NPSRX vs. SRLN

Last updated Aug 1, 2026

NPSRX (Nuveen Preferred Securities & Income Fund) and SRLN (State Street Blackstone Senior Loan ETF) are both funds - NPSRX is a Preferred Stock fund managed by Nuveen, while SRLN is a Bank Loan fund actively managed by State Street. Over the past 10 years, NPSRX returned 4.91%/yr vs 4.51%/yr for SRLN. Their 0.33 correlation means their historical movements had little consistent relationship. NPSRX charges 0.74%/yr vs 0.70%/yr for SRLN.

Performance

NPSRX vs. SRLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in Nuveen Preferred Securities & Income Fund (NPSRX) and State Street 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, NPSRX achieves a 0.35% return, which is significantly lower than SRLN's 1.38% return. Over the past 10 years, NPSRX has outperformed SRLN with an annualized return of 4.91%, while SRLN has yielded a comparatively lower 4.51% annualized return.

NPSRX

• 1D: 0.00%
• 1M: -0.93%
• 6M: -0.32%
• YTD: 0.35%
• 1Y: 5.41%
• 3Y*: 8.89%
• 5Y*: 3.24%
• 10Y*: 4.91%
• ALL TIME*: 5.20%

SRLN

• 1D: 0.02%
• 1M: 0.62%
• 6M: 2.15%
• YTD: 1.38%
• 1Y: 4.61%
• 3Y*: 7.15%
• 5Y*: 4.79%
• 10Y*: 4.51%
• ALL TIME*: 3.80%

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
NPSRX Nuveen Preferred Securities & Income Fund	$0.00	$0.00	$0.00
SRLN State Street Blackstone Senior Loan ETF	$41.26M	$48.21M	$73.40M

NPSRX vs. SRLN - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
NPSRX Nuveen Preferred Securities & Income Fund	0.35%	11.19%	9.12%	6.19%	-9.50%	5.43%	5.53%	17.68%	-5.65%	11.27%
SRLN State Street Blackstone Senior Loan ETF	1.38%	6.77%	8.43%	11.62%	-5.30%	4.49%	3.13%	10.03%	-0.66%	3.39%

Correlation

The correlation between NPSRX and SRLN is 0.35, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.35
Correlation (3Y) Balances recent behavior with more history.	0.35
Correlation (5Y) Shows whether the relationship held over a longer period.	0.41
Correlation (10Y) Provides a long-term view across more market conditions.	0.38
Correlation (All Time) Calculated using the full available price history since Apr 4, 2013	0.33

Return for Risk

NPSRX vs. SRLN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

NPSRX

NPSRX Risk / Return Rank: 73
NPSRX Sharpe Ratio Rank: 84
NPSRX Sortino Ratio Rank: 89
NPSRX Omega Ratio Rank: 88
NPSRX Calmar Ratio Rank: 52
NPSRX Martin Ratio Rank: 53

SRLN

SRLN Risk / Return Rank: 59
SRLN Sharpe Ratio Rank: 65
SRLN Sortino Ratio Rank: 66
SRLN Omega Ratio Rank: 78
SRLN Calmar Ratio Rank: 38
SRLN Martin Ratio Rank: 45

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

NPSRX vs. SRLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for Nuveen Preferred Securities & Income Fund (NPSRX) and State Street 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.

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.

	NPSRX	SRLN	Difference
Sharpe ratio: Return per unit of total volatility	2.02	1.49	+0.53
Sortino ratio: Return per unit of downside risk	3.34	2.17	+1.16
Omega ratio: Gain probability vs. loss probability	1.45	1.32	+0.13
Calmar ratio: Return relative to maximum drawdown	1.85	1.34	+0.51
Martin ratio: Return relative to average drawdown	7.01	4.95	+2.07

NPSRX vs. SRLN - Sharpe Ratio Comparison

The current NPSRX Sharpe Ratio is 2.02, which is higher than the SRLN Sharpe Ratio of 1.49. The chart below compares the historical Sharpe Ratios of NPSRX 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.

Drawdowns

NPSRX vs. SRLN - Drawdown Comparison

The maximum NPSRX drawdown since its inception was -62.52%, which is greater than SRLN's maximum drawdown of -22.29%. Use the drawdown chart below to compare losses from any high point for NPSRX and SRLN.

Drawdown Indicators

	NPSRX	SRLN	Difference
Max Drawdown Largest peak-to-trough decline	-62.52%	-22.29%	-40.23%
Max Drawdown (1Y) Largest decline over 1 year	-3.30%	-3.26%	-0.04%
Max Drawdown (3Y) Largest decline over 3 years	-3.60%	-4.26%	+0.66%
Max Drawdown (5Y) Largest decline over 5 years	-17.65%	-7.93%	-9.72%
Max Drawdown (10Y) Largest decline over 10 years	-26.47%	-22.29%	-4.18%
Current Drawdown Current decline from peak	-1.04%	-0.02%	-1.02%
Average Drawdown Average peak-to-trough decline	-4.78%	-1.09%	-3.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.87%	0.88%	-0.01%

Volatility

NPSRX vs. SRLN - Volatility Comparison

Nuveen Preferred Securities & Income Fund (NPSRX) has a higher volatility of 0.57% compared to State Street Blackstone Senior Loan ETF (SRLN) at 0.52%. This indicates that NPSRX'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

	NPSRX	SRLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.57%	0.52%	+0.05%
Volatility (6M) Calculated over the trailing 6-month period	2.43%	2.69%	-0.26%
Volatility (1Y) Calculated over the trailing 1-year period	3.03%	2.94%	+0.09%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	5.00%	3.92%	+1.08%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.31%	6.06%	+0.25%

NPSRX vs. SRLN - Expense Ratio Comparison

NPSRX has a 0.74% expense ratio, which is higher than SRLN's 0.70% expense ratio.

Dividends

NPSRX vs. SRLN - Dividend Comparison

NPSRX's dividend yield for the trailing twelve months is around 4.96%, less than SRLN's 7.39% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
NPSRX Nuveen Preferred Securities & Income Fund	4.96%	5.72%	5.38%	5.87%	6.18%	4.97%	5.02%	5.39%	6.00%	5.51%	5.81%	6.20%
SRLN State Street Blackstone Senior Loan ETF	6.72%	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 NPSRX and SRLN in my portfolio?

NPSRX and SRLN have a correlation of 0.35, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, NPSRX or SRLN?

NPSRX has higher volatility (0.57%) compared to SRLN (0.52%). In terms of maximum drawdown, NPSRX dropped -62.52% vs SRLN's -22.29%.

Which has better risk-adjusted returns?

NPSRX currently has the higher Sharpe Ratio (2.02 vs 1.49), 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.