BXSL vs. BXMT

Last updated Jun 3, 2026

BXSL (Blackstone Secured Lending Fund) and BXMT (Blackstone Mortgage Trust, Inc.) are both stocks. BXSL operates in Asset Management (Financial Services), while BXMT operates in REIT - Mortgage (Real Estate). Over the past 3 years, BXSL returned 7.96%/yr vs 10.12%/yr for BXMT. At a 0.33 correlation, their price movements are largely independent.

Performance

BXSL vs. BXMT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Blackstone Secured Lending Fund (BXSL) and Blackstone Mortgage Trust, Inc. (BXMT). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, BXSL achieves a -6.78% return, which is significantly lower than BXMT's -1.89% return.

BXSL

• 1D: -0.63%
• 1M: -4.77%
• YTD: -6.78%
• 6M: -7.95%
• 1Y: -15.84%
• 3Y*: 7.96%
• 5Y*: —
• 10Y*: —

BXMT

• 1D: 2.12%
• 1M: -3.99%
• YTD: -1.89%
• 6M: -1.61%
• 1Y: 8.78%
• 3Y*: 10.12%
• 5Y*: -1.37%
• 10Y*: 4.97%

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

BXSL vs. BXMT - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021
BXSL Blackstone Secured Lending Fund	-6.78%	-9.36%	29.02%	37.82%	-26.03%	24.96%
BXMT Blackstone Mortgage Trust, Inc.	-1.89%	21.13%	-7.90%	13.46%	-24.03%	-5.05%

Correlation

The correlation between BXSL and BXMT is 0.42, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.42
Correlation (3Y) Calculated over the trailing 3-year period	0.39
Correlation (All Time) Calculated using the full available price history since Oct 29, 2021	0.33

Fundamentals

Market Cap BXSL : $5.51B BXMT : $3.10B
EPS BXSL : $1.80 BXMT : $0.61
PE Ratio BXSL : 13.21 BXMT : 30.20
PS Ratio BXSL : 7.73 BXMT : 2.04
PB Ratio BXSL : 0.90 BXMT : 0.91
Total Revenue (TTM) BXSL : $706.98M BXMT : $1.54B
Gross Profit (TTM) BXSL : $831.73M BXMT : $960.53M
EBITDA (TTM) BXSL : $525.53M BXMT : $957.49M

Return for Risk

BXSL vs. BXMT — Risk / Return Rank

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

BXSL

BXSL Risk / Return Rank: 12
BXSL Sharpe Ratio Rank: 8
BXSL Sortino Ratio Rank: 9
BXSL Omega Ratio Rank: 12
BXSL Calmar Ratio Rank: 14
BXSL Martin Ratio Rank: 18

BXMT

BXMT Risk / Return Rank: 51
BXMT Sharpe Ratio Rank: 54
BXMT Sortino Ratio Rank: 46
BXMT Omega Ratio Rank: 45
BXMT Calmar Ratio Rank: 53
BXMT Martin Ratio Rank: 55

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.

BXSL vs. BXMT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Blackstone Secured Lending Fund (BXSL) and Blackstone Mortgage Trust, Inc. (BXMT). 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.

	BXSL	BXMT	Difference
Sharpe ratio Return per unit of total volatility	-0.80	0.41	-1.21
Sortino ratio Return per unit of downside risk	-1.10	0.71	-1.81
Omega ratio Gain probability vs. loss probability	0.88	1.09	-0.20
Calmar ratio Return relative to maximum drawdown	-0.70	0.58	-1.27
Martin ratio Return relative to average drawdown	-1.07	1.38	-2.45
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

BXSL vs. BXMT - Sharpe Ratio Comparison

The current BXSL Sharpe Ratio is -0.80, which is lower than the BXMT Sharpe Ratio of 0.41. The chart below compares the historical Sharpe Ratios of BXSL and BXMT, 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

	BXSL	BXMT	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	-0.80	0.41	-1.21
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	-0.05	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.15	—
Sharpe Ratio (All Time) Calculated using the full available price history	0.31	0.08	+0.24

Drawdowns

BXSL vs. BXMT - Drawdown Comparison

The maximum BXSL drawdown since its inception was -36.80%, smaller than the maximum BXMT drawdown of -97.98%. Use the drawdown chart below to compare losses from any high point for BXSL and BXMT.

Drawdown Indicators

	BXSL	BXMT	Difference
Max Drawdown Largest peak-to-trough decline	-36.80%	-97.98%	+61.18%
Max Drawdown (1Y) Largest decline over 1 year	-23.47%	-12.02%	-11.45%
Max Drawdown (3Y) Largest decline over 3 years	-24.21%	-23.29%	-0.92%
Max Drawdown (5Y) Largest decline over 5 years	—	-43.02%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-67.86%	—
Current Drawdown Current decline from peak	-20.87%	-34.14%	+13.27%
Average Drawdown Average peak-to-trough decline	-14.11%	-49.07%	+34.96%
Ulcer Index Depth and duration of drawdowns from previous peaks	15.31%	5.03%	+10.28%

Volatility

BXSL vs. BXMT - Volatility Comparison

The current volatility for Blackstone Secured Lending Fund (BXSL) is 4.73%, while Blackstone Mortgage Trust, Inc. (BXMT) has a volatility of 7.19%. This indicates that BXSL experiences smaller price fluctuations and is considered to be less risky than BXMT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	BXSL	BXMT	Difference
Volatility (1M) Calculated over the trailing 1-month period	4.73%	7.19%	-2.46%
Volatility (6M) Calculated over the trailing 6-month period	16.12%	16.36%	-0.24%
Volatility (1Y) Calculated over the trailing 1-year period	19.81%	21.50%	-1.69%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	23.72%	27.71%	-3.99%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	23.72%	32.61%	-8.89%

Dividends

BXSL vs. BXMT - Dividend Comparison

BXSL's dividend yield for the trailing twelve months is around 12.97%, more than BXMT's 10.27% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BXMT Blackstone Mortgage Trust, Inc.	10.27%	9.83%	12.52%	11.66%	11.71%	8.10%	9.01%	6.66%	7.78%	7.71%	8.25%	8.52%
BXSL Blackstone Secured Lending Fund	12.97%	11.70%	9.53%	10.64%	13.02%	1.56%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Financials

Frequently Asked Questions

Can I hold both BXSL and BXMT in my portfolio?

BXSL and BXMT have a correlation of 0.42, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, BXSL or BXMT?

BXMT has higher volatility (7.19%) compared to BXSL (4.73%). In terms of maximum drawdown, BXSL dropped -36.80% vs BXMT's -97.98%.

Which has better risk-adjusted returns?

BXMT currently has the higher Sharpe Ratio (0.41 vs -0.80), 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.