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SRLN vs. TLT
Performance
Return for Risk
Drawdowns
Volatility
Dividends

SRLN vs. TLT

Last updated Jun 5, 2026

SRLN (SPDR Blackstone Senior Loan ETF) and TLT (iShares 20+ Year Treasury Bond ETF) are both exchange-traded funds - SRLN is a High Yield Bonds fund tracking the Markit iBoxx USD Liquid Leveraged Loan Index, while TLT is a Government Bonds fund tracking the ICE U.S. Treasury 20+ Year Bond Index. Both are passively managed. Over the past 10 years, SRLN returned 4.52%/yr vs -1.56%/yr for TLT. At a correlation of -0.05, they often move in opposite directions. SRLN charges 0.70%/yr vs 0.15%/yr for TLT.

Performance

SRLN vs. TLT - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Blackstone Senior Loan ETF (SRLN) and iShares 20+ Year Treasury Bond ETF (TLT). The values are adjusted to include any dividend payments, if applicable.

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Returns By Period

In the year-to-date period, SRLN achieves a 0.73% return, which is significantly higher than TLT's -0.05% return. Over the past 10 years, SRLN has outperformed TLT with an annualized return of 4.52%, while TLT has yielded a comparatively lower -1.56% annualized return.

SRLN

1D
0.05%
1M
0.33%
YTD
0.73%
6M
1.31%
1Y
5.62%
3Y*
7.83%
5Y*
4.63%
10Y*
4.52%

TLT

1D
0.22%
1M
0.48%
YTD
-0.05%
6M
-1.27%
1Y
3.48%
3Y*
-1.67%
5Y*
-6.27%
10Y*
-1.56%
*Multi-year figures are annualized to reflect compound growth (CAGR)

SRLN vs. TLT - Yearly Performance Comparison

2026 (YTD)202520242023202220212020201920182017
SRLN
SPDR Blackstone Senior Loan ETF		0.73%6.77%8.43%11.62%-5.30%4.49%3.13%10.03%-0.66%3.39%
TLT
iShares 20+ Year Treasury Bond ETF		-0.05%4.25%-8.05%2.77%-31.23%-4.60%18.15%14.12%-1.61%9.18%

Correlation

The correlation between SRLN and TLT is 0.12, which is low. Their price movements are largely independent, making them effective diversification partners.

Correlation
Correlation (1Y)
Calculated over the trailing 1-year period

0.12

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

0.15

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

0.08

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

-0.04

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

-0.05

The correlation between SRLN and TLT shifts across timeframes, from -0.05 (all time) to 0.15 (3 years), reflecting how their relationship changes across market environments.

Compare stocks, funds, or ETFs

Search for stocks, ETFs, and funds for a quick comparison or use the comparison tool for more options.

SPDR Blackstone Senior Loan ETF

iShares 20+ Year Treasury Bond ETF

Often compared with SRLN:
SRLN vs. BKLNSRLN vs. HYBLSRLN vs. JBBBSRLN vs. SJNKSRLN vs. HYGSRLN vs. USHYSRLN vs. SEIX
Often compared with TLT:
TLT vs. SPYTLT vs. IEFTLT vs. TMFTLT vs. BNDTLT vs. VGLTTLT vs. TLTWTLT vs. EDV

Return for Risk

SRLN vs. TLT — Risk / Return Rank

Compare risk-adjusted metric ranks to identify better-performing investments over the past 12 months.
SRLN
SRLN Risk / Return Rank: 5555
Overall Rank
SRLN Sharpe Ratio Rank: 5959
Sharpe Ratio Rank
SRLN Sortino Ratio Rank: 6262
Sortino Ratio Rank
SRLN Omega Ratio Rank: 7676
Omega Ratio Rank
SRLN Calmar Ratio Rank: 3636
Calmar Ratio Rank
SRLN Martin Ratio Rank: 4141
Martin Ratio Rank
TLT
TLT Risk / Return Rank: 1414
Overall Rank
TLT Sharpe Ratio Rank: 1515
Sharpe Ratio Rank
TLT Sortino Ratio Rank: 1414
Sortino Ratio Rank
TLT Omega Ratio Rank: 1313
Omega Ratio Rank
TLT Calmar Ratio Rank: 1515
Calmar Ratio Rank
TLT Martin Ratio Rank: 1515
Martin Ratio Rank
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. TLT - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Blackstone Senior Loan ETF (SRLN) and iShares 20+ Year Treasury Bond ETF (TLT). 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.

SRLNTLTDifference
Sharpe ratioReturn per unit of total volatility
1.95
0.36

+1.59

Sortino ratioReturn per unit of downside risk
2.85
0.59

+2.26

Omega ratioGain probability vs. loss probability

1.45

1.07

+0.38

Calmar ratioReturn relative to maximum drawdown

1.73

0.46

+1.27

Martin ratioReturn relative to average drawdown

6.41

1.14

+5.27

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. TLT - Sharpe Ratio Comparison

The current SRLN Sharpe Ratio is 1.95, which is higher than the TLT Sharpe Ratio of 0.36. The chart below compares the historical Sharpe Ratios of SRLN and TLT, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

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Sharpe Ratios by Period

SRLNTLTDifference

Sharpe Ratio (1Y)

Calculated over the trailing 1-year period

1.95

0.36

+1.59

Sharpe Ratio (5Y)

Calculated over the trailing 5-year period

1.19

-0.40

+1.59

Sharpe Ratio (10Y)

Calculated over the trailing 10-year period

0.75

-0.11

+0.85

Sharpe Ratio (All Time)

Calculated using the full available price history

0.70

0.26

+0.44

Drawdowns

SRLN vs. TLT - Drawdown Comparison

The maximum SRLN drawdown since its inception was -22.29%, smaller than the maximum TLT drawdown of -48.35%. Use the drawdown chart below to compare losses from any high point for SRLN and TLT.

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Drawdown Indicators

SRLNTLTDifference

Max Drawdown

Largest peak-to-trough decline

-22.29%

-48.35%

+26.06%

Max Drawdown (1Y)

Largest decline over 1 year

-3.26%

-7.58%

+4.32%

Max Drawdown (3Y)

Largest decline over 3 years

-4.26%

-19.18%

+14.92%

Max Drawdown (5Y)

Largest decline over 5 years

-7.93%

-43.70%

+35.77%

Max Drawdown (10Y)

Largest decline over 10 years

-22.29%

-48.35%

+26.06%

Current Drawdown

Current decline from peak

-0.07%

-40.31%

+40.24%

Average Drawdown

Average peak-to-trough decline

-1.10%

-13.82%

+12.72%

Ulcer Index

Depth and duration of drawdowns from previous peaks

0.88%

3.05%

-2.17%

Volatility

SRLN vs. TLT - Volatility Comparison

The current volatility for SPDR Blackstone Senior Loan ETF (SRLN) is 0.44%, while iShares 20+ Year Treasury Bond ETF (TLT) has a volatility of 2.71%. This indicates that SRLN experiences smaller price fluctuations and is considered to be less risky than TLT based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

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Volatility by Period

SRLNTLTDifference

Volatility (1M)

Calculated over the trailing 1-month period

0.44%

2.71%

-2.27%

Volatility (6M)

Calculated over the trailing 6-month period

2.64%

6.50%

-3.86%

Volatility (1Y)

Calculated over the trailing 1-year period

2.89%

9.77%

-6.88%

Volatility (5Y)

Calculated over the trailing 5-year period, annualized

3.91%

15.86%

-11.95%

Volatility (10Y)

Calculated over the trailing 10-year period, annualized

6.06%

14.90%

-8.84%

SRLN vs. TLT - Expense Ratio Comparison

SRLN has a 0.70% expense ratio, which is higher than TLT's 0.15% expense ratio.

Dividends

SRLN vs. TLT - Dividend Comparison

SRLN's dividend yield for the trailing twelve months is around 7.49%, more than TLT's 4.58% yield.

PositionTTM20252024202320222021202020192018201720162015
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%
TLT
iShares 20+ Year Treasury Bond ETF		4.58%4.43%4.30%3.38%2.67%1.50%1.50%2.27%2.63%2.43%2.60%2.61%

Frequently Asked Questions

SRLN and TLT have a correlation of 0.12, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

TLT has higher volatility (2.71%) compared to SRLN (0.44%). In terms of maximum drawdown, SRLN dropped -22.29% vs TLT's -48.35%.

On 10-year performance, SRLN leads with 4.52% vs -1.56% for TLT. On fees, TLT is cheaper at 0.15% 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.

Over the 10-year period, SRLN has performed better with a 4.52% return vs -1.56%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

TLT is cheaper with a 0.15% expense ratio, compared with 0.70% for SRLN.

SRLN has the higher dividend yield at 7.49%, compared with 4.58% for TLT.

SRLN is categorized as High Yield Bonds, while TLT is Government Bonds. SRLN tracks Markit iBoxx USD Liquid Leveraged Loan Index, while TLT tracks ICE U.S. Treasury 20+ Year Bond Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.70% for SRLN and 0.15% for TLT.

SRLN currently has the higher Sharpe Ratio (1.95 vs 0.36), 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.

Portfolio Optimizer

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