LONZ vs. BKLN

Last updated Jun 4, 2026

LONZ (PIMCO Senior Loan Active Exchange-Traded Fund) and BKLN (Invesco Senior Loan ETF) are both exchange-traded funds - LONZ is a Bank Loan fund actively managed by PIMCO, while BKLN is a High Yield Bonds fund tracking the S&P/LSTA U.S. Leveraged Loan 100 Index. LONZ is actively managed, while BKLN is passively managed. Over the past 3 years, LONZ returned 8.28%/yr vs 7.65%/yr for BKLN. A 0.54 correlation means they provide meaningful diversification when combined. LONZ charges 0.62%/yr vs 0.65%/yr for BKLN.

Performance

LONZ vs. BKLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in PIMCO Senior Loan Active Exchange-Traded Fund (LONZ) and Invesco Senior Loan ETF (BKLN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, LONZ achieves a 1.79% return, which is significantly higher than BKLN's 0.21% return.

LONZ

• 1D: -0.05%
• 1M: 0.43%
• YTD: 1.79%
• 6M: 1.74%
• 1Y: 5.52%
• 3Y*: 8.28%
• 5Y*: —
• 10Y*: —

BKLN

• 1D: 0.00%
• 1M: 0.05%
• YTD: 0.21%
• 6M: 1.13%
• 1Y: 4.85%
• 3Y*: 7.65%
• 5Y*: 5.15%
• 10Y*: 4.26%

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

LONZ vs. BKLN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
LONZ PIMCO Senior Loan Active Exchange-Traded Fund	1.79%	5.05%	9.85%	12.56%	0.80%
BKLN Invesco Senior Loan ETF	0.21%	6.88%	8.21%	12.53%	0.44%

Correlation

The correlation between LONZ and BKLN is 0.55, 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	0.55
Correlation (3Y) Calculated over the trailing 3-year period	0.47
Correlation (All Time) Calculated using the full available price history since Jun 10, 2022	0.54

The correlation between LONZ and BKLN has been stable across timeframes, ranging from 0.47 to 0.55 - a consistent structural relationship.

Return for Risk

LONZ vs. BKLN — Risk / Return Rank

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

LONZ

LONZ Risk / Return Rank: 72
LONZ Sharpe Ratio Rank: 75
LONZ Sortino Ratio Rank: 76
LONZ Omega Ratio Rank: 90
LONZ Calmar Ratio Rank: 55
LONZ Martin Ratio Rank: 62

BKLN

BKLN Risk / Return Rank: 48
BKLN Sharpe Ratio Rank: 50
BKLN Sortino Ratio Rank: 53
BKLN Omega Ratio Rank: 67
BKLN Calmar Ratio Rank: 31
BKLN Martin Ratio Rank: 39

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.

LONZ vs. BKLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Senior Loan Active Exchange-Traded Fund (LONZ) and Invesco Senior Loan ETF (BKLN). 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.

	LONZ	BKLN	Difference
Sharpe ratio Return per unit of total volatility	2.46	1.77	+0.69
Sortino ratio Return per unit of downside risk	3.42	2.61	+0.81
Omega ratio Gain probability vs. loss probability	1.59	1.41	+0.18
Calmar ratio Return relative to maximum drawdown	2.73	1.59	+1.14
Martin ratio Return relative to average drawdown	11.31	6.24	+5.06
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

LONZ vs. BKLN - Sharpe Ratio Comparison

The current LONZ Sharpe Ratio is 2.46, which is higher than the BKLN Sharpe Ratio of 1.77. The chart below compares the historical Sharpe Ratios of LONZ and BKLN, 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

	LONZ	BKLN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	1.77	+0.69
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	1.16	—
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	—	0.67	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.34	0.64	+1.70

Drawdowns

LONZ vs. BKLN - Drawdown Comparison

The maximum LONZ drawdown since its inception was -4.19%, smaller than the maximum BKLN drawdown of -24.17%. Use the drawdown chart below to compare losses from any high point for LONZ and BKLN.

Drawdown Indicators

	LONZ	BKLN	Difference
Max Drawdown Largest peak-to-trough decline	-4.19%	-24.17%	+19.98%
Max Drawdown (1Y) Largest decline over 1 year	-2.03%	-3.07%	+1.04%
Max Drawdown (3Y) Largest decline over 3 years	-4.19%	-3.55%	-0.64%
Max Drawdown (5Y) Largest decline over 5 years	—	-7.31%	—
Max Drawdown (10Y) Largest decline over 10 years	—	-24.17%	—
Current Drawdown Current decline from peak	-0.05%	-0.24%	+0.19%
Average Drawdown Average peak-to-trough decline	-0.47%	-1.09%	+0.62%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	0.78%	-0.29%

Volatility

LONZ vs. BKLN - Volatility Comparison

PIMCO Senior Loan Active Exchange-Traded Fund (LONZ) has a higher volatility of 0.54% compared to Invesco Senior Loan ETF (BKLN) at 0.44%. This indicates that LONZ's price experiences larger fluctuations and is considered to be riskier than BKLN based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	LONZ	BKLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	0.44%	+0.10%
Volatility (6M) Calculated over the trailing 6-month period	2.05%	2.52%	-0.47%
Volatility (1Y) Calculated over the trailing 1-year period	2.26%	2.75%	-0.49%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.21%	4.47%	-1.26%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.21%	6.43%	-3.22%

LONZ vs. BKLN - Expense Ratio Comparison

LONZ has a 0.62% expense ratio, which is lower than BKLN's 0.65% expense ratio.

Dividends

LONZ vs. BKLN - Dividend Comparison

LONZ's dividend yield for the trailing twelve months is around 8.14%, more than BKLN's 6.61% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKLN Invesco Senior Loan ETF	6.61%	6.95%	8.41%	8.59%	4.93%	3.11%	3.56%	4.86%	4.52%	3.50%	4.54%	4.12%
LONZ PIMCO Senior Loan Active Exchange-Traded Fund	8.14%	6.60%	8.16%	8.29%	3.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both LONZ and BKLN in my portfolio?

LONZ and BKLN have a correlation of 0.55, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, LONZ or BKLN?

LONZ has higher volatility (0.54%) compared to BKLN (0.44%). In terms of maximum drawdown, LONZ dropped -4.19% vs BKLN's -24.17%.

Which ETF is better, LONZ or BKLN?

On 3-year performance, LONZ leads with 8.28% vs 7.65% for BKLN. On fees, LONZ is cheaper at 0.62% per year. On volatility, BKLN has been the lower-risk option at 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, LONZ or BKLN?

Over the 3-year period, LONZ has performed better with a 8.28% return vs 7.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, LONZ or BKLN?

LONZ is cheaper with a 0.62% expense ratio, compared with 0.65% for BKLN.

Which ETF pays a higher dividend yield, LONZ or BKLN?

LONZ has the higher dividend yield at 8.14%, compared with 6.61% for BKLN.

What is the main difference between LONZ and BKLN?

LONZ is categorized as Bank Loan, while BKLN is High Yield Bonds. They also come from different issuers: PIMCO and Invesco. Their fees differ too: 0.62% for LONZ and 0.65% for BKLN.

Which has better risk-adjusted returns?

LONZ currently has the higher Sharpe Ratio (2.46 vs 1.77), 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.