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SRLN vs. SNLN
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SRLN vs. SNLN

Last updated Jun 4, 2026

SRLN (SPDR Blackstone Senior Loan ETF) and SNLN (Highland iBoxx Senior Loan ETF) are both High Yield Bonds funds tracking the Markit iBoxx USD Liquid Leveraged Loan Index, from State Street and Highland Capital Management respectively. Both are passively managed. At a 0.31 correlation, their price movements are largely independent. SRLN charges 0.70%/yr vs 0.75%/yr for SNLN.

Performance

SRLN vs. SNLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Blackstone Senior Loan ETF (SRLN) and Highland iBoxx Senior Loan ETF (SNLN). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

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%

SNLN

1D
—
1M
—
YTD
—
6M
—
1Y
—
3Y*
—
5Y*
—
10Y*
—
*Multi-year figures are annualized to reflect compound growth (CAGR)

SRLN vs. SNLN - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
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%
SNLN
Highland iBoxx Senior Loan ETF		0.00%0.00%0.00%5.84%-3.76%2.05%-5.73%7.03%-0.95%1.66%

Correlation

The correlation between SRLN and SNLN is 0.31, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (3Y)
Calculated over the trailing 3-year period

0.05

Correlation (5Y)
Calculated over the trailing 5-year period

0.25

Correlation (10Y)
Calculated over the trailing 10-year period

0.35

Correlation (All Time)
Calculated using the full available price history since Apr 5, 2013

0.31

The correlation between SRLN and SNLN shifts across timeframes, from 0.05 (3 years) to 0.35 (10 years), reflecting how their relationship changes across market environments.

SRLN vs. SNLN - Sectors Allocation Comparison

Sectors
SRLN
SNLN

Communication Services

91.8%

-

Industrials

8.2%
100.0%

Basic Materials

-

-

Consumer Cyclical

-

-

Consumer Defensive

-

-

Energy

-

-

Financial Services

-

-

Healthcare

-

-

Real Estate

-

-

Technology

-

-

Utilities

-

-

Communication Services

SRLN
91.8%
SNLN

-

Industrials

SRLN
8.2%
SNLN
100.0%

Basic Materials

SRLN

-

SNLN

-

Consumer Cyclical

SRLN

-

SNLN

-

Consumer Defensive

SRLN

-

SNLN

-

Energy

SRLN

-

SNLN

-

Financial Services

SRLN

-

SNLN

-

Healthcare

SRLN

-

SNLN

-

Real Estate

SRLN

-

SNLN

-

Technology

SRLN

-

SNLN

-

Utilities

SRLN

-

SNLN

-

Compare stocks, funds, or ETFs

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SPDR Blackstone Senior Loan ETF

Highland iBoxx Senior Loan ETF

Often compared with SRLN:
SRLN vs. BKLNSRLN vs. HYBLSRLN vs. JBBBSRLN vs. SJNKSRLN vs. USHYSRLN vs. HYGSRLN vs. SEIX
Often compared with SNLN:
SNLN vs. FLRTSNLN vs. PGHYSNLN vs. BRLNSNLN vs. BKLNSNLN vs. SJNKSNLN vs. FFRHXSNLN vs. ANGL

Return for Risk

SRLN vs. SNLN — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SRLN
SRLN Risk / Return Rank: 5252
Overall Rank
SRLN Sharpe Ratio Rank: 5656
Sharpe Ratio Rank
SRLN Sortino Ratio Rank: 5858
Sortino Ratio Rank
SRLN Omega Ratio Rank: 7272
Omega Ratio Rank
SRLN Calmar Ratio Rank: 3434
Calmar Ratio Rank
SRLN Martin Ratio Rank: 3939
Martin Ratio Rank
SNLN
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. SNLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Blackstone Senior Loan ETF (SRLN) and Highland iBoxx Senior Loan ETF (SNLN). 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.

SRLNSNLNDifference
Sharpe ratioReturn per unit of total volatility
1.94

—

—

Sortino ratioReturn per unit of downside risk
2.82

—

—

Omega ratioGain probability vs. loss probability

1.44

—

—

Calmar ratioReturn relative to maximum drawdown

1.71

—

—

Martin ratioReturn relative to average drawdown

6.35

—

—

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. SNLN - Sharpe Ratio Comparison

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Sharpe Ratios by Period

SRLNSNLNDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.94

—

—

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.19

—

—

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.75

—

—

Sharpe Ratio (All Time)

Calculated using the full available price history

0.70

—

—

Drawdowns

SRLN vs. SNLN - Drawdown Comparison

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Drawdown Indicators

SRLNSNLNDifference

Max Drawdown

Largest peak-to-trough decline

-22.29%

—

—

Max Drawdown (1Y)

Largest decline over 1 year

-3.26%

—

—

Max Drawdown (3Y)

Largest decline over 3 years

-4.26%

—

—

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

-0.12%

—

—

Average Drawdown

Average peak-to-trough decline

-1.10%

—

—

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.88%

—

—

Volatility

SRLN vs. SNLN - Volatility Comparison

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Volatility by Period

SRLNSNLNDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.44%

—

—

Volatility (6M)

Calculated over the trailing 6-month period

2.64%

—

—

Volatility (1Y)

Calculated over the trailing 1-year period

2.89%

—

—

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.91%

—

—

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.06%

—

—

SRLN vs. SNLN - Expense Ratio Comparison

SRLN has a 0.70% expense ratio, which is lower than SNLN's 0.75% expense ratio.

Dividends

SRLN vs. SNLN - Dividend Comparison

SRLN's dividend yield for the trailing twelve months is around 7.49%, while SNLN has not paid dividends to shareholders.

PositionTTM20252024202320222021202020192018201720162015
SNLN
Highland iBoxx Senior Loan ETF		0.00%0.00%0.00%5.50%4.88%2.83%3.21%4.72%5.03%4.75%4.36%4.36%
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

SRLN and SNLN have a correlation of 0.31, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

On fees, SRLN is cheaper at 0.70% per year. The better choice depends on whether you care most about return, fees, risk, or income.

SRLN is cheaper with a 0.70% expense ratio, compared with 0.75% for SNLN.

SRLN has the higher dividend yield at 7.49%, compared with 0.00% for SNLN.

Both ETFs track Markit iBoxx USD Liquid Leveraged Loan Index. They also come from different issuers: State Street and Highland Capital Management. Their fees differ too: 0.70% for SRLN and 0.75% for SNLN.

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