 - Jul 13, 2026	-33.70% Feb 19, 2020 - Aug 10, 2020
#4	-11.16% May 28, 2026 - Jun 4, 2026	-24.50% Jan 3, 2022 - Dec 13, 2023
#5	-8.70% Oct 3, 2018 - Oct 9, 2018	-19.34% Sep 20, 2018 - Apr 12, 2019
#6	-8.64% Aug 22, 2018 - Sep 4, 2018	-18.76% Feb 19, 2025 - Jun 26, 2025
#7	-8.03% Sep 27, 2018 - Oct 2, 2018	-13.02% Jul 20, 2015 - Apr 18, 2016
#8	-6.18% Sep 11, 2018 - Sep 21, 2018	-10.10% Jan 26, 2018 - Aug 6, 2018
#9	-5.60% Aug 14, 2018 - Aug 17, 2018	-9.44% Sep 2, 2020 - Nov 11, 2020
#10	-5.28% Jun 15, 2026 - Jun 22, 2026	-9.30% Jan 19, 2000 - Mar 17, 2000
#11	-5.15% Jan 14, 2026 - Jan 22, 2026	-9.05% Jul 19, 2007 - Oct 5, 2007
#12	-4.32% Sep 5, 2018 - Sep 10, 2018	-8.88% Jan 27, 2026 - Apr 14, 2026
#13	-4.00% May 14, 2026 - May 19, 2026	-8.41% Jul 16, 2024 - Sep 19, 2024
#14	-3.90% Jun 26, 2026 - Jun 30, 2026	-7.35% Sep 14, 2012 - Jan 2, 2013
#15	-3.03% May 21, 2026 - May 27, 2026	-7.27% Sep 18, 2014 - Oct 31, 2014

Correlation

Correlation between LQDA and SPY is 0.65 which considered as a moderate positive correlation - the stocks show some tendency to move together.

0.65

-101

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LQDA vs SPY

LQDA vs SPY - Performance Comparison

Key Characteristics

LQDA vs SPY - Historical Returns

LQDA vs SPY - Annual Returns (1999 - 2026)

LQDA vs SPY Drawdown Comparison

Correlation

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