BXSL vs. SPY
BXSL (Blackstone Secured Lending Fund) is a stock, while SPY (State Street SPDR S&P 500 ETF) is S&P 500 fund tracking the S&P 500 Index. Over the past 3 years, BXSL returned 5.71%/yr vs 21.27%/yr for SPY. At a 0.35 correlation, their price movements are largely independent.
Performance
BXSL vs. SPY - Performance Comparison
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Returns By Period
In the year-to-date period, BXSL achieves a -8.86% return, which is significantly lower than SPY's 9.74% return.
BXSL
- 1D
- -1.65%
- 1M
- -0.47%
- YTD
- -8.86%
- 6M
- -8.91%
- 1Y
- -16.53%
- 3Y*
- 5.71%
- 5Y*
- —
- 10Y*
- —
SPY
- 1D
- -0.31%
- 1M
- 0.09%
- YTD
- 9.74%
- 6M
- 9.27%
- 1Y
- 26.65%
- 3Y*
- 21.27%
- 5Y*
- 13.51%
- 10Y*
- 15.70%
BXSL vs. SPY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | |
|---|---|---|---|---|---|---|
BXSL Blackstone Secured Lending Fund | -8.86% | -9.36% | 29.02% | 37.82% | -26.03% | 32.04% |
SPY State Street SPDR S&P 500 ETF | 9.74% | 17.72% | 24.89% | 26.18% | -18.18% | 5.00% |
Correlation
The correlation between BXSL and SPY is 0.36, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.36 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2021 | 0.35 |
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Return for Risk
BXSL vs. SPY — Risk / Return Rank
BXSL
SPY
BXSL vs. SPY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Blackstone Secured Lending Fund (BXSL) and State Street SPDR S&P 500 ETF (SPY). 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.
| BXSL | SPY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.98 | ||
| Sortino ratioReturn per unit of downside risk | -4.05 | ||
| Omega ratioGain probability vs. loss probability | 0.88 | 1.39 | -0.51 |
| Calmar ratioReturn relative to maximum drawdown | -0.71 | 3.01 | -3.72 |
| Martin ratioReturn relative to average drawdown | -1.04 | 13.54 | -14.57 |
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Drawdowns
BXSL vs. SPY - Drawdown Comparison
The maximum BXSL drawdown since its inception was -36.80%, smaller than the maximum SPY drawdown of -55.19%. Use the drawdown chart below to compare losses from any high point for BXSL and SPY.
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Drawdown Indicators
| BXSL | SPY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.80% | -55.19% | +18.39% |
Max Drawdown (1Y)Largest decline over 1 year | -23.47% | -8.88% | -14.59% |
Max Drawdown (3Y)Largest decline over 3 years | -24.21% | -18.76% | -5.45% |
Max Drawdown (5Y)Largest decline over 5 years | — | -24.50% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -33.72% | — |
Current DrawdownCurrent decline from peak | -22.64% | -1.75% | -20.89% |
Average DrawdownAverage peak-to-trough decline | -14.18% | -9.04% | -5.14% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 15.99% | 1.97% | +14.02% |
Volatility
BXSL vs. SPY - Volatility Comparison
Blackstone Secured Lending Fund (BXSL) has a higher volatility of 5.32% compared to State Street SPDR S&P 500 ETF (SPY) at 4.64%. This indicates that BXSL's price experiences larger fluctuations and is considered to be riskier than SPY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| BXSL | SPY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 5.32% | 4.64% | +0.68% |
Volatility (6M)Calculated over the trailing 6-month period | 16.51% | 9.75% | +6.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 20.26% | 12.43% | +7.83% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 23.82% | 17.14% | +6.68% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 23.82% | 17.99% | +5.83% |
Dividends
BXSL vs. SPY - Dividend Comparison
BXSL's dividend yield for the trailing twelve months is around 13.26%, more than SPY's 1.01% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BXSL Blackstone Secured Lending Fund | 13.26% | 11.70% | 9.53% | 10.64% | 13.02% | 1.56% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SPY State Street SPDR S&P 500 ETF | 1.01% | 1.07% | 1.21% | 1.40% | 1.65% | 1.20% | 1.52% | 1.75% | 2.04% | 1.80% | 2.03% | 2.06% |
Frequently Asked Questions
BXSL and SPY have a correlation of 0.36, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
BXSL has higher volatility (5.32%) compared to SPY (4.64%). In terms of maximum drawdown, BXSL dropped -36.80% vs SPY's -55.19%.
SPY currently has the higher Sharpe Ratio (2.16 vs -0.82), 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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