SLNZ vs. LVLN

Last updated Aug 4, 2026

SLNZ (TCW Senior Loan ETF) and LVLN (SPDR S&P Leveraged Loan ETF) are both Bank Loan funds. SLNZ is actively managed, while LVLN is passively managed. Their 0.16 correlation means their historical movements had little consistent relationship. SLNZ charges 0.65%/yr vs 0.40%/yr for LVLN.

Performance

SLNZ vs. LVLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in TCW Senior Loan ETF (SLNZ) and SPDR S&P Leveraged Loan ETF (LVLN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SLNZ achieves a 2.65% return, which is significantly higher than LVLN's 1.67% return.

SLNZ

• 1D: 0.15%
• 1M: 0.68%
• 6M: 2.53%
• YTD: 2.65%
• 1Y: 4.82%
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: 5.19%

LVLN

• 1D: 0.10%
• 1M: 0.38%
• 6M: 1.78%
• YTD: 1.67%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —
• ALL TIME*: —

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

Liquidity Comparison

Position	Avg. Volume Value (2W)	Avg. Volume Value (1M)	Avg. Volume Value (3M)
LVLN SPDR S&P Leveraged Loan ETF	$49.50K	$55.73K	$267.19K
SLNZ TCW Senior Loan ETF	$171.84K	$98.00K	$256.92K

SLNZ vs. LVLN - Yearly Performance Comparison

	2026 (YTD)	2025
SLNZ TCW Senior Loan ETF	2.65%	0.50%
LVLN SPDR S&P Leveraged Loan ETF	1.67%	1.14%

Correlation

The correlation between SLNZ and LVLN is 0.16, which is low. Their historical price movements had little consistent relationship.

	Correlation
Correlation (All Time) Calculated using the full available price history since Nov 18, 2025	0.16

Return for Risk

SLNZ vs. LVLN — Risk / Return Rank

Compare historical risk-adjusted metric ranks over the past 12 months.

SLNZ

SLNZ Risk / Return Rank: 44
SLNZ Sharpe Ratio Rank: 41
SLNZ Sortino Ratio Rank: 37
SLNZ Omega Ratio Rank: 45
SLNZ Calmar Ratio Rank: 49
SLNZ Martin Ratio Rank: 48

LVLN

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

The rank (0–100) uses a weighted average of the Sharpe, Sortino, Omega, Calmar, and Martin percentile ranks for the trailing 12 months. Higher means stronger historical risk-adjusted performance within the peer group.

SLNZ vs. LVLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for TCW Senior Loan ETF (SLNZ) and SPDR S&P Leveraged Loan ETF (LVLN). 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	LVLN	Difference
Sharpe ratio: Return per unit of total volatility	1.11	—	—
Sortino ratio: Return per unit of downside risk	1.48	—	—
Omega ratio: Gain probability vs. loss probability	1.22	—	—
Calmar ratio: Return relative to maximum drawdown	1.88	—	—
Martin ratio: Return relative to average drawdown	5.89	—	—

Drawdowns

SLNZ vs. LVLN - Drawdown Comparison

The maximum SLNZ drawdown since its inception was -2.57%, which is greater than LVLN's maximum drawdown of -2.34%. Use the drawdown chart below to compare losses from any high point for SLNZ and LVLN.

Drawdown Indicators

	SLNZ	LVLN	Difference
Max Drawdown Largest peak-to-trough decline	-2.57%	-2.34%	-0.23%
Max Drawdown (1Y) Largest decline over 1 year	-2.57%	—	—
Current Drawdown Current decline from peak	0.00%	-0.16%	+0.16%
Average Drawdown Average peak-to-trough decline	-0.42%	-0.46%	+0.04%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.82%	—	—

Volatility

Volatility by Period

	SLNZ	LVLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.37%	—	—
Volatility (6M) Calculated over the trailing 6-month period	3.35%	—	—
Volatility (1Y) Calculated over the trailing 1-year period	4.36%	2.59%	+1.77%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	4.13%	2.59%	+1.54%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	4.13%	2.59%	+1.54%

SLNZ vs. LVLN - Expense Ratio Comparison

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

Dividends

SLNZ vs. LVLN - Dividend Comparison

SLNZ's dividend yield for the trailing twelve months is around 7.46%, more than LVLN's 4.90% yield.

Position	TTM	2025	2024
LVLN SPDR S&P Leveraged Loan ETF	4.90%	0.49%	0.00%
SLNZ TCW Senior Loan ETF	7.46%	7.39%	1.39%

Frequently Asked Questions

Can I hold both SLNZ and LVLN in my portfolio?

SLNZ and LVLN have a correlation of 0.16, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, SLNZ or LVLN?

On fees, LVLN is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, SLNZ or LVLN?

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

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

SLNZ has the higher dividend yield at 7.46%, compared with 4.90% for LVLN.

What is the main difference between SLNZ and LVLN?

They also come from different issuers: TCW and State Street. Their fees differ too: 0.65% for SLNZ and 0.40% for LVLN.