SRLN vs. CSD
SRLN (State Street Blackstone Senior Loan ETF) and CSD (Invesco S&P Spin-Off ETF) are both exchange-traded funds - SRLN is a Bank Loan fund actively managed by State Street, while CSD is a Mid Cap Blend Equities fund tracking the S&P U.S. Spin-Off Index. SRLN is actively managed, while CSD is passively managed. Over the past 10 years, SRLN returned 4.52%/yr vs 15.04%/yr for CSD. At a 0.43 correlation, their price movements are largely independent. SRLN charges 0.70%/yr vs 0.65%/yr for CSD.
Performance
SRLN vs. CSD - Performance Comparison
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Returns By Period
In the year-to-date period, SRLN achieves a 0.28% return, which is significantly lower than CSD's 45.22% return. Over the past 10 years, SRLN has underperformed CSD with an annualized return of 4.52%, while CSD has yielded a comparatively higher 15.04% annualized return.
SRLN
- 1D
- -0.20%
- 1M
- -0.09%
- YTD
- 0.28%
- 6M
- 0.45%
- 1Y
- 4.54%
- 3Y*
- 7.31%
- 5Y*
- 4.43%
- 10Y*
- 4.52%
CSD
- 1D
- 0.81%
- 1M
- 6.79%
- YTD
- 45.22%
- 6M
- 41.94%
- 1Y
- 74.47%
- 3Y*
- 38.34%
- 5Y*
- 18.07%
- 10Y*
- 15.04%
SRLN vs. CSD - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SRLN State Street Blackstone Senior Loan ETF | 0.28% | 6.77% | 8.43% | 11.62% | -5.30% | 4.49% | 3.13% | 10.03% | -0.66% | 3.39% |
CSD Invesco S&P Spin-Off ETF | 45.22% | 21.58% | 27.61% | 23.77% | -15.04% | 13.01% | 10.79% | 20.61% | -17.82% | 20.64% |
Correlation
The correlation between SRLN and CSD is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.52 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.59 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.51 |
Correlation (All Time) Calculated using the full available price history since Apr 4, 2013 | 0.43 |
The correlation between SRLN and CSD shifts across timeframes, from 0.43 (all time) to 0.59 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
SRLN vs. CSD — Risk / Return Rank
SRLN
CSD
SRLN vs. CSD - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Blackstone Senior Loan ETF (SRLN) and Invesco S&P Spin-Off ETF (CSD). 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.
| SRLN | CSD | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -1.47 | ||
| Sortino ratioReturn per unit of downside risk | -1.50 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.48 | -0.14 |
| Calmar ratioReturn relative to maximum drawdown | 1.40 | 6.60 | -5.20 |
| Martin ratioReturn relative to average drawdown | 5.17 | 25.76 | -20.60 |
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Drawdowns
SRLN vs. CSD - Drawdown Comparison
The maximum SRLN drawdown since its inception was -22.29%, smaller than the maximum CSD drawdown of -70.47%. Use the drawdown chart below to compare losses from any high point for SRLN and CSD.
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Drawdown Indicators
| SRLN | CSD | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.29% | -70.47% | +48.18% |
Max Drawdown (1Y)Largest decline over 1 year | -3.26% | -11.34% | +8.08% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -30.15% | +25.89% |
Max Drawdown (5Y)Largest decline over 5 years | -7.93% | -30.15% | +22.22% |
Max Drawdown (10Y)Largest decline over 10 years | -22.29% | -57.55% | +35.26% |
Current DrawdownCurrent decline from peak | -0.52% | -1.83% | +1.31% |
Average DrawdownAverage peak-to-trough decline | -1.10% | -14.19% | +13.09% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 2.90% | -2.02% |
Volatility
SRLN vs. CSD - Volatility Comparison
The current volatility for State Street Blackstone Senior Loan ETF (SRLN) is 0.64%, while Invesco S&P Spin-Off ETF (CSD) has a volatility of 7.76%. This indicates that SRLN experiences smaller price fluctuations and is considered to be less risky than CSD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SRLN | CSD | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.64% | 7.76% | -7.12% |
Volatility (6M)Calculated over the trailing 6-month period | 2.68% | 18.71% | -16.03% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.92% | 24.71% | -21.79% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.92% | 23.43% | -19.51% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.06% | 24.90% | -18.84% |
SRLN vs. CSD - Expense Ratio Comparison
SRLN has a 0.70% expense ratio, which is higher than CSD's 0.65% expense ratio.
Dividends
SRLN vs. CSD - Dividend Comparison
SRLN's dividend yield for the trailing twelve months is around 7.52%, more than CSD's 0.11% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
CSD Invesco S&P Spin-Off ETF | 0.11% | 0.16% | 0.17% | 0.51% | 0.86% | 0.73% | 0.99% | 1.08% | 0.99% | 0.60% | 1.62% | 2.61% |
SRLN State Street Blackstone Senior Loan ETF | 7.52% | 7.67% | 8.58% | 8.44% | 5.72% | 4.45% | 4.91% | 5.39% | 4.98% | 4.01% | 3.94% | 4.43% |
Frequently Asked Questions
SRLN and CSD have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
CSD has higher volatility (7.76%) compared to SRLN (0.64%). In terms of maximum drawdown, SRLN dropped -22.29% vs CSD's -70.47%.
On 10-year performance, CSD leads with 15.04% vs 4.52% for SRLN. On fees, CSD is cheaper at 0.65% per year. On volatility, SRLN has been the lower-risk option at 0.64%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, CSD has performed better with a 15.04% return vs 4.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
CSD is cheaper with a 0.65% expense ratio, compared with 0.70% for SRLN.
SRLN has the higher dividend yield at 7.52%, compared with 0.11% for CSD.
SRLN is categorized as Bank Loan, while CSD is Mid Cap Blend Equities. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.70% for SRLN and 0.65% for CSD.
CSD currently has the higher Sharpe Ratio (3.03 vs 1.57), 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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