SLNZ vs. HMOP

Last updated Jun 4, 2026

SLNZ (TCW Senior Loan ETF) and HMOP (Hartford Municipal Opportunities ETF) are both exchange-traded funds - SLNZ is a Bank Loan fund actively managed by TCW, while HMOP is a Municipal Bonds fund actively managed by Hartford. Both are actively managed. Over the past year, SLNZ returned 4.66% vs 6.92% for HMOP. At a correlation of -0.07, they often move in opposite directions. SLNZ charges 0.65%/yr vs 0.29%/yr for HMOP.

Performance

SLNZ vs. HMOP - Performance Comparison

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

Returns By Period

The year-to-date returns for both investments are quite close, with SLNZ having a 1.58% return and HMOP slightly higher at 1.60%.

SLNZ

• 1D: -0.02%
• 1M: 0.79%
• YTD: 1.58%
• 6M: 1.98%
• 1Y: 4.66%
• 3Y*: —
• 5Y*: —
• 10Y*: —

HMOP

• 1D: 0.08%
• 1M: 0.76%
• YTD: 1.60%
• 6M: 1.88%
• 1Y: 6.92%
• 3Y*: 4.61%
• 5Y*: 1.40%
• 10Y*: —

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

SLNZ vs. HMOP - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SLNZ TCW Senior Loan ETF	1.58%	5.21%	0.87%
HMOP Hartford Municipal Opportunities ETF	1.60%	4.70%	-0.27%

Correlation

The correlation between SLNZ and HMOP is -0.14, 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	-0.14
Correlation (All Time) Calculated using the full available price history since Nov 19, 2024	-0.07

Return for Risk

SLNZ vs. HMOP — Risk / Return Rank

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

SLNZ

SLNZ Risk / Return Rank: 32
SLNZ Sharpe Ratio Rank: 30
SLNZ Sortino Ratio Rank: 26
SLNZ Omega Ratio Rank: 31
SLNZ Calmar Ratio Rank: 37
SLNZ Martin Ratio Rank: 37

HMOP

HMOP Risk / Return Rank: 70
HMOP Sharpe Ratio Rank: 79
HMOP Sortino Ratio Rank: 85
HMOP Omega Ratio Rank: 86
HMOP Calmar Ratio Rank: 52
HMOP Martin Ratio Rank: 50

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. HMOP - Risk-Adjusted Trends Comparison

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

	SLNZ	HMOP	Difference
Sharpe ratio: Return per unit of total volatility	1.06	2.56	-1.50
Sortino ratio: Return per unit of downside risk	1.43	3.82	-2.39
Omega ratio: Gain probability vs. loss probability	1.21	1.53	-0.33
Calmar ratio: Return relative to maximum drawdown	1.82	2.57	-0.75
Martin ratio: Return relative to average drawdown	5.68	8.36	-2.68
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SLNZ vs. HMOP - Sharpe Ratio Comparison

The current SLNZ Sharpe Ratio is 1.06, which is lower than the HMOP Sharpe Ratio of 2.56. The chart below compares the historical Sharpe Ratios of SLNZ and HMOP, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	SLNZ	HMOP	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.06	2.56	-1.50
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	—	0.36	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	0.64	+0.54

Drawdowns

SLNZ vs. HMOP - Drawdown Comparison

The maximum SLNZ drawdown since its inception was -2.57%, smaller than the maximum HMOP drawdown of -13.12%. Use the drawdown chart below to compare losses from any high point for SLNZ and HMOP.

Drawdown Indicators

	SLNZ	HMOP	Difference
Max Drawdown Largest peak-to-trough decline	-2.57%	-13.12%	+10.55%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	-2.70%	+0.13%
Max Drawdown (3Y) Largest decline over 3 years	—	-4.81%	—
Max Drawdown (5Y) Largest decline over 5 years	—	-13.12%	—
Current Drawdown Current decline from peak	-0.02%	-0.71%	+0.69%
Average Drawdown Average peak-to-trough decline	-0.45%	-2.47%	+2.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	0.83%	-0.01%

Volatility

SLNZ vs. HMOP - Volatility Comparison

TCW Senior Loan ETF (SLNZ) has a higher volatility of 1.46% compared to Hartford Municipal Opportunities ETF (HMOP) at 0.77%. This indicates that SLNZ's price experiences larger fluctuations and is considered to be riskier than HMOP based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLNZ	HMOP	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	0.77%	+0.69%
Volatility (6M) Calculated over the trailing 6-month period	3.89%	1.78%	+2.11%
Volatility (1Y) Calculated over the trailing 1-year period	4.42%	2.71%	+1.71%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.29%	3.86%	+0.43%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.29%	4.26%	+0.03%

SLNZ vs. HMOP - Expense Ratio Comparison

SLNZ has a 0.65% expense ratio, which is higher than HMOP's 0.29% expense ratio.

Dividends

SLNZ vs. HMOP - Dividend Comparison

SLNZ's dividend yield for the trailing twelve months is around 7.55%, more than HMOP's 3.45% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018
HMOP Hartford Municipal Opportunities ETF	3.45%	3.40%	3.22%	2.92%	2.12%	1.67%	5.26%	2.87%	2.27%
SLNZ TCW Senior Loan ETF	7.55%	7.39%	1.39%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SLNZ and HMOP in my portfolio?

SLNZ and HMOP have a correlation of -0.14, 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 HMOP?

SLNZ has higher volatility (1.46%) compared to HMOP (0.77%). In terms of maximum drawdown, SLNZ dropped -2.57% vs HMOP's -13.12%.

Which ETF is better, SLNZ or HMOP?

On 1-year performance, HMOP leads with 6.92% vs 4.66% for SLNZ. On fees, HMOP is cheaper at 0.29% per year. On volatility, HMOP has been the lower-risk option at 0.77%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLNZ or HMOP?

Over the 1-year period, HMOP has performed better with a 6.92% return vs 4.66%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLNZ or HMOP?

HMOP is cheaper with a 0.29% expense ratio, compared with 0.65% for SLNZ.

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

SLNZ has the higher dividend yield at 7.55%, compared with 3.45% for HMOP.

What is the main difference between SLNZ and HMOP?

SLNZ is categorized as Bank Loan, while HMOP is Municipal Bonds. They also come from different issuers: TCW and Hartford. Their fees differ too: 0.65% for SLNZ and 0.29% for HMOP.

Which has better risk-adjusted returns?

HMOP currently has the higher Sharpe Ratio (2.56 vs 1.06), 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.