SPLV vs. BKLN
SPLV (Invesco S&P 500 Low Volatility ETF) and BKLN (Invesco Senior Loan ETF) are both exchange-traded funds - SPLV is a S&P 500 fund tracking the S&P 500 Low Volatility Index, while BKLN is a Bank Loan fund tracking the Morningstar LSTA US Leveraged Loan 100 Index. Both are passively managed. Over the past 10 years, SPLV returned 8.33%/yr vs 4.32%/yr for BKLN. At a 0.38 correlation, their price movements are largely independent. SPLV charges 0.25%/yr vs 0.65%/yr for BKLN.
Performance
SPLV vs. BKLN - Performance Comparison
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Returns By Period
In the year-to-date period, SPLV achieves a 4.85% return, which is significantly higher than BKLN's -0.04% return. Over the past 10 years, SPLV has outperformed BKLN with an annualized return of 8.33%, while BKLN has yielded a comparatively lower 4.32% annualized return.
SPLV
- 1D
- -0.36%
- 1M
- 2.76%
- YTD
- 4.85%
- 6M
- 4.17%
- 1Y
- 4.71%
- 3Y*
- 8.01%
- 5Y*
- 6.29%
- 10Y*
- 8.33%
BKLN
- 1D
- 0.15%
- 1M
- -0.24%
- YTD
- -0.04%
- 6M
- 0.36%
- 1Y
- 4.59%
- 3Y*
- 7.18%
- 5Y*
- 5.09%
- 10Y*
- 4.32%
SPLV vs. BKLN - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SPLV Invesco S&P 500 Low Volatility ETF | 4.85% | 4.10% | 13.93% | 0.53% | -4.88% | 24.13% | -1.39% | 27.87% | -0.19% | 17.32% |
BKLN Invesco Senior Loan ETF | -0.04% | 6.88% | 8.21% | 12.53% | -2.51% | 2.32% | 1.32% | 10.03% | -1.32% | 2.13% |
Correlation
The correlation between SPLV and BKLN is 0.06, 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 | 0.06 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.29 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.37 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.39 |
Correlation (All Time) Calculated using the full available price history since May 5, 2011 | 0.38 |
Over the past year, the correlation between SPLV and BKLN has dropped to 0.06 - well below their long-term average of 0.38, suggesting their price drivers have been diverging.
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Return for Risk
SPLV vs. BKLN — Risk / Return Rank
SPLV
BKLN
SPLV vs. BKLN - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Invesco S&P 500 Low Volatility ETF (SPLV) 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.
| SPLV | BKLN | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.21 | ||
| Sortino ratioReturn per unit of downside risk | -1.73 | ||
| Omega ratioGain probability vs. loss probability | 1.08 | 1.39 | -0.30 |
| Calmar ratioReturn relative to maximum drawdown | 0.64 | 1.50 | -0.86 |
| Martin ratioReturn relative to average drawdown | 1.50 | 5.88 | -4.38 |
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Drawdowns
SPLV vs. BKLN - Drawdown Comparison
The maximum SPLV drawdown since its inception was -36.26%, which is greater than BKLN's maximum drawdown of -24.17%. Use the drawdown chart below to compare losses from any high point for SPLV and BKLN.
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Drawdown Indicators
| SPLV | BKLN | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -36.26% | -24.17% | -12.09% |
Max Drawdown (1Y)Largest decline over 1 year | -7.41% | -3.07% | -4.34% |
Max Drawdown (3Y)Largest decline over 3 years | -9.64% | -3.55% | -6.09% |
Max Drawdown (5Y)Largest decline over 5 years | -17.26% | -7.31% | -9.95% |
Max Drawdown (10Y)Largest decline over 10 years | -36.26% | -24.17% | -12.09% |
Current DrawdownCurrent decline from peak | -3.66% | -0.48% | -3.18% |
Average DrawdownAverage peak-to-trough decline | -3.55% | -1.09% | -2.46% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 3.15% | 0.78% | +2.37% |
Volatility
SPLV vs. BKLN - Volatility Comparison
Invesco S&P 500 Low Volatility ETF (SPLV) has a higher volatility of 4.03% compared to Invesco Senior Loan ETF (BKLN) at 0.53%. This indicates that SPLV'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.
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Volatility by Period
| SPLV | BKLN | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 4.03% | 0.53% | +3.50% |
Volatility (6M)Calculated over the trailing 6-month period | 7.20% | 2.54% | +4.66% |
Volatility (1Y)Calculated over the trailing 1-year period | 10.08% | 2.76% | +7.32% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 12.51% | 4.48% | +8.03% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 15.38% | 6.43% | +8.95% |
SPLV vs. BKLN - Expense Ratio Comparison
SPLV has a 0.25% expense ratio, which is lower than BKLN's 0.65% expense ratio.
Dividends
SPLV vs. BKLN - Dividend Comparison
SPLV's dividend yield for the trailing twelve months is around 2.15%, less than BKLN's 6.63% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BKLN Invesco Senior Loan ETF | 6.63% | 6.95% | 8.41% | 8.59% | 4.93% | 3.11% | 3.56% | 4.86% | 4.52% | 3.50% | 4.54% | 4.12% |
SPLV Invesco S&P 500 Low Volatility ETF | 2.15% | 2.04% | 1.88% | 2.45% | 2.11% | 1.51% | 2.12% | 2.08% | 2.18% | 2.03% | 2.03% | 2.28% |
Frequently Asked Questions
SPLV and BKLN have a correlation of 0.06, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
SPLV has higher volatility (4.03%) compared to BKLN (0.53%). In terms of maximum drawdown, SPLV dropped -36.26% vs BKLN's -24.17%.
On 10-year performance, SPLV leads with 8.33% vs 4.32% for BKLN. On fees, SPLV is cheaper at 0.25% per year. On volatility, BKLN has been the lower-risk option at 0.53%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPLV has performed better with a 8.33% return vs 4.32%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPLV is cheaper with a 0.25% expense ratio, compared with 0.65% for BKLN.
BKLN has the higher dividend yield at 6.63%, compared with 2.15% for SPLV.
SPLV is categorized as S&P 500, while BKLN is Bank Loan. SPLV tracks S&P 500 Low Volatility Index, while BKLN tracks Morningstar LSTA US Leveraged Loan 100 Index. Their fees differ too: 0.25% for SPLV and 0.65% for BKLN.
BKLN currently has the higher Sharpe Ratio (1.68 vs 0.47), 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.
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