FTSL vs. SRLN
FTSL (First Trust Senior Loan Fund) and SRLN (State Street Blackstone Senior Loan ETF) are both exchange-traded funds - FTSL is a High Yield Bonds fund actively managed by First Trust, while SRLN is a Bank Loan fund actively managed by State Street. Both are actively managed. Over the past 10 years, FTSL returned 4.42%/yr vs 4.53%/yr for SRLN. At a 0.48 correlation, their price movements are largely independent. FTSL charges 0.86%/yr vs 0.70%/yr for SRLN.
Performance
FTSL vs. SRLN - Performance Comparison
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Returns By Period
In the year-to-date period, FTSL achieves a 1.00% return, which is significantly lower than SRLN's 1.23% return. Both investments have delivered pretty close results over the past 10 years, with FTSL having a 4.42% annualized return and SRLN not far ahead at 4.53%.
FTSL
- 1D
- -0.02%
- 1M
- 0.49%
- 6M
- 0.56%
- YTD
- 1.00%
- 1Y
- 3.85%
- 3Y*
- 6.81%
- 5Y*
- 5.05%
- 10Y*
- 4.42%
SRLN
- 1D
- -0.02%
- 1M
- 0.73%
- 6M
- 0.86%
- YTD
- 1.23%
- 1Y
- 4.53%
- 3Y*
- 7.12%
- 5Y*
- 4.64%
- 10Y*
- 4.53%
FTSL vs. SRLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
FTSL First Trust Senior Loan Fund | 1.00% | 5.98% | 8.27% | 11.58% | -2.50% | 3.94% | 2.99% | 10.11% | -1.30% | 2.59% |
SRLN State Street Blackstone Senior Loan ETF | 1.23% | 6.77% | 8.43% | 11.62% | -5.30% | 4.49% | 3.13% | 10.03% | -0.66% | 3.39% |
Correlation
The correlation between FTSL and SRLN is 0.65, 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 | 0.65 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.63 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.64 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.57 |
Correlation (All Time) Calculated using the full available price history since May 2, 2013 | 0.48 |
The correlation between FTSL and SRLN shifts across timeframes, from 0.48 (all time) to 0.65 (1 year), reflecting how their relationship changes across market environments.
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Return for Risk
FTSL vs. SRLN — Risk / Return Rank
FTSL
SRLN
FTSL vs. SRLN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for First Trust Senior Loan Fund (FTSL) and State Street Blackstone Senior Loan ETF (SRLN). 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.
| FTSL | SRLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.27 | ||
| Sortino ratioReturn per unit of downside risk | +0.57 | ||
| Omega ratioGain probability vs. loss probability | 1.41 | 1.34 | +0.07 |
| Calmar ratioReturn relative to maximum drawdown | 1.66 | 1.39 | +0.27 |
| Martin ratioReturn relative to average drawdown | 6.16 | 5.14 | +1.02 |
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Drawdowns
FTSL vs. SRLN - Drawdown Comparison
The maximum FTSL drawdown since its inception was -22.67%, roughly equal to the maximum SRLN drawdown of -22.29%. Use the drawdown chart below to compare losses from any high point for FTSL and SRLN.
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Drawdown Indicators
| FTSL | SRLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.67% | -22.29% | -0.38% |
Max Drawdown (1Y)Largest decline over 1 year | -2.33% | -3.26% | +0.93% |
Max Drawdown (3Y)Largest decline over 3 years | -2.66% | -4.26% | +1.60% |
Max Drawdown (5Y)Largest decline over 5 years | -6.96% | -7.93% | +0.97% |
Max Drawdown (10Y)Largest decline over 10 years | -22.67% | -22.29% | -0.38% |
Current DrawdownCurrent decline from peak | -0.02% | -0.02% | 0.00% |
Average DrawdownAverage peak-to-trough decline | -0.76% | -1.09% | +0.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.63% | 0.88% | -0.25% |
Volatility
FTSL vs. SRLN - Volatility Comparison
The current volatility for First Trust Senior Loan Fund (FTSL) is 0.38%, while State Street Blackstone Senior Loan ETF (SRLN) has a volatility of 0.66%. This indicates that FTSL experiences smaller price fluctuations and is considered to be less risky than SRLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| FTSL | SRLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.38% | 0.66% | -0.28% |
Volatility (6M)Calculated over the trailing 6-month period | 1.96% | 2.72% | -0.76% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.12% | 2.93% | -0.81% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.35% | 3.92% | -0.57% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 5.18% | 6.06% | -0.88% |
FTSL vs. SRLN - Expense Ratio Comparison
FTSL has a 0.86% expense ratio, which is higher than SRLN's 0.70% expense ratio.
Dividends
FTSL vs. SRLN - Dividend Comparison
FTSL's dividend yield for the trailing twelve months is around 6.42%, less than SRLN's 7.41% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
FTSL First Trust Senior Loan Fund | 6.42% | 6.59% | 7.56% | 7.59% | 4.77% | 3.17% | 3.48% | 4.44% | 4.29% | 3.64% | 3.70% | 3.95% |
SRLN State Street Blackstone Senior Loan ETF | 7.41% | 7.67% | 8.58% | 8.44% | 5.72% | 4.45% | 4.91% | 5.39% | 4.98% | 4.01% | 3.94% | 4.43% |
Frequently Asked Questions
FTSL and SRLN have a correlation of 0.65, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SRLN has higher volatility (0.66%) compared to FTSL (0.38%). In terms of maximum drawdown, FTSL dropped -22.67% vs SRLN's -22.29%.
On 10-year performance, SRLN leads with 4.53% vs 4.42% for FTSL. On fees, SRLN is cheaper at 0.70% per year. On volatility, FTSL has been the lower-risk option at 0.38%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SRLN has performed better with a 4.53% return vs 4.42%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SRLN is cheaper with a 0.70% expense ratio, compared with 0.86% for FTSL.
SRLN has the higher dividend yield at 7.41%, compared with 6.42% for FTSL.
FTSL is categorized as High Yield Bonds, while SRLN is Bank Loan. They also come from different issuers: First Trust and State Street. Their fees differ too: 0.86% for FTSL and 0.70% for SRLN.
FTSL currently has the higher Sharpe Ratio (1.82 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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