BKLN vs. FTSL
BKLN (Invesco Senior Loan ETF) and FTSL (First Trust Senior Loan Fund) are both exchange-traded funds - BKLN is a Bank Loan fund tracking the Morningstar LSTA US Leveraged Loan 100 Index, while FTSL is a High Yield Bonds fund actively managed by First Trust. BKLN is passively managed, while FTSL is actively managed. Over the past 10 years, BKLN returned 4.32%/yr vs 4.45%/yr for FTSL. At a 0.48 correlation, their price movements are largely independent. BKLN charges 0.65%/yr vs 0.86%/yr for FTSL.
Performance
BKLN vs. FTSL - Performance Comparison
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Returns By Period
In the year-to-date period, BKLN achieves a -0.13% return, which is significantly lower than FTSL's 0.65% return. Both investments have delivered pretty close results over the past 10 years, with BKLN having a 4.32% annualized return and FTSL not far ahead at 4.45%.
BKLN
- 1D
- -0.10%
- 1M
- -0.14%
- YTD
- -0.13%
- 6M
- 0.06%
- 1Y
- 4.27%
- 3Y*
- 7.20%
- 5Y*
- 5.11%
- 10Y*
- 4.32%
FTSL
- 1D
- -0.01%
- 1M
- 0.20%
- YTD
- 0.65%
- 6M
- 0.65%
- 1Y
- 4.20%
- 3Y*
- 7.14%
- 5Y*
- 4.99%
- 10Y*
- 4.45%
BKLN vs. FTSL - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
BKLN Invesco Senior Loan ETF | -0.13% | 6.88% | 8.21% | 12.53% | -2.51% | 2.32% | 1.32% | 10.03% | -1.32% | 2.13% |
FTSL First Trust Senior Loan Fund | 0.65% | 5.98% | 8.27% | 11.58% | -2.50% | 3.94% | 2.99% | 10.11% | -1.30% | 2.59% |
Correlation
The correlation between BKLN and FTSL is 0.58, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.56 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.53 |
Correlation (All Time) Calculated using the full available price history since May 2, 2013 | 0.48 |
The correlation between BKLN and FTSL shifts across timeframes, from 0.48 (all time) to 0.60 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
BKLN vs. FTSL — Risk / Return Rank
BKLN
FTSL
BKLN vs. FTSL - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco Senior Loan ETF (BKLN) and First Trust Senior Loan Fund (FTSL). 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.
| BKLN | FTSL | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.44 | ||
| Sortino ratioReturn per unit of downside risk | -0.82 | ||
| Omega ratioGain probability vs. loss probability | 1.35 | 1.45 | -0.10 |
| Calmar ratioReturn relative to maximum drawdown | 1.39 | 1.81 | -0.42 |
| Martin ratioReturn relative to average drawdown | 5.44 | 6.72 | -1.28 |
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Drawdowns
BKLN vs. FTSL - Drawdown Comparison
The maximum BKLN drawdown since its inception was -24.17%, which is greater than FTSL's maximum drawdown of -22.67%. Use the drawdown chart below to compare losses from any high point for BKLN and FTSL.
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Drawdown Indicators
| BKLN | FTSL | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -24.17% | -22.67% | -1.50% |
Max Drawdown (1Y)Largest decline over 1 year | -3.07% | -2.33% | -0.74% |
Max Drawdown (3Y)Largest decline over 3 years | -3.55% | -2.66% | -0.89% |
Max Drawdown (5Y)Largest decline over 5 years | -7.31% | -6.96% | -0.35% |
Max Drawdown (10Y)Largest decline over 10 years | -24.17% | -22.67% | -1.50% |
Current DrawdownCurrent decline from peak | -0.57% | -0.03% | -0.54% |
Average DrawdownAverage peak-to-trough decline | -1.09% | -0.76% | -0.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.79% | 0.63% | +0.16% |
Volatility
BKLN vs. FTSL - Volatility Comparison
Invesco Senior Loan ETF (BKLN) has a higher volatility of 0.54% compared to First Trust Senior Loan Fund (FTSL) at 0.33%. This indicates that BKLN's price experiences larger fluctuations and is considered to be riskier than FTSL based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BKLN | FTSL | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.54% | 0.33% | +0.21% |
Volatility (6M)Calculated over the trailing 6-month period | 2.54% | 1.96% | +0.58% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.76% | 2.12% | +0.64% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 4.48% | 3.35% | +1.13% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.43% | 5.19% | +1.24% |
BKLN vs. FTSL - Expense Ratio Comparison
BKLN has a 0.65% expense ratio, which is lower than FTSL's 0.86% expense ratio.
Dividends
BKLN vs. FTSL - Dividend Comparison
BKLN's dividend yield for the trailing twelve months is around 6.59%, more than FTSL's 6.46% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BKLN Invesco Senior Loan ETF | 6.59% | 6.95% | 8.41% | 8.59% | 4.93% | 3.11% | 3.56% | 4.86% | 4.52% | 3.50% | 4.54% | 4.12% |
FTSL First Trust Senior Loan Fund | 6.46% | 6.59% | 7.56% | 7.59% | 4.77% | 3.17% | 3.48% | 4.44% | 4.29% | 3.64% | 3.70% | 3.95% |
Frequently Asked Questions
BKLN and FTSL have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BKLN has higher volatility (0.54%) compared to FTSL (0.33%). In terms of maximum drawdown, BKLN dropped -24.17% vs FTSL's -22.67%.
On 10-year performance, FTSL leads with 4.45% vs 4.32% for BKLN. On fees, BKLN is cheaper at 0.65% per year. On volatility, FTSL has been the lower-risk option at 0.33%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, FTSL has performed better with a 4.45% return vs 4.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BKLN is cheaper with a 0.65% expense ratio, compared with 0.86% for FTSL.
BKLN has the higher dividend yield at 6.59%, compared with 6.46% for FTSL.
BKLN is categorized as Bank Loan, while FTSL is High Yield Bonds. They also come from different issuers: Invesco and First Trust. Their fees differ too: 0.65% for BKLN and 0.86% for FTSL.
FTSL currently has the higher Sharpe Ratio (1.99 vs 1.55), 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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