SLNZ vs. JPIE

Last updated Jun 5, 2026

SLNZ (TCW Senior Loan ETF) and JPIE (JPMorgan Income ETF) are both exchange-traded funds - SLNZ is a Bank Loan fund actively managed by TCW, while JPIE is a Multisector Bonds fund actively managed by JPMorgan. Both are actively managed. Over the past year, SLNZ returned 4.56% vs 5.83% for JPIE. At a correlation of -0.03, they often move in opposite directions. SLNZ charges 0.65%/yr vs 0.40%/yr for JPIE.

Performance

SLNZ vs. JPIE - Performance Comparison

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

Returns By Period

In the year-to-date period, SLNZ achieves a 1.61% return, which is significantly higher than JPIE's 1.51% return.

SLNZ

• 1D: 0.03%
• 1M: 0.82%
• YTD: 1.61%
• 6M: 2.01%
• 1Y: 4.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

JPIE

• 1D: 0.09%
• 1M: 0.39%
• YTD: 1.51%
• 6M: 1.98%
• 1Y: 5.83%
• 3Y*: 6.55%
• 5Y*: —
• 10Y*: —

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

SLNZ vs. JPIE - Yearly Performance Comparison

	2026 (YTD)	2025	2024
SLNZ TCW Senior Loan ETF	1.61%	5.21%	0.87%
JPIE JPMorgan Income ETF	1.51%	7.39%	0.83%

Correlation

The correlation between SLNZ and JPIE 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 19, 2024	-0.03

Return for Risk

SLNZ vs. JPIE — 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: 29
SLNZ Sortino Ratio Rank: 26
SLNZ Omega Ratio Rank: 31
SLNZ Calmar Ratio Rank: 37
SLNZ Martin Ratio Rank: 37

JPIE

JPIE Risk / Return Rank: 94
JPIE Sharpe Ratio Rank: 94
JPIE Sortino Ratio Rank: 96
JPIE Omega Ratio Rank: 96
JPIE Calmar Ratio Rank: 88
JPIE Martin Ratio Rank: 93

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. JPIE - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Senior Loan ETF (SLNZ) and JPMorgan Income ETF (JPIE). 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	JPIE	Difference
Sharpe ratio: Return per unit of total volatility	1.04	3.69	-2.65
Sortino ratio: Return per unit of downside risk	1.41	5.80	-4.40
Omega ratio: Gain probability vs. loss probability	1.20	1.83	-0.63
Calmar ratio: Return relative to maximum drawdown	1.79	5.10	-3.32
Martin ratio: Return relative to average drawdown	5.56	25.31	-19.75
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. JPIE - Sharpe Ratio Comparison

The current SLNZ Sharpe Ratio is 1.04, which is lower than the JPIE Sharpe Ratio of 3.69. The chart below compares the historical Sharpe Ratios of SLNZ and JPIE, 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	JPIE	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.04	3.69	-2.65
Sharpe Ratio (All Time) Calculated using the full available price history	1.18	0.99	+0.20

Drawdowns

SLNZ vs. JPIE - Drawdown Comparison

The maximum SLNZ drawdown since its inception was -2.57%, smaller than the maximum JPIE drawdown of -9.96%. Use the drawdown chart below to compare losses from any high point for SLNZ and JPIE.

Drawdown Indicators

	SLNZ	JPIE	Difference
Max Drawdown Largest peak-to-trough decline	-2.57%	-9.96%	+7.39%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	-1.15%	-1.42%
Max Drawdown (3Y) Largest decline over 3 years	—	-2.40%	—
Current Drawdown Current decline from peak	0.00%	-0.04%	+0.04%
Average Drawdown Average peak-to-trough decline	-0.45%	-2.09%	+1.64%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	0.23%	+0.59%

Volatility

SLNZ vs. JPIE - Volatility Comparison

TCW Senior Loan ETF (SLNZ) has a higher volatility of 1.46% compared to JPMorgan Income ETF (JPIE) at 0.61%. This indicates that SLNZ's price experiences larger fluctuations and is considered to be riskier than JPIE based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SLNZ	JPIE	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.46%	0.61%	+0.85%
Volatility (6M) Calculated over the trailing 6-month period	3.89%	1.28%	+2.61%
Volatility (1Y) Calculated over the trailing 1-year period	4.42%	1.59%	+2.83%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.28%	3.52%	+0.76%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.28%	3.52%	+0.76%

SLNZ vs. JPIE - Expense Ratio Comparison

SLNZ has a 0.65% expense ratio, which is higher than JPIE's 0.40% expense ratio.

Dividends

SLNZ vs. JPIE - Dividend Comparison

SLNZ's dividend yield for the trailing twelve months is around 7.54%, more than JPIE's 5.62% yield.

Position	TTM	2025	2024	2023	2022	2021
JPIE JPMorgan Income ETF	5.62%	5.65%	6.11%	5.70%	4.49%	0.63%
SLNZ TCW Senior Loan ETF	7.54%	7.39%	1.39%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both SLNZ and JPIE in my portfolio?

SLNZ and JPIE 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 JPIE?

SLNZ has higher volatility (1.46%) compared to JPIE (0.61%). In terms of maximum drawdown, SLNZ dropped -2.57% vs JPIE's -9.96%.

Which ETF is better, SLNZ or JPIE?

On 1-year performance, JPIE leads with 5.83% vs 4.56% for SLNZ. On fees, JPIE is cheaper at 0.40% per year. On volatility, JPIE has been the lower-risk option at 0.61%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SLNZ or JPIE?

Over the 1-year period, JPIE has performed better with a 5.83% return vs 4.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SLNZ or JPIE?

JPIE is cheaper with a 0.40% expense ratio, compared with 0.65% for SLNZ.

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

SLNZ has the higher dividend yield at 7.54%, compared with 5.62% for JPIE.

What is the main difference between SLNZ and JPIE?

SLNZ is categorized as Bank Loan, while JPIE is Multisector Bonds. They also come from different issuers: TCW and JPMorgan. Their fees differ too: 0.65% for SLNZ and 0.40% for JPIE.

Which has better risk-adjusted returns?

JPIE currently has the higher Sharpe Ratio (3.69 vs 1.04), 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.