History doesn't have a direct reflection on the club's performance it will only give the experience on the pitch, but both real Madrid and Liverpool have multiple records of champions league winning so I will not concentrate much on history but rather on the clubs' performances.
If you look at the historical record of winning the Champions League, it is certain that Real Madrid is the club that has won the most Champions Leagues, and even Liverpool themselves will not be able to compete with them even though Liverpool have also won the Champions League in the past.
But if you look at the club's performances, I think Liverpool are still the best among many clubs this season, and maybe next season will be even better than this season.