SLNZ vs. BKLN

Last updated Jun 24, 2026

SLNZ (TCW Senior Loan ETF) and BKLN (Invesco Senior Loan ETF) are both Bank Loan funds. SLNZ is actively managed, while BKLN is passively managed. Over the past year, SLNZ returned 4.89% vs 4.27% for BKLN. At a 0.08 correlation, their price movements are largely independent. Both charge a 0.65% expense ratio.

Performance

SLNZ vs. BKLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Senior Loan ETF (SLNZ) 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, SLNZ achieves a 1.80% return, which is significantly higher than BKLN's -0.13% return.

SLNZ

• 1D: -0.10%
• 1M: 0.47%
• YTD: 1.80%
• 6M: 1.92%
• 1Y: 4.89%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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%

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

SLNZ vs. BKLN - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SLNZ TCW Senior Loan ETF	1.80%	5.21%	0.94%
BKLN Invesco Senior Loan ETF	-0.13%	6.88%	0.72%

Correlation

The correlation between SLNZ and BKLN is 0.08, meaning there is essentially no relationship between their price movements. Each responds to its own set of market drivers, making them strong candidates for combining in a diversified portfolio.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.08
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	0.08

Return for Risk

SLNZ vs. BKLN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.

SLNZ

SLNZ Risk / Return Rank: 36
SLNZ Sharpe Ratio Rank: 33
SLNZ Sortino Ratio Rank: 29
SLNZ Omega Ratio Rank: 35
SLNZ Calmar Ratio Rank: 41
SLNZ Martin Ratio Rank: 41

BKLN

BKLN Risk / Return Rank: 44
BKLN Sharpe Ratio Rank: 46
BKLN Sortino Ratio Rank: 48
BKLN Omega Ratio Rank: 60
BKLN Calmar Ratio Rank: 29
BKLN Martin Ratio Rank: 37

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.

SLNZ vs. BKLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Senior Loan ETF (SLNZ) 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.

	SLNZ	BKLN	Difference
Sharpe ratio: Return per unit of total volatility	1.11	1.55	-0.44
Sortino ratio: Return per unit of downside risk	1.50	2.28	-0.79
Omega ratio: Gain probability vs. loss probability	1.22	1.35	-0.13
Calmar ratio: Return relative to maximum drawdown	1.91	1.39	+0.52
Martin ratio: Return relative to average drawdown	5.97	5.44	+0.53

SLNZ vs. BKLN - Sharpe Ratio Comparison

The current SLNZ Sharpe Ratio is 1.11, which is comparable to the BKLN Sharpe Ratio of 1.55. The chart below compares the historical Sharpe Ratios of SLNZ 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

SLNZ vs. BKLN - Drawdown Comparison

The maximum SLNZ drawdown since its inception was -2.57%, smaller than the maximum BKLN drawdown of -24.17%. Use the drawdown chart below to compare losses from any high point for SLNZ and BKLN.

Drawdown Indicators

	SLNZ	BKLN	Difference
Max Drawdown Largest peak-to-trough decline	-2.57%	-24.17%	+21.60%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	-3.07%	+0.50%
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	-0.10%	-0.57%	+0.47%
Average Drawdown Average peak-to-trough decline	-0.44%	-1.09%	+0.65%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	0.79%	+0.03%

Volatility

SLNZ vs. BKLN - Volatility Comparison

TCW Senior Loan ETF (SLNZ) has a higher volatility of 0.85% compared to Invesco Senior Loan ETF (BKLN) at 0.54%. This indicates that SLNZ'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

	SLNZ	BKLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	0.54%	+0.31%
Volatility (6M) Calculated over the trailing 6-month period	3.89%	2.54%	+1.35%
Volatility (1Y) Calculated over the trailing 1-year period	4.46%	2.76%	+1.70%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.25%	4.48%	-0.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.25%	6.43%	-2.18%

SLNZ vs. BKLN - Expense Ratio Comparison

Both SLNZ and BKLN have an expense ratio of 0.65%.

Dividends

SLNZ vs. BKLN - Dividend Comparison

SLNZ's dividend yield for the trailing twelve months is around 7.53%, more 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%
SLNZ TCW Senior Loan ETF	7.53%	7.39%	1.39%	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 SLNZ and BKLN in my portfolio?

SLNZ and BKLN have a correlation of 0.08, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SLNZ or BKLN?

SLNZ has higher volatility (0.85%) compared to BKLN (0.54%). In terms of maximum drawdown, SLNZ dropped -2.57% vs BKLN's -24.17%.

Which ETF is better, SLNZ or BKLN?

On 1-year performance, SLNZ leads with 4.89% vs 4.27% for BKLN. Both ETFs have the same 0.65% expense ratio. 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.

Which ETF has performed better, SLNZ or BKLN?

Over the 1-year period, SLNZ has performed better with a 4.89% return vs 4.27%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLNZ or BKLN?

SLNZ and BKLN have the same expense ratio: 0.65% per year.

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

SLNZ has the higher dividend yield at 7.53%, compared with 6.59% for BKLN.

What is the main difference between SLNZ and BKLN?

They also come from different issuers: TCW and Invesco.

Which has better risk-adjusted returns?

BKLN currently has the higher Sharpe Ratio (1.55 vs 1.10), 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.