SRLN vs. LONZ

Last updated Jun 25, 2026

SRLN (State Street Blackstone Senior Loan ETF) and LONZ (PIMCO Senior Loan Active Exchange-Traded Fund) are both Bank Loan funds. Both are actively managed. Over the past 3 years, SRLN returned 7.31%/yr vs 7.87%/yr for LONZ. A 0.57 correlation means they provide meaningful diversification when combined. SRLN charges 0.70%/yr vs 0.62%/yr for LONZ.

Performance

SRLN vs. LONZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in State Street Blackstone Senior Loan ETF (SRLN) and PIMCO Senior Loan Active Exchange-Traded Fund (LONZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, SRLN achieves a 0.28% return, which is significantly lower than LONZ's 1.85% 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%

LONZ

• 1D: 0.10%
• 1M: 0.32%
• YTD: 1.85%
• 6M: 1.08%
• 1Y: 5.19%
• 3Y*: 7.87%
• 5Y*: —
• 10Y*: —

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

SRLN vs. LONZ - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022
SRLN State Street Blackstone Senior Loan ETF	0.28%	6.77%	8.43%	11.62%	-2.00%
LONZ PIMCO Senior Loan Active Exchange-Traded Fund	1.85%	5.05%	9.85%	12.56%	0.54%

Correlation

The correlation between SRLN and LONZ is 0.59, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.59
Correlation (3Y) Calculated over the trailing 3-year period	0.52
Correlation (All Time) Calculated using the full available price history since Jun 9, 2022	0.57

The correlation between SRLN and LONZ has been stable across timeframes, ranging from 0.52 to 0.59 - a consistent structural relationship.

Return for Risk

SRLN vs. LONZ — Risk / Return Rank

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

SRLN

SRLN Risk / Return Rank: 46
SRLN Sharpe Ratio Rank: 50
SRLN Sortino Ratio Rank: 51
SRLN Omega Ratio Rank: 63
SRLN Calmar Ratio Rank: 30
SRLN Martin Ratio Rank: 36

LONZ

LONZ Risk / Return Rank: 75
LONZ Sharpe Ratio Rank: 80
LONZ Sortino Ratio Rank: 80
LONZ Omega Ratio Rank: 91
LONZ Calmar Ratio Rank: 59
LONZ Martin Ratio Rank: 66

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. LONZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for State Street Blackstone Senior Loan ETF (SRLN) and PIMCO Senior Loan Active Exchange-Traded Fund (LONZ). 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	LONZ	Difference
Sharpe ratio: Return per unit of total volatility	1.57	2.27	-0.70
Sortino ratio: Return per unit of downside risk	2.27	3.16	-0.89
Omega ratio: Gain probability vs. loss probability	1.34	1.53	-0.19
Calmar ratio: Return relative to maximum drawdown	1.40	2.56	-1.17
Martin ratio: Return relative to average drawdown	5.17	10.60	-5.44

SRLN vs. LONZ - Sharpe Ratio Comparison

The current SRLN Sharpe Ratio is 1.57, which is lower than the LONZ Sharpe Ratio of 2.27. The chart below compares the historical Sharpe Ratios of SRLN and LONZ, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

SRLN vs. LONZ - Drawdown Comparison

The maximum SRLN drawdown since its inception was -22.29%, which is greater than LONZ's maximum drawdown of -4.19%. Use the drawdown chart below to compare losses from any high point for SRLN and LONZ.

Drawdown Indicators

	SRLN	LONZ	Difference
Max Drawdown Largest peak-to-trough decline	-22.29%	-4.19%	-18.10%
Max Drawdown (1Y) Largest decline over 1 year	-3.26%	-2.03%	-1.23%
Max Drawdown (3Y) Largest decline over 3 years	-4.26%	-4.19%	-0.07%
Max Drawdown (5Y) Largest decline over 5 years	-7.93%	—	—
Max Drawdown (10Y) Largest decline over 10 years	-22.29%	—	—
Current Drawdown Current decline from peak	-0.52%	-0.18%	-0.34%
Average Drawdown Average peak-to-trough decline	-1.10%	-0.47%	-0.63%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	0.49%	+0.39%

Volatility

SRLN vs. LONZ - Volatility Comparison

State Street Blackstone Senior Loan ETF (SRLN) and PIMCO Senior Loan Active Exchange-Traded Fund (LONZ) have volatilities of 0.64% and 0.62%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SRLN	LONZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.64%	0.62%	+0.02%
Volatility (6M) Calculated over the trailing 6-month period	2.68%	2.10%	+0.58%
Volatility (1Y) Calculated over the trailing 1-year period	2.92%	2.30%	+0.62%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.92%	3.20%	+0.72%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.06%	3.20%	+2.86%

SRLN vs. LONZ - Expense Ratio Comparison

SRLN has a 0.70% expense ratio, which is higher than LONZ's 0.62% expense ratio.

Dividends

SRLN vs. LONZ - Dividend Comparison

SRLN's dividend yield for the trailing twelve months is around 7.52%, less than LONZ's 8.13% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
LONZ PIMCO Senior Loan Active Exchange-Traded Fund	8.13%	6.60%	8.16%	8.29%	3.33%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%	0.00%
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

Can I hold both SRLN and LONZ in my portfolio?

SRLN and LONZ have a correlation of 0.59, 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 LONZ?

SRLN has higher volatility (0.64%) compared to LONZ (0.62%). In terms of maximum drawdown, SRLN dropped -22.29% vs LONZ's -4.19%.

Which ETF is better, SRLN or LONZ?

On 3-year performance, LONZ leads with 7.87% vs 7.31% for SRLN. On fees, LONZ is cheaper at 0.62% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, SRLN or LONZ?

Over the 3-year period, LONZ has performed better with a 7.87% return vs 7.31%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, SRLN or LONZ?

LONZ is cheaper with a 0.62% expense ratio, compared with 0.70% for SRLN.

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

LONZ has the higher dividend yield at 8.13%, compared with 7.52% for SRLN.

What is the main difference between SRLN and LONZ?

They also come from different issuers: State Street and PIMCO. Their fees differ too: 0.70% for SRLN and 0.62% for LONZ.

Which has better risk-adjusted returns?

LONZ currently has the higher Sharpe Ratio (2.27 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.