SJB vs. BKLN
SJB (ProShares Short High Yield) and BKLN (Invesco Senior Loan ETF) are both exchange-traded funds - SJB is a Inverse Bonds fund tracking the iBoxx $ Liquid High Yield Index (-100%), while BKLN is a Bank Loan fund tracking the Morningstar LSTA US Leveraged Loan 100 Index. Both are passively managed. Over the past 10 years, SJB returned -3.86%/yr vs 4.32%/yr for BKLN. At a correlation of -0.52, they often move in opposite directions. SJB charges 0.95%/yr vs 0.65%/yr for BKLN.
Performance
SJB vs. BKLN - Performance Comparison
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Returns By Period
In the year-to-date period, SJB achieves a 0.74% return, which is significantly higher than BKLN's -0.13% return. Over the past 10 years, SJB has underperformed BKLN with an annualized return of -3.86%, while BKLN has yielded a comparatively higher 4.32% annualized return.
SJB
- 1D
- 0.13%
- 1M
- -0.16%
- YTD
- 0.74%
- 6M
- 0.66%
- 1Y
- -0.07%
- 3Y*
- -2.22%
- 5Y*
- -0.36%
- 10Y*
- -3.86%
BKLN
- 1D
- -0.10%
- 1M
- -0.14%
- YTD
- -0.13%
- 6M
- 0.06%
- 1Y
- 4.27%
- 3Y*
- 7.20%
- 5Y*
- 5.11%
- 10Y*
- 4.32%
SJB vs. BKLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SJB ProShares Short High Yield | 0.74% | -1.87% | -0.84% | -5.63% | 9.57% | -6.69% | -9.23% | -11.42% | 2.47% | -6.17% |
BKLN Invesco Senior Loan ETF | -0.13% | 6.88% | 8.21% | 12.53% | -2.51% | 2.32% | 1.32% | 10.03% | -1.32% | 2.13% |
Correlation
The correlation between SJB and BKLN is -0.52, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | -0.52 |
Correlation (3Y) Calculated over the trailing 3-year period | -0.55 |
Correlation (5Y) Calculated over the trailing 5-year period | -0.60 |
Correlation (10Y) Calculated over the trailing 10-year period | -0.57 |
Correlation (All Time) Calculated using the full available price history since Mar 22, 2011 | -0.52 |
The correlation between SJB and BKLN has been stable across timeframes, ranging from -0.60 to -0.52 - a consistent structural relationship.
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Return for Risk
SJB vs. BKLN — Risk / Return Rank
SJB
BKLN
SJB vs. BKLN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for ProShares Short High Yield (SJB) 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.
| SJB | BKLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.57 | ||
| Sortino ratioReturn per unit of downside risk | -2.28 | ||
| Omega ratioGain probability vs. loss probability | 1.00 | 1.35 | -0.35 |
| Calmar ratioReturn relative to maximum drawdown | -0.02 | 1.39 | -1.42 |
| Martin ratioReturn relative to average drawdown | -0.05 | 5.44 | -5.49 |
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Drawdowns
SJB vs. BKLN - Drawdown Comparison
The maximum SJB drawdown since its inception was -58.06%, which is greater than BKLN's maximum drawdown of -24.17%. Use the drawdown chart below to compare losses from any high point for SJB and BKLN.
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Drawdown Indicators
| SJB | BKLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -58.06% | -24.17% | -33.89% |
Max Drawdown (1Y)Largest decline over 1 year | -2.74% | -3.07% | +0.33% |
Max Drawdown (3Y)Largest decline over 3 years | -10.54% | -3.55% | -6.99% |
Max Drawdown (5Y)Largest decline over 5 years | -13.30% | -7.31% | -5.99% |
Max Drawdown (10Y)Largest decline over 10 years | -34.57% | -24.17% | -10.40% |
Current DrawdownCurrent decline from peak | -57.40% | -0.57% | -56.83% |
Average DrawdownAverage peak-to-trough decline | -42.52% | -1.09% | -41.43% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 1.30% | 0.79% | +0.51% |
Volatility
SJB vs. BKLN - Volatility Comparison
ProShares Short High Yield (SJB) has a higher volatility of 1.06% compared to Invesco Senior Loan ETF (BKLN) at 0.54%. This indicates that SJB'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.
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Volatility by Period
| SJB | BKLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.06% | 0.54% | +0.52% |
Volatility (6M)Calculated over the trailing 6-month period | 3.03% | 2.54% | +0.49% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 2.76% | +1.12% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.52% | 4.48% | +3.04% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.50% | 6.43% | +2.07% |
SJB vs. BKLN - Expense Ratio Comparison
SJB has a 0.95% expense ratio, which is higher than BKLN's 0.65% expense ratio.
Dividends
SJB vs. BKLN - Dividend Comparison
SJB's dividend yield for the trailing twelve months is around 3.43%, less than BKLN's 6.59% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BKLN Invesco Senior Loan ETF | 6.59% | 6.95% | 8.41% | 8.59% | 4.93% | 3.11% | 3.56% | 4.86% | 4.52% | 3.50% | 4.54% | 4.12% |
SJB ProShares Short High Yield | 3.43% | 3.86% | 5.86% | 4.10% | 0.46% | 0.00% | 0.07% | 1.27% | 0.71% | 0.00% | 0.00% | 0.00% |
Frequently Asked Questions
SJB and BKLN have a correlation of -0.52, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SJB has higher volatility (1.06%) compared to BKLN (0.54%). In terms of maximum drawdown, SJB dropped -58.06% vs BKLN's -24.17%.
On 10-year performance, BKLN leads with 4.32% vs -3.86% for SJB. On fees, BKLN is cheaper at 0.65% per year. On volatility, BKLN has been the lower-risk option at 0.54%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, BKLN has performed better with a 4.32% return vs -3.86%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BKLN is cheaper with a 0.65% expense ratio, compared with 0.95% for SJB.
BKLN has the higher dividend yield at 6.59%, compared with 3.43% for SJB.
SJB is categorized as Inverse Bonds, while BKLN is Bank Loan. SJB tracks iBoxx $ Liquid High Yield Index (-100%), while BKLN tracks Morningstar LSTA US Leveraged Loan 100 Index. They also come from different issuers: ProShares and Invesco. Their fees differ too: 0.95% for SJB and 0.65% for BKLN.
BKLN currently has the higher Sharpe Ratio (1.55 vs -0.02), 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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