HYBL vs. SRLN

Last updated Jun 3, 2026

HYBL (SPDR Blackstone High Income ETF) and SRLN (SPDR Blackstone Senior Loan ETF) are both High Yield Bonds funds from State Street. HYBL is actively managed, while SRLN is passively managed. Over the past 3 years, HYBL returned 8.65%/yr vs 7.93%/yr for SRLN. A 0.65 correlation means they provide meaningful diversification when combined. Both charge a 0.70% expense ratio.

Performance

HYBL vs. SRLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Blackstone High Income ETF (HYBL) and SPDR Blackstone Senior Loan ETF (SRLN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, HYBL achieves a 1.31% return, which is significantly higher than SRLN's 0.80% return.

HYBL

• 1D: 0.00%
• 1M: 0.32%
• YTD: 1.31%
• 6M: 2.02%
• 1Y: 6.71%
• 3Y*: 8.65%
• 5Y*: —
• 10Y*: —

SRLN

• 1D: 0.07%
• 1M: 0.38%
• YTD: 0.80%
• 6M: 1.66%
• 1Y: 5.72%
• 3Y*: 7.93%
• 5Y*: 4.64%
• 10Y*: 4.53%

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

HYBL vs. SRLN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
HYBL SPDR Blackstone High Income ETF	1.31%	7.78%	9.12%	11.86%	-4.72%
SRLN SPDR Blackstone Senior Loan ETF	0.80%	6.77%	8.43%	11.62%	-4.80%

Correlation

The correlation between HYBL and SRLN is 0.63, 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	0.63
Correlation (3Y) Calculated over the trailing 3-year period	0.59
Correlation (All Time) Calculated using the full available price history since Feb 18, 2022	0.65

The correlation between HYBL and SRLN has been stable across timeframes, ranging from 0.59 to 0.65 - a consistent structural relationship.

Return for Risk

HYBL vs. SRLN — Risk / Return Rank

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

HYBL

HYBL Risk / Return Rank: 72
HYBL Sharpe Ratio Rank: 77
HYBL Sortino Ratio Rank: 85
HYBL Omega Ratio Rank: 84
HYBL Calmar Ratio Rank: 55
HYBL Martin Ratio Rank: 58

SRLN

SRLN Risk / Return Rank: 54
SRLN Sharpe Ratio Rank: 58
SRLN Sortino Ratio Rank: 61
SRLN Omega Ratio Rank: 76
SRLN Calmar Ratio Rank: 35
SRLN 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.

HYBL vs. SRLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Blackstone High Income ETF (HYBL) and SPDR 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.

	HYBL	SRLN	Difference
Sharpe ratio Return per unit of total volatility	2.54	1.99	+0.55
Sortino ratio Return per unit of downside risk	3.88	2.91	+0.97
Omega ratio Gain probability vs. loss probability	1.52	1.46	+0.06
Calmar ratio Return relative to maximum drawdown	2.76	1.76	+1.00
Martin ratio Return relative to average drawdown	10.17	6.54	+3.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

HYBL vs. SRLN - Sharpe Ratio Comparison

The current HYBL Sharpe Ratio is 2.54, which is comparable to the SRLN Sharpe Ratio of 1.99. The chart below compares the historical Sharpe Ratios of HYBL and SRLN, 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

	HYBL	SRLN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.54	1.99	+0.55
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.19	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.75	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.26	0.70	+0.56

Drawdowns

HYBL vs. SRLN - Drawdown Comparison

The maximum HYBL drawdown since its inception was -8.46%, smaller than the maximum SRLN drawdown of -22.29%. Use the drawdown chart below to compare losses from any high point for HYBL and SRLN.

Drawdown Indicators

	HYBL	SRLN	Difference
Max Drawdown Largest peak-to-trough decline	-8.46%	-22.29%	+13.83%
Max Drawdown (1Y) Largest decline over 1 year	-2.41%	-3.26%	+0.85%
Max Drawdown (3Y) Largest decline over 3 years	-4.32%	-4.26%	-0.06%
Max Drawdown (5Y) Largest decline over 5 years	—	-7.93%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-22.29%	—
Current Drawdown Current decline from peak	0.00%	0.00%	0.00%
Average Drawdown Average peak-to-trough decline	-1.35%	-1.10%	-0.25%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.66%	0.88%	-0.22%

Volatility

HYBL vs. SRLN - Volatility Comparison

SPDR Blackstone High Income ETF (HYBL) has a higher volatility of 0.65% compared to SPDR Blackstone Senior Loan ETF (SRLN) at 0.41%. This indicates that HYBL's price experiences larger fluctuations and is considered to be riskier than SRLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	HYBL	SRLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.65%	0.41%	+0.24%
Volatility (6M) Calculated over the trailing 6-month period	2.14%	2.64%	-0.50%
Volatility (1Y) Calculated over the trailing 1-year period	2.65%	2.88%	-0.23%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.58%	3.91%	+0.67%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.58%	6.06%	-1.48%

HYBL vs. SRLN - Expense Ratio Comparison

Both HYBL and SRLN have an expense ratio of 0.70%.

Dividends

HYBL vs. SRLN - Dividend Comparison

HYBL's dividend yield for the trailing twelve months is around 7.10%, less than SRLN's 7.48% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HYBL SPDR Blackstone High Income ETF	7.10%	7.22%	7.88%	7.93%	5.10%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
SRLN SPDR Blackstone Senior Loan ETF	7.48%	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

Can I hold both HYBL and SRLN in my portfolio?

HYBL and SRLN have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, HYBL or SRLN?

HYBL has higher volatility (0.65%) compared to SRLN (0.41%). In terms of maximum drawdown, HYBL dropped -8.46% vs SRLN's -22.29%.

Which ETF is better, HYBL or SRLN?

On 3-year performance, HYBL leads with 8.65% vs 7.93% for SRLN. Both ETFs have the same 0.70% expense ratio. On volatility, SRLN has been the lower-risk option at 0.41%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, HYBL or SRLN?

Over the 3-year period, HYBL has performed better with a 8.65% return vs 7.93%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, HYBL or SRLN?

HYBL and SRLN have the same expense ratio: 0.70% per year.

Which ETF pays a higher dividend yield, HYBL or SRLN?

SRLN has the higher dividend yield at 7.48%, compared with 7.10% for HYBL.

Which has better risk-adjusted returns?

HYBL currently has the higher Sharpe Ratio (2.54 vs 1.99), 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.