SLNZ vs. BSSX

Last updated Jun 26, 2026

SLNZ (TCW Senior Loan ETF) and BSSX (Invesco BulletShares 2033 Municipal Bond ETF) are both exchange-traded funds - SLNZ is a Bank Loan fund actively managed by TCW, while BSSX is a Municipal Bonds fund tracking the Invesco BulletShares USD Municipal Bond 2033 Index. SLNZ is actively managed, while BSSX is passively managed. Over the past year, SLNZ returned 4.52% vs 6.86% for BSSX. At a correlation of -0.07, they often move in opposite directions. SLNZ charges 0.65%/yr vs 0.18%/yr for BSSX.

Performance

SLNZ vs. BSSX - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Senior Loan ETF (SLNZ) and Invesco BulletShares 2033 Municipal Bond ETF (BSSX). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLNZ achieves a 1.90% return, which is significantly higher than BSSX's 1.25% return.

SLNZ

• 1D: 0.03%
• 1M: 0.55%
• YTD: 1.90%
• 6M: 2.00%
• 1Y: 4.52%
• 3Y*: —
• 5Y*: —
• 10Y*: —

BSSX

• 1D: 0.09%
• 1M: 1.22%
• YTD: 1.25%
• 6M: 1.25%
• 1Y: 6.86%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

SLNZ vs. BSSX - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SLNZ TCW Senior Loan ETF	1.90%	5.21%	0.94%
BSSX Invesco BulletShares 2033 Municipal Bond ETF	1.25%	3.79%	-0.19%

Correlation

The correlation between SLNZ and BSSX is -0.13, 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	-0.13
Correlation (All Time) Calculated using the full available price history since Nov 18, 2024	-0.07

Return for Risk

SLNZ vs. BSSX — Risk / Return Rank

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

SLNZ

SLNZ Risk / Return Rank: 33
SLNZ Sharpe Ratio Rank: 30
SLNZ Sortino Ratio Rank: 26
SLNZ Omega Ratio Rank: 32
SLNZ Calmar Ratio Rank: 38
SLNZ Martin Ratio Rank: 38

BSSX

BSSX Risk / Return Rank: 65
BSSX Sharpe Ratio Rank: 74
BSSX Sortino Ratio Rank: 80
BSSX Omega Ratio Rank: 82
BSSX Calmar Ratio Rank: 46
BSSX Martin Ratio Rank: 43

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. BSSX - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Senior Loan ETF (SLNZ) and Invesco BulletShares 2033 Municipal Bond ETF (BSSX). 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	BSSX	Difference
Sharpe ratio: Return per unit of total volatility	1.02	2.08	-1.06
Sortino ratio: Return per unit of downside risk	1.39	3.11	-1.73
Omega ratio: Gain probability vs. loss probability	1.20	1.43	-0.23
Calmar ratio: Return relative to maximum drawdown	1.77	2.10	-0.33
Martin ratio: Return relative to average drawdown	5.51	6.40	-0.88

SLNZ vs. BSSX - Sharpe Ratio Comparison

The current SLNZ Sharpe Ratio is 1.02, which is lower than the BSSX Sharpe Ratio of 2.08. The chart below compares the historical Sharpe Ratios of SLNZ and BSSX, 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. BSSX - Drawdown Comparison

The maximum SLNZ drawdown since its inception was -2.57%, smaller than the maximum BSSX drawdown of -8.12%. Use the drawdown chart below to compare losses from any high point for SLNZ and BSSX.

Drawdown Indicators

	SLNZ	BSSX	Difference
Max Drawdown Largest peak-to-trough decline	-2.57%	-8.12%	+5.55%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	-3.28%	+0.71%
Current Drawdown Current decline from peak	0.00%	-0.77%	+0.77%
Average Drawdown Average peak-to-trough decline	-0.44%	-3.21%	+2.77%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	1.08%	-0.26%

Volatility

SLNZ vs. BSSX - Volatility Comparison

TCW Senior Loan ETF (SLNZ) and Invesco BulletShares 2033 Municipal Bond ETF (BSSX) have volatilities of 0.85% and 0.85%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLNZ	BSSX	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.85%	0.85%	0.00%
Volatility (6M) Calculated over the trailing 6-month period	3.88%	2.37%	+1.51%
Volatility (1Y) Calculated over the trailing 1-year period	4.45%	3.31%	+1.14%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.24%	7.75%	-3.51%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.24%	7.75%	-3.51%

SLNZ vs. BSSX - Expense Ratio Comparison

SLNZ has a 0.65% expense ratio, which is higher than BSSX's 0.18% expense ratio.

Dividends

SLNZ vs. BSSX - Dividend Comparison

SLNZ's dividend yield for the trailing twelve months is around 7.52%, more than BSSX's 3.29% yield.

Position	TTM	2025	2024	2023
BSSX Invesco BulletShares 2033 Municipal Bond ETF	3.29%	3.27%	3.29%	0.95%
SLNZ TCW Senior Loan ETF	7.52%	7.39%	1.39%	0.00%

Frequently Asked Questions

Can I hold both SLNZ and BSSX in my portfolio?

SLNZ and BSSX have a correlation of -0.13, 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 BSSX?

BSSX has higher volatility (0.85%) compared to SLNZ (0.85%). In terms of maximum drawdown, SLNZ dropped -2.57% vs BSSX's -8.12%.

Which ETF is better, SLNZ or BSSX?

On 1-year performance, BSSX leads with 6.86% vs 4.52% for SLNZ. On fees, BSSX is cheaper at 0.18% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLNZ or BSSX?

Over the 1-year period, BSSX has performed better with a 6.86% return vs 4.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLNZ or BSSX?

BSSX is cheaper with a 0.18% expense ratio, compared with 0.65% for SLNZ.

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

SLNZ has the higher dividend yield at 7.52%, compared with 3.29% for BSSX.

What is the main difference between SLNZ and BSSX?

SLNZ is categorized as Bank Loan, while BSSX is Municipal Bonds. They also come from different issuers: TCW and Invesco. Their fees differ too: 0.65% for SLNZ and 0.18% for BSSX.

Which has better risk-adjusted returns?

BSSX currently has the higher Sharpe Ratio (2.08 vs 1.02), 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.