LONZ vs. SNLN

Last updated Jun 4, 2026

LONZ (PIMCO Senior Loan Active Exchange-Traded Fund) and SNLN (Highland iBoxx Senior Loan ETF) are both exchange-traded funds - LONZ is a Bank Loan fund actively managed by PIMCO, while SNLN is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid Leveraged Loan Index. LONZ is actively managed, while SNLN is passively managed. At a 0.23 correlation, their price movements are largely independent. LONZ charges 0.62%/yr vs 0.75%/yr for SNLN.

Performance

LONZ vs. SNLN - Performance Comparison

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

Returns By Period

LONZ

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

SNLN

• 1D: —
• 1M: —
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

LONZ vs. SNLN - 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%
SNLN Highland iBoxx Senior Loan ETF	0.00%	0.00%	0.00%	5.84%	-0.50%

Correlation

The correlation between LONZ and SNLN is 0.23, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (3Y) Calculated over the trailing 3-year period	0.02
Correlation (All Time) Calculated using the full available price history since Jun 10, 2022	0.23

The correlation between LONZ and SNLN shifts across timeframes, from 0.02 (3 years) to 0.23 (all time), reflecting how their relationship changes across market environments.

Return for Risk

LONZ vs. SNLN — 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

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. SNLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for PIMCO Senior Loan Active Exchange-Traded Fund (LONZ) and Highland iBoxx Senior Loan ETF (SNLN). 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	SNLN	Difference
Sharpe ratio: Return per unit of total volatility	2.46	—	—
Sortino ratio: Return per unit of downside risk	3.42	—	—
Omega ratio: Gain probability vs. loss probability	1.59	—	—
Calmar ratio: Return relative to maximum drawdown	2.73	—	—
Martin ratio: Return relative to average drawdown	11.31	—	—
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

Sharpe Ratios by Period

	LONZ	SNLN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	2.46	—	—
Sharpe Ratio (All Time) Calculated using the full available price history	2.34	—	—

Drawdowns

Drawdown Indicators

	LONZ	SNLN	Difference
Max Drawdown Largest peak-to-trough decline	-4.19%	—	—
Max Drawdown (1Y) Largest decline over 1 year	-2.03%	—	—
Max Drawdown (3Y) Largest decline over 3 years	-4.19%	—	—
Current Drawdown Current decline from peak	-0.05%	—	—
Average Drawdown Average peak-to-trough decline	-0.47%	—	—
Ulcer Index Depth and duration of drawdowns from previous peaks	0.49%	—	—

Volatility

Volatility by Period

	LONZ	SNLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.54%	—	—
Volatility (6M) Calculated over the trailing 6-month period	2.05%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	2.26%	—	—
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.21%	—	—
Volatility (10Y) Calculated over the trailing 10-year period, annualized	3.21%	—	—

LONZ vs. SNLN - Expense Ratio Comparison

LONZ has a 0.62% expense ratio, which is lower than SNLN's 0.75% expense ratio.

Dividends

LONZ vs. SNLN - Dividend Comparison

LONZ's dividend yield for the trailing twelve months is around 8.14%, while SNLN has not paid dividends to shareholders.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
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%
SNLN Highland iBoxx Senior Loan ETF	0.00%	0.00%	0.00%	5.50%	4.88%	2.83%	3.21%	4.72%	5.03%	4.75%	4.36%	4.36%

Frequently Asked Questions

Can I hold both LONZ and SNLN in my portfolio?

LONZ and SNLN have a correlation of 0.23, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, LONZ or SNLN?

On fees, LONZ is cheaper at 0.62% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, LONZ or SNLN?

LONZ is cheaper with a 0.62% expense ratio, compared with 0.75% for SNLN.

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

LONZ has the higher dividend yield at 8.14%, compared with 0.00% for SNLN.

What is the main difference between LONZ and SNLN?

LONZ is categorized as Bank Loan, while SNLN is High Yield Bonds. They also come from different issuers: PIMCO and Highland Capital Management. Their fees differ too: 0.62% for LONZ and 0.75% for SNLN.