LONZ vs. SRLN
LONZ (PIMCO Senior Loan Active Exchange-Traded Fund) and SRLN (SPDR Blackstone Senior Loan ETF) are both exchange-traded funds - LONZ is a Bank Loan fund actively managed by PIMCO, while SRLN is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid Leveraged Loan Index. LONZ is actively managed, while SRLN is passively managed. Over the past 3 years, LONZ returned 8.28%/yr vs 7.88%/yr for SRLN. A 0.56 correlation means they provide meaningful diversification when combined. LONZ charges 0.62%/yr vs 0.70%/yr for SRLN.
Performance
LONZ vs. SRLN - Performance Comparison
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Returns By Period
In the year-to-date period, LONZ achieves a 1.79% return, which is significantly higher than SRLN's 0.68% return.
LONZ
- 1D
- -0.05%
- 1M
- 0.43%
- YTD
- 1.79%
- 6M
- 1.74%
- 1Y
- 5.52%
- 3Y*
- 8.28%
- 5Y*
- —
- 10Y*
- —
SRLN
- 1D
- -0.12%
- 1M
- 0.26%
- YTD
- 0.68%
- 6M
- 1.43%
- 1Y
- 5.57%
- 3Y*
- 7.88%
- 5Y*
- 4.62%
- 10Y*
- 4.52%
LONZ vs. SRLN - 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% |
SRLN SPDR Blackstone Senior Loan ETF | 0.68% | 6.77% | 8.43% | 11.62% | -1.50% |
Correlation
The correlation between LONZ and SRLN is 0.58, 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 | 0.58 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (All Time) Calculated using the full available price history since Jun 10, 2022 | 0.57 |
The correlation between LONZ and SRLN has been stable across timeframes, ranging from 0.52 to 0.58 - a consistent structural relationship.
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Return for Risk
LONZ vs. SRLN — Risk / Return Rank
LONZ
SRLN
LONZ vs. SRLN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for PIMCO Senior Loan Active Exchange-Traded Fund (LONZ) 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.
| LONZ | SRLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | +0.52 | ||
| Sortino ratioReturn per unit of downside risk | +0.60 | ||
| Omega ratioGain probability vs. loss probability | 1.59 | 1.44 | +0.15 |
| Calmar ratioReturn relative to maximum drawdown | 2.73 | 1.71 | +1.01 |
| Martin ratioReturn relative to average drawdown | 11.31 | 6.35 | +4.96 |
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month. | |||
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Sharpe Ratios by Period
| LONZ | SRLN | Difference | |
|---|---|---|---|
Sharpe Ratio (1Y)Calculated over the trailing 1-year period | 2.46 | 1.94 | +0.52 |
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 | 2.34 | 0.70 | +1.64 |
Drawdowns
LONZ vs. SRLN - Drawdown Comparison
The maximum LONZ drawdown since its inception was -4.19%, smaller than the maximum SRLN drawdown of -22.29%. Use the drawdown chart below to compare losses from any high point for LONZ and SRLN.
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Drawdown Indicators
| LONZ | SRLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -4.19% | -22.29% | +18.10% |
Max Drawdown (1Y)Largest decline over 1 year | -2.03% | -3.26% | +1.23% |
Max Drawdown (3Y)Largest decline over 3 years | -4.19% | -4.26% | +0.07% |
Max Drawdown (5Y)Largest decline over 5 years | — | -7.93% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -22.29% | — |
Current DrawdownCurrent decline from peak | -0.05% | -0.12% | +0.07% |
Average DrawdownAverage peak-to-trough decline | -0.47% | -1.10% | +0.63% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.49% | 0.88% | -0.39% |
Volatility
LONZ vs. SRLN - Volatility Comparison
PIMCO Senior Loan Active Exchange-Traded Fund (LONZ) has a higher volatility of 0.54% compared to SPDR Blackstone Senior Loan ETF (SRLN) at 0.44%. This indicates that LONZ'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.
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Volatility by Period
| LONZ | SRLN | 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% | 2.64% | -0.59% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.26% | 2.89% | -0.63% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.21% | 3.91% | -0.70% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 3.21% | 6.06% | -2.85% |
LONZ vs. SRLN - Expense Ratio Comparison
LONZ has a 0.62% expense ratio, which is lower than SRLN's 0.70% expense ratio.
Dividends
LONZ vs. SRLN - Dividend Comparison
LONZ's dividend yield for the trailing twelve months is around 8.14%, more than SRLN's 7.49% yield.
| 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% |
SRLN SPDR Blackstone Senior Loan ETF | 7.49% | 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
LONZ and SRLN have a correlation of 0.58, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
LONZ has higher volatility (0.54%) compared to SRLN (0.44%). In terms of maximum drawdown, LONZ dropped -4.19% vs SRLN's -22.29%.
On 3-year performance, LONZ leads with 8.28% vs 7.88% for SRLN. On fees, LONZ is cheaper at 0.62% per year. On volatility, SRLN has been the lower-risk option at 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, LONZ has performed better with a 8.28% return vs 7.88%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
LONZ is cheaper with a 0.62% expense ratio, compared with 0.70% for SRLN.
LONZ has the higher dividend yield at 8.14%, compared with 7.49% for SRLN.
LONZ is categorized as Bank Loan, while SRLN is High Yield Bonds. They also come from different issuers: PIMCO and State Street. Their fees differ too: 0.62% for LONZ and 0.70% for SRLN.
LONZ currently has the higher Sharpe Ratio (2.46 vs 1.94), 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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