PCMM vs. BKLN

Last updated Aug 1, 2026

PCMM (BondBloxx Private Credit CLO ETF) and BKLN (Invesco Senior Loan ETF) are both exchange-traded funds - PCMM is a CLO fund actively managed by BondBloxx, while BKLN is a Bank Loan fund tracking the Morningstar LSTA US Leveraged Loan 100 Index. PCMM is actively managed, while BKLN is passively managed. Over the past year, PCMM returned 4.40% vs 4.08% for BKLN. Their 0.08 correlation means their historical movements had little consistent relationship. PCMM charges 0.68%/yr vs 0.65%/yr for BKLN.

Performance

PCMM vs. BKLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in BondBloxx Private Credit CLO ETF (PCMM) 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, PCMM achieves a 2.53% return, which is significantly higher than BKLN's 0.65% return.

PCMM

• 1D: 0.06%
• 1M: -0.12%
• 6M: 2.01%
• YTD: 2.53%
• 1Y: 4.40%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.57%

BKLN

• 1D: 0.05%
• 1M: 0.73%
• 6M: 1.39%
• YTD: 0.65%
• 1Y: 4.08%
• 3Y*: 6.92%
• 5Y*: 5.35%
• 10Y*: 4.23%
• ALL TIME*: 3.73%

*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)
BKLN Invesco Senior Loan ETF	$118.65M	$121.61M	$174.22M
PCMM BondBloxx Private Credit CLO ETF	$1.10M	$1.07M	$1.63M

PCMM vs. BKLN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
PCMM BondBloxx Private Credit CLO ETF	2.53%	6.30%	0.37%
BKLN Invesco Senior Loan ETF	0.65%	6.88%	0.28%

Correlation

The correlation between PCMM and BKLN is 0.01, meaning there was essentially no consistent relationship between their historical price movements. Each responded to its own set of market drivers.

	Correlation
Correlation (1Y) Focuses on recent behavior, but can change the most.	0.01
Correlation (All Time) Calculated using the full available price history since Dec 3, 2024	0.08

Return for Risk

PCMM vs. BKLN — Risk / Return Rank

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

PCMM

PCMM Risk / Return Rank: 65
PCMM Sharpe Ratio Rank: 64
PCMM Sortino Ratio Rank: 63
PCMM Omega Ratio Rank: 66
PCMM Calmar Ratio Rank: 65
PCMM Martin Ratio Rank: 67

BKLN

BKLN Risk / Return Rank: 56
BKLN Sharpe Ratio Rank: 60
BKLN Sortino Ratio Rank: 63
BKLN Omega Ratio Rank: 77
BKLN Calmar Ratio Rank: 37
BKLN Martin Ratio Rank: 44

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.

PCMM vs. BKLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for BondBloxx Private Credit CLO ETF (PCMM) 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.

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.

	PCMM	BKLN	Difference
Sharpe ratio: Return per unit of total volatility	1.48	1.41	+0.07
Sortino ratio: Return per unit of downside risk	2.11	2.09	+0.03
Omega ratio: Gain probability vs. loss probability	1.28	1.32	-0.04
Calmar ratio: Return relative to maximum drawdown	2.27	1.27	+1.00
Martin ratio: Return relative to average drawdown	8.10	4.91	+3.20

PCMM vs. BKLN - Sharpe Ratio Comparison

The current PCMM Sharpe Ratio is 1.48, which is comparable to the BKLN Sharpe Ratio of 1.41. The chart below compares the historical Sharpe Ratios of PCMM 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.

Drawdowns

PCMM vs. BKLN - Drawdown Comparison

The maximum PCMM drawdown since its inception was -4.32%, smaller than the maximum BKLN drawdown of -24.17%. Use the drawdown chart below to compare losses from any high point for PCMM and BKLN.

Drawdown Indicators

	PCMM	BKLN	Difference
Max Drawdown Largest peak-to-trough decline	-4.32%	-24.17%	+19.85%
Max Drawdown (1Y) Largest decline over 1 year	-2.16%	-3.07%	+0.91%
Max Drawdown (3Y) Largest decline over 3 years	—	-3.55%	—
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	-0.12%	-0.05%	-0.07%
Average Drawdown Average peak-to-trough decline	-0.41%	-1.08%	+0.67%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.60%	0.79%	-0.19%

Volatility

PCMM vs. BKLN - Volatility Comparison

BondBloxx Private Credit CLO ETF (PCMM) has a higher volatility of 0.91% compared to Invesco Senior Loan ETF (BKLN) at 0.34%. This indicates that PCMM'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

	PCMM	BKLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.91%	0.34%	+0.57%
Volatility (6M) Calculated over the trailing 6-month period	2.74%	2.53%	+0.21%
Volatility (1Y) Calculated over the trailing 1-year period	3.32%	2.77%	+0.55%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.80%	4.47%	+0.33%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.80%	6.41%	-1.61%

PCMM vs. BKLN - Expense Ratio Comparison

PCMM has a 0.68% expense ratio, which is higher than BKLN's 0.65% expense ratio.

Dividends

PCMM vs. BKLN - Dividend Comparison

PCMM's dividend yield for the trailing twelve months is around 6.47%, which matches BKLN's 6.53% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
BKLN Invesco Senior Loan ETF	6.53%	6.95%	8.41%	8.59%	4.93%	3.11%	3.56%	4.86%	4.52%	3.50%	4.54%	4.12%
PCMM BondBloxx Private Credit CLO ETF	5.84%	7.02%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both PCMM and BKLN in my portfolio?

PCMM and BKLN have a correlation of 0.01, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, PCMM or BKLN?

PCMM has higher volatility (0.91%) compared to BKLN (0.34%). In terms of maximum drawdown, PCMM dropped -4.32% vs BKLN's -24.17%.

Which ETF is better, PCMM or BKLN?

On 1-year performance, PCMM leads with 4.40% vs 4.08% for BKLN. On fees, BKLN is cheaper at 0.65% per year. On volatility, BKLN has been the lower-risk option at 0.34%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, PCMM or BKLN?

Over the 1-year period, PCMM has performed better with a 4.40% return vs 4.08%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, PCMM or BKLN?

BKLN is cheaper with a 0.65% expense ratio, compared with 0.68% for PCMM.

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

BKLN has the higher dividend yield at 6.53%, compared with 5.84% for PCMM.

What is the main difference between PCMM and BKLN?

PCMM is categorized as CLO, while BKLN is Bank Loan. They also come from different issuers: BondBloxx and Invesco. Their fees differ too: 0.68% for PCMM and 0.65% for BKLN.

Which has better risk-adjusted returns?

PCMM currently has the higher Sharpe Ratio (1.48 vs 1.41), 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.