HMOP vs. SLNZ

Last updated Jun 24, 2026

HMOP (Hartford Municipal Opportunities ETF) and SLNZ (TCW Senior Loan ETF) are both exchange-traded funds - HMOP is a Municipal Bonds fund actively managed by Hartford, while SLNZ is a Bank Loan fund actively managed by TCW. Both are actively managed. Over the past year, HMOP returned 5.59% vs 4.89% for SLNZ. At a correlation of -0.05, they often move in opposite directions. HMOP charges 0.29%/yr vs 0.65%/yr for SLNZ.

Performance

HMOP vs. SLNZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Hartford Municipal Opportunities ETF (HMOP) and TCW Senior Loan ETF (SLNZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HMOP achieves a 1.37% return, which is significantly lower than SLNZ's 1.80% return.

HMOP

• 1D: -0.31%
• 1M: 0.84%
• YTD: 1.37%
• 6M: 1.52%
• 1Y: 5.59%
• 3Y*: 4.21%
• 5Y*: 1.32%
• 10Y*: —

SLNZ

• 1D: -0.10%
• 1M: 0.47%
• YTD: 1.80%
• 6M: 1.92%
• 1Y: 4.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

HMOP vs. SLNZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024
HMOP Hartford Municipal Opportunities ETF	1.37%	4.70%	0.07%
SLNZ TCW Senior Loan ETF	1.80%	5.21%	0.94%

Correlation

The correlation between HMOP and SLNZ is -0.12, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	-0.12
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	-0.05

Return for Risk

HMOP vs. SLNZ — Risk / Return Rank

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

HMOP

HMOP Risk / Return Rank: 63
HMOP Sharpe Ratio Rank: 72
HMOP Sortino Ratio Rank: 75
HMOP Omega Ratio Rank: 79
HMOP Calmar Ratio Rank: 45
HMOP Martin Ratio Rank: 43

SLNZ

SLNZ Risk / Return Rank: 36
SLNZ Sharpe Ratio Rank: 33
SLNZ Sortino Ratio Rank: 29
SLNZ Omega Ratio Rank: 35
SLNZ Calmar Ratio Rank: 41
SLNZ Martin Ratio Rank: 41

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.

HMOP vs. SLNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Hartford Municipal Opportunities ETF (HMOP) and TCW Senior Loan ETF (SLNZ). 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.

	HMOP	SLNZ	Difference
Sharpe ratio: Return per unit of total volatility	2.13	1.11	+1.02
Sortino ratio: Return per unit of downside risk	3.11	1.50	+1.62
Omega ratio: Gain probability vs. loss probability	1.43	1.22	+0.21
Calmar ratio: Return relative to maximum drawdown	2.08	1.91	+0.16
Martin ratio: Return relative to average drawdown	6.58	5.97	+0.62

HMOP vs. SLNZ - Sharpe Ratio Comparison

The current HMOP Sharpe Ratio is 2.13, which is higher than the SLNZ Sharpe Ratio of 1.11. The chart below compares the historical Sharpe Ratios of HMOP and SLNZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

HMOP vs. SLNZ - Drawdown Comparison

The maximum HMOP drawdown since its inception was -13.12%, which is greater than SLNZ's maximum drawdown of -2.57%. Use the drawdown chart below to compare losses from any high point for HMOP and SLNZ.

Drawdown Indicators

	HMOP	SLNZ	Difference
Max Drawdown Largest peak-to-trough decline	-13.12%	-2.57%	-10.55%
Max Drawdown (1Y) Largest decline over 1 year	-2.70%	-2.57%	-0.13%
Max Drawdown (3Y) Largest decline over 3 years	-4.81%	—	—
Max Drawdown (5Y) Largest decline over 5 years	-13.12%	—	—
Current Drawdown Current decline from peak	-0.94%	-0.10%	-0.84%
Average Drawdown Average peak-to-trough decline	-2.46%	-0.44%	-2.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.85%	0.82%	+0.03%

Volatility

HMOP vs. SLNZ - Volatility Comparison

Hartford Municipal Opportunities ETF (HMOP) and TCW Senior Loan ETF (SLNZ) have volatilities of 0.81% and 0.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HMOP	SLNZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.81%	0.85%	-0.04%
Volatility (6M) Calculated over the trailing 6-month period	1.86%	3.89%	-2.03%
Volatility (1Y) Calculated over the trailing 1-year period	2.65%	4.46%	-1.81%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.87%	4.25%	-0.38%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.25%	4.25%	0.00%

HMOP vs. SLNZ - Expense Ratio Comparison

HMOP has a 0.29% expense ratio, which is lower than SLNZ's 0.65% expense ratio.

Dividends

HMOP vs. SLNZ - Dividend Comparison

HMOP's dividend yield for the trailing twelve months is around 3.46%, less than SLNZ's 7.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HMOP Hartford Municipal Opportunities ETF	3.46%	3.40%	3.22%	2.92%	2.12%	1.67%	5.26%	2.87%	2.27%
SLNZ TCW Senior Loan ETF	7.53%	7.39%	1.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both HMOP and SLNZ in my portfolio?

HMOP and SLNZ have a correlation of -0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HMOP or SLNZ?

SLNZ has higher volatility (0.85%) compared to HMOP (0.81%). In terms of maximum drawdown, HMOP dropped -13.12% vs SLNZ's -2.57%.

Which ETF is better, HMOP or SLNZ?

On 1-year performance, HMOP leads with 5.59% vs 4.89% for SLNZ. On fees, HMOP is cheaper at 0.29% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HMOP or SLNZ?

Over the 1-year period, HMOP has performed better with a 5.59% return vs 4.89%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HMOP or SLNZ?

HMOP is cheaper with a 0.29% expense ratio, compared with 0.65% for SLNZ.

Which ETF pays a higher dividend yield, HMOP or SLNZ?

SLNZ has the higher dividend yield at 7.53%, compared with 3.46% for HMOP.

What is the main difference between HMOP and SLNZ?

HMOP is categorized as Municipal Bonds, while SLNZ is Bank Loan. They also come from different issuers: Hartford and TCW. Their fees differ too: 0.29% for HMOP and 0.65% for SLNZ.

Which has better risk-adjusted returns?

HMOP currently has the higher Sharpe Ratio (2.13 vs 1.10), 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.