SRLN vs. SPYM

Last updated Jun 4, 2026

SRLN (SPDR Blackstone Senior Loan ETF) and SPYM (State Street SPDR Portfolio S&P 500 ETF) are both exchange-traded funds - SRLN is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid Leveraged Loan Index, while SPYM is a S&P 500 fund tracking the S&P 500 Index. Both are passively managed. Over the past 10 years, SRLN returned 4.52%/yr vs 15.62%/yr for SPYM. At a 0.45 correlation, their price movements are largely independent. SRLN charges 0.70%/yr vs 0.02%/yr for SPYM.

Performance

SRLN vs. SPYM - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Blackstone Senior Loan ETF (SRLN) and State Street SPDR Portfolio S&P 500 ETF (SPYM). 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 SPYM's 10.98% return. Over the past 10 years, SRLN has underperformed SPYM with an annualized return of 4.52%, while SPYM has yielded a comparatively higher 15.62% 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%

SPYM

• 1D: -0.66%
• 1M: 5.06%
• YTD: 10.98%
• 6M: 10.98%
• 1Y: 28.09%
• 3Y*: 22.46%
• 5Y*: 13.91%
• 10Y*: 15.62%

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

SRLN vs. SPYM - 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%
SPYM State Street SPDR Portfolio S&P 500 ETF	10.98%	17.79%	25.00%	26.24%	-18.09%	28.78%	18.49%	31.99%	-4.78%	21.30%

Correlation

The correlation between SRLN and SPYM is 0.62, 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	0.62
Correlation (3Y) Calculated over the trailing 3-year period	0.61
Correlation (5Y) Calculated over the trailing 5-year period	0.64
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since Apr 5, 2013	0.45

The correlation between SRLN and SPYM shifts across timeframes, from 0.45 (all time) to 0.64 (5 years), reflecting how their relationship changes across market environments.

SRLN vs. SPYM - Sectors Allocation Comparison

Sectors	SRLN	SPYM
Communication Services	91.8%	10.6%
Industrials	8.2%	7.6%
Basic Materials	-	1.7%
Consumer Cyclical	-	9.9%
Consumer Defensive	-	4.6%
Energy	-	3.2%
Financial Services	-	11.1%
Healthcare	-	8.4%
Real Estate	-	1.8%
Technology	-	38.5%
Utilities	-	2.5%

Return for Risk

SRLN vs. SPYM — 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

SPYM

SPYM Risk / Return Rank: 70
SPYM Sharpe Ratio Rank: 71
SPYM Sortino Ratio Rank: 70
SPYM Omega Ratio Rank: 71
SPYM Calmar Ratio Rank: 62
SPYM Martin Ratio Rank: 76

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. SPYM - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Blackstone Senior Loan ETF (SRLN) and State Street SPDR Portfolio S&P 500 ETF (SPYM). 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	SPYM	Difference
Sharpe ratio: Return per unit of total volatility	1.94	2.39	-0.46
Sortino ratio: Return per unit of downside risk	2.82	3.27	-0.44
Omega ratio: Gain probability vs. loss probability	1.44	1.44	+0.01
Calmar ratio: Return relative to maximum drawdown	1.71	3.17	-1.46
Martin ratio: Return relative to average drawdown	6.35	14.76	-8.41
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. SPYM - Sharpe Ratio Comparison

The current SRLN Sharpe Ratio is 1.94, which is comparable to the SPYM Sharpe Ratio of 2.39. The chart below compares the historical Sharpe Ratios of SRLN and SPYM, 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	SPYM	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.94	2.39	-0.46
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	1.19	0.83	+0.35
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.75	0.87	-0.12
Sharpe Ratio (All Time) Calculated using the full available price history	0.70	0.62	+0.08

Drawdowns

SRLN vs. SPYM - Drawdown Comparison

The maximum SRLN drawdown since its inception was -22.29%, smaller than the maximum SPYM drawdown of -54.46%. Use the drawdown chart below to compare losses from any high point for SRLN and SPYM.

Drawdown Indicators

	SRLN	SPYM	Difference
Max Drawdown Largest peak-to-trough decline	-22.29%	-54.46%	+32.17%
Max Drawdown (1Y) Largest decline over 1 year	-3.26%	-8.90%	+5.64%
Max Drawdown (3Y) Largest decline over 3 years	-4.26%	-18.72%	+14.46%
Max Drawdown (5Y) Largest decline over 5 years	-7.93%	-24.48%	+16.55%
Max Drawdown (10Y) Largest decline over 10 years	-22.29%	-33.87%	+11.58%
Current Drawdown Current decline from peak	-0.12%	-0.66%	+0.54%
Average Drawdown Average peak-to-trough decline	-1.10%	-7.15%	+6.05%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.88%	1.91%	-1.03%

Volatility

SRLN vs. SPYM - Volatility Comparison

The current volatility for SPDR Blackstone Senior Loan ETF (SRLN) is 0.44%, while State Street SPDR Portfolio S&P 500 ETF (SPYM) has a volatility of 2.83%. This indicates that SRLN experiences smaller price fluctuations and is considered to be less risky than SPYM based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	SRLN	SPYM	Difference
Volatility (1M) Calculated over the trailing 1-month period	0.44%	2.83%	-2.39%
Volatility (6M) Calculated over the trailing 6-month period	2.64%	8.90%	-6.26%
Volatility (1Y) Calculated over the trailing 1-year period	2.89%	11.80%	-8.91%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	3.91%	16.80%	-12.89%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.06%	18.00%	-11.94%

SRLN vs. SPYM - Expense Ratio Comparison

SRLN has a 0.70% expense ratio, which is higher than SPYM's 0.02% expense ratio.

Dividends

SRLN vs. SPYM - Dividend Comparison

SRLN's dividend yield for the trailing twelve months is around 7.49%, more than SPYM's 1.00% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
SPYM State Street SPDR Portfolio S&P 500 ETF	1.00%	1.13%	1.28%	1.44%	1.69%	1.25%	1.54%	1.79%	2.23%	1.75%	1.97%	1.98%
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 SPYM in my portfolio?

SRLN and SPYM have a correlation of 0.62, 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 SPYM?

SPYM has higher volatility (2.83%) compared to SRLN (0.44%). In terms of maximum drawdown, SRLN dropped -22.29% vs SPYM's -54.46%.

Which ETF is better, SRLN or SPYM?

On 10-year performance, SPYM leads with 15.62% vs 4.52% for SRLN. On fees, SPYM is cheaper at 0.02% 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 SPYM?

Over the 10-year period, SPYM has performed better with a 15.62% 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 SPYM?

SPYM is cheaper with a 0.02% expense ratio, compared with 0.70% for SRLN.

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

SRLN has the higher dividend yield at 7.49%, compared with 1.00% for SPYM.

What is the main difference between SRLN and SPYM?

SRLN is categorized as High Yield Bonds, while SPYM is S&P 500. SRLN tracks Markit iBoxx USD Liquid Leveraged Loan Index, while SPYM tracks S&P 500 Index. Their fees differ too: 0.70% for SRLN and 0.02% for SPYM.

Which has better risk-adjusted returns?

SPYM currently has the higher Sharpe Ratio (2.39 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.