BKLN vs. TBIIX

Last updated Jun 5, 2026

BKLN (Invesco Senior Loan ETF) and TBIIX (TIAA-CREF Bond Index Fund) are both funds - BKLN is a High Yield Bonds fund tracking the S&P/LSTA U.S. Leveraged Loan 100 Index, while TBIIX is a Intermediate Core Bond fund managed by TIAA Investments. Over the past 10 years, BKLN returned 4.26%/yr vs 1.41%/yr for TBIIX. At a correlation of -0.03, they often move in opposite directions. BKLN charges 0.65%/yr vs 0.07%/yr for TBIIX.

Performance

BKLN vs. TBIIX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Invesco Senior Loan ETF (BKLN) and TIAA-CREF Bond Index Fund (TBIIX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BKLN achieves a 0.16% return, which is significantly lower than TBIIX's 0.31% return. Over the past 10 years, BKLN has outperformed TBIIX with an annualized return of 4.26%, while TBIIX has yielded a comparatively lower 1.41% annualized return.

BKLN

• 1D: -0.05%
• 1M: -0.14%
• YTD: 0.16%
• 6M: 0.89%
• 1Y: 4.75%
• 3Y*: 7.72%
• 5Y*: 5.14%
• 10Y*: 4.26%

TBIIX

• 1D: -0.21%
• 1M: 0.13%
• YTD: 0.31%
• 6M: 0.43%
• 1Y: 4.60%
• 3Y*: 3.81%
• 5Y*: -0.17%
• 10Y*: 1.41%

*Multi-year figures are annualized to reflect compound growth (CAGR)

BKLN vs. TBIIX - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
BKLN Invesco Senior Loan ETF	0.16%	6.88%	8.21%	12.53%	-2.51%	2.32%	1.32%	10.03%	-1.32%	2.13%
TBIIX TIAA-CREF Bond Index Fund	0.31%	7.12%	1.13%	5.13%	-13.61%	-1.81%	7.69%	8.58%	-0.25%	3.43%

Correlation

The correlation between BKLN and TBIIX is 0.14, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.14
Correlation (3Y) Calculated over the trailing 3-year period	0.18
Correlation (5Y) Calculated over the trailing 5-year period	0.12
Correlation (10Y) Calculated over the trailing 10-year period	0.03
Correlation (All Time) Calculated using the full available price history since Mar 4, 2011	-0.03

The correlation between BKLN and TBIIX shifts across timeframes, from -0.03 (all time) to 0.18 (3 years), reflecting how their relationship changes across market environments.

Return for Risk

BKLN vs. TBIIX — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

BKLN

BKLN Risk / Return Rank: 49
BKLN Sharpe Ratio Rank: 51
BKLN Sortino Ratio Rank: 54
BKLN Omega Ratio Rank: 69
BKLN Calmar Ratio Rank: 32
BKLN Martin Ratio Rank: 39

TBIIX

TBIIX Risk / Return Rank: 21
TBIIX Sharpe Ratio Rank: 21
TBIIX Sortino Ratio Rank: 22
TBIIX Omega Ratio Rank: 19
TBIIX Calmar Ratio Rank: 23
TBIIX Martin Ratio Rank: 21

The rank (0–100) shows how this investment's returns compare to the risk taken. Higher = better. Based on the past 12 months of data, combining Sharpe, Sortino, and other metrics used by quantitative funds and institutional investors.

BKLN vs. TBIIX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Invesco Senior Loan ETF (BKLN) and TIAA-CREF Bond Index Fund (TBIIX). 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.

	BKLN	TBIIX	Difference
Sharpe ratio: Return per unit of total volatility	1.73	1.30	+0.43
Sortino ratio: Return per unit of downside risk	2.56	1.94	+0.62
Omega ratio: Gain probability vs. loss probability	1.40	1.23	+0.18
Calmar ratio: Return relative to maximum drawdown	1.55	1.77	-0.22
Martin ratio: Return relative to average drawdown	6.11	5.35	+0.76
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BKLN vs. TBIIX - Sharpe Ratio Comparison

The current BKLN Sharpe Ratio is 1.73, which is higher than the TBIIX Sharpe Ratio of 1.30. The chart below compares the historical Sharpe Ratios of BKLN and TBIIX, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	BKLN	TBIIX	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.73	1.30	+0.43
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.15	-0.03	+1.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.66	0.28	+0.38
Sharpe Ratio (All Time) Calculated using the full available price history	0.64	0.54	+0.10

Drawdowns

BKLN vs. TBIIX - Drawdown Comparison

The maximum BKLN drawdown since its inception was -24.17%, which is greater than TBIIX's maximum drawdown of -19.33%. Use the drawdown chart below to compare losses from any high point for BKLN and TBIIX.

Drawdown Indicators

	BKLN	TBIIX	Difference
Max Drawdown Largest peak-to-trough decline	-24.17%	-19.33%	-4.84%
Max Drawdown (1Y) Largest decline over 1 year	-3.07%	-2.99%	-0.08%
Max Drawdown (3Y) Largest decline over 3 years	-3.55%	-6.17%	+2.62%
Max Drawdown (5Y) Largest decline over 5 years	-7.31%	-18.68%	+11.37%
Max Drawdown (10Y) Largest decline over 10 years	-24.17%	-19.33%	-4.84%
Current Drawdown Current decline from peak	-0.29%	-3.59%	+3.30%
Average Drawdown Average peak-to-trough decline	-1.09%	-3.68%	+2.59%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.78%	0.99%	-0.21%

Volatility

BKLN vs. TBIIX - Volatility Comparison

The current volatility for Invesco Senior Loan ETF (BKLN) is 0.42%, while TIAA-CREF Bond Index Fund (TBIIX) has a volatility of 1.36%. This indicates that BKLN experiences smaller price fluctuations and is considered to be less risky than TBIIX based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BKLN	TBIIX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.42%	1.36%	-0.94%
Volatility (6M) Calculated over the trailing 6-month period	2.52%	2.89%	-0.37%
Volatility (1Y) Calculated over the trailing 1-year period	2.75%	4.09%	-1.34%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.47%	6.08%	-1.61%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.43%	5.01%	+1.42%

BKLN vs. TBIIX - Expense Ratio Comparison

BKLN has a 0.65% expense ratio, which is higher than TBIIX's 0.07% expense ratio.

Dividends

BKLN vs. TBIIX - Dividend Comparison

BKLN's dividend yield for the trailing twelve months is around 6.62%, more than TBIIX's 3.91% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKLN Invesco Senior Loan ETF	6.62%	6.95%	8.41%	8.59%	4.93%	3.11%	3.56%	4.86%	4.52%	3.50%	4.54%	4.12%
TBIIX TIAA-CREF Bond Index Fund	3.91%	3.73%	3.14%	2.44%	2.11%	2.07%	3.17%	2.82%	2.46%	2.44%	2.31%	2.61%

Frequently Asked Questions

Can I hold both BKLN and TBIIX in my portfolio?

BKLN and TBIIX have a correlation of 0.14, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BKLN or TBIIX?

TBIIX has higher volatility (1.36%) compared to BKLN (0.42%). In terms of maximum drawdown, BKLN dropped -24.17% vs TBIIX's -19.33%.

Which has better risk-adjusted returns?

BKLN currently has the higher Sharpe Ratio (1.73 vs 1.30), 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.