SRLN vs. CSD

Last updated Jun 4, 2026

SRLN (SPDR Blackstone Senior Loan ETF) and CSD (Invesco S&P Spin-Off ETF) are both exchange-traded funds - SRLN is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid Leveraged Loan Index, while CSD is a Mid Cap Blend Equities fund tracking the S&P U.S. Spin-Off Index. Both are passively managed. Over the past 10 years, SRLN returned 4.52%/yr vs 14.07%/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

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Blackstone Senior Loan ETF (SRLN) and Invesco S&P Spin-Off ETF (CSD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SRLN achieves a 0.68% return, which is significantly lower than CSD's 39.67% return. Over the past 10 years, SRLN has underperformed CSD with an annualized return of 4.52%, while CSD has yielded a comparatively higher 14.07% annualized return.

SRLN

• 1D: -0.12%
• 1M: 0.26%
• YTD: 0.68%
• 6M: 1.43%
• 1Y: 5.57%
• 3Y*: 7.88%
• 5Y*: 4.62%
• 10Y*: 4.52%

CSD

• 1D: 0.47%
• 1M: 8.22%
• YTD: 39.67%
• 6M: 39.98%
• 1Y: 71.88%
• 3Y*: 36.42%
• 5Y*: 16.45%
• 10Y*: 14.07%

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

SRLN vs. CSD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
SRLN SPDR Blackstone Senior Loan ETF	0.68%	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	39.67%	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 0.48, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.48
Correlation (3Y) Calculated over the trailing 3-year period	0.51
Correlation (5Y) Calculated over the trailing 5-year period	0.59
Correlation (10Y) Calculated over the trailing 10-year period	0.50
Correlation (All Time) Calculated using the full available price history since Apr 5, 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.

SRLN vs. CSD - Sectors Allocation Comparison

Sectors	SRLN	CSD
Communication Services	91.8%	9.0%
Industrials	8.2%	31.1%
Basic Materials	-	11.1%
Consumer Cyclical	-	2.9%
Consumer Defensive	-	-
Energy	-	-
Financial Services	-	0.1%
Healthcare	-	13.1%
Real Estate	-	5.1%
Technology	-	18.6%
Utilities	-	7.0%

Return for Risk

SRLN vs. CSD — Risk / Return Rank

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

SRLN

SRLN Risk / Return Rank: 52
SRLN Sharpe Ratio Rank: 56
SRLN Sortino Ratio Rank: 58
SRLN Omega Ratio Rank: 72
SRLN Calmar Ratio Rank: 34
SRLN Martin Ratio Rank: 39

CSD

CSD Risk / Return Rank: 88
CSD Sharpe Ratio Rank: 89
CSD Sortino Ratio Rank: 84
CSD Omega Ratio Rank: 81
CSD Calmar Ratio Rank: 92
CSD 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.

SRLN vs. CSD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR 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.

	SRLN	CSD	Difference
Sharpe ratio: Return per unit of total volatility	1.94	3.03	-1.10
Sortino ratio: Return per unit of downside risk	2.82	3.80	-0.98
Omega ratio: Gain probability vs. loss probability	1.44	1.49	-0.05
Calmar ratio: Return relative to maximum drawdown	1.71	6.37	-4.66
Martin ratio: Return relative to average drawdown	6.35	24.98	-18.63
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

SRLN vs. CSD - Sharpe Ratio Comparison

The current SRLN Sharpe Ratio is 1.94, which is lower than the CSD Sharpe Ratio of 3.03. The chart below compares the historical Sharpe Ratios of SRLN and CSD, 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

	SRLN	CSD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	3.03	-1.10
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.19	0.71	+0.48
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.57	+0.18
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.43	+0.27

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.

Drawdown Indicators

	SRLN	CSD	Difference
Max Drawdown Largest 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 Drawdown Current decline from peak	-0.12%	0.00%	-0.12%
Average Drawdown Average peak-to-trough decline	-1.10%	-14.23%	+13.13%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	2.89%	-2.01%

Volatility

SRLN vs. CSD - Volatility Comparison

The current volatility for SPDR Blackstone Senior Loan ETF (SRLN) is 0.44%, while Invesco S&P Spin-Off ETF (CSD) has a volatility of 6.19%. 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.

Volatility by Period

	SRLN	CSD	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.44%	6.19%	-5.75%
Volatility (6M) Calculated over the trailing 6-month period	2.64%	18.29%	-15.65%
Volatility (1Y) Calculated over the trailing 1-year period	2.89%	23.87%	-20.98%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.91%	23.26%	-19.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.06%	24.83%	-18.77%

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 7.49%, 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 SPDR Blackstone Senior Loan ETF	7.49%	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

Can I hold both SRLN and CSD in my portfolio?

SRLN and CSD have a correlation of 0.48, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, SRLN or CSD?

CSD has higher volatility (6.19%) compared to SRLN (0.44%). In terms of maximum drawdown, SRLN dropped -22.29% vs CSD's -70.47%.

Which ETF is better, SRLN or CSD?

On 10-year performance, CSD leads with 14.07% 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 0.44%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SRLN or CSD?

Over the 10-year period, CSD has performed better with a 14.07% return vs 4.52%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SRLN or CSD?

CSD is cheaper with a 0.65% expense ratio, compared with 0.70% for SRLN.

Which ETF pays a higher dividend yield, SRLN or CSD?

SRLN has the higher dividend yield at 7.49%, compared with 0.11% for CSD.

What is the main difference between SRLN and CSD?

SRLN is categorized as High Yield Bonds, while CSD is Mid Cap Blend Equities. SRLN tracks Markit iBoxx USD Liquid Leveraged Loan Index, while CSD tracks S&P U.S. Spin-Off Index. They also come from different issuers: State Street and Invesco. Their fees differ too: 0.70% for SRLN and 0.65% for CSD.

Which has better risk-adjusted returns?

CSD currently has the higher Sharpe Ratio (3.03 vs 1.94), 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.