SRLN vs. USHY
SRLN (State Street Blackstone Senior Loan ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both exchange-traded funds - SRLN is a Bank Loan fund actively managed by State Street, while USHY is a High Yield Bonds fund tracking the ICE BofA US High Yield Constrained Index. SRLN is actively managed, while USHY is passively managed. Over the past 5 years, SRLN returned 4.52%/yr vs 4.21%/yr for USHY. A 0.56 correlation means they provide meaningful diversification when combined. SRLN charges 0.70%/yr vs 0.15%/yr for USHY.
Performance
SRLN vs. USHY - Performance Comparison
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Returns By Period
In the year-to-date period, SRLN achieves a 0.63% return, which is significantly lower than USHY's 1.78% return.
SRLN
- 1D
- -0.12%
- 1M
- 0.26%
- YTD
- 0.63%
- 6M
- 0.94%
- 1Y
- 5.18%
- 3Y*
- 7.44%
- 5Y*
- 4.52%
- 10Y*
- 4.55%
USHY
- 1D
- -0.05%
- 1M
- 0.57%
- YTD
- 1.78%
- 6M
- 2.04%
- 1Y
- 6.67%
- 3Y*
- 9.21%
- 5Y*
- 4.21%
- 10Y*
- —
SRLN vs. USHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
SRLN State Street Blackstone Senior Loan ETF | 0.63% | 6.77% | 8.43% | 11.62% | -5.30% | 4.49% | 3.13% | 10.03% | -0.66% | 0.25% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.78% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
Correlation
The correlation between SRLN and USHY is 0.63, 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 | 0.63 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.60 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.61 |
Correlation (All Time) Calculated using the full available price history since Oct 26, 2017 | 0.56 |
The correlation between SRLN and USHY has been stable across timeframes, ranging from 0.56 to 0.63 - a consistent structural relationship.
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Return for Risk
SRLN vs. USHY — Risk / Return Rank
SRLN
USHY
SRLN vs. USHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street Blackstone Senior Loan ETF (SRLN) and iShares Broad USD High Yield Corporate Bond ETF (USHY). 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 | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.03 | ||
| Sortino ratioReturn per unit of downside risk | -0.14 | ||
| Omega ratioGain probability vs. loss probability | 1.40 | 1.35 | +0.05 |
| Calmar ratioReturn relative to maximum drawdown | 1.60 | 2.76 | -1.16 |
| Martin ratioReturn relative to average drawdown | 5.90 | 12.34 | -6.44 |
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Drawdowns
SRLN vs. USHY - Drawdown Comparison
The maximum SRLN drawdown since its inception was -22.29%, roughly equal to the maximum USHY drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for SRLN and USHY.
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Drawdown Indicators
| SRLN | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -22.29% | -22.44% | +0.15% |
Max Drawdown (1Y)Largest decline over 1 year | -3.26% | -2.43% | -0.83% |
Max Drawdown (3Y)Largest decline over 3 years | -4.26% | -4.66% | +0.40% |
Max Drawdown (5Y)Largest decline over 5 years | -7.93% | -15.56% | +7.63% |
Max Drawdown (10Y)Largest decline over 10 years | -22.29% | — | — |
Current DrawdownCurrent decline from peak | -0.17% | -0.11% | -0.06% |
Average DrawdownAverage peak-to-trough decline | -1.10% | -2.65% | +1.55% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.88% | 0.54% | +0.34% |
Volatility
SRLN vs. USHY - Volatility Comparison
The current volatility for State Street Blackstone Senior Loan ETF (SRLN) is 0.60%, while iShares Broad USD High Yield Corporate Bond ETF (USHY) has a volatility of 0.94%. This indicates that SRLN experiences smaller price fluctuations and is considered to be less risky than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| SRLN | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 0.60% | 0.94% | -0.34% |
Volatility (6M)Calculated over the trailing 6-month period | 2.67% | 2.97% | -0.30% |
Volatility (1Y)Calculated over the trailing 1-year period | 2.91% | 3.68% | -0.77% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 3.91% | 7.35% | -3.44% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 6.06% | 8.23% | -2.17% |
SRLN vs. USHY - Expense Ratio Comparison
SRLN has a 0.70% expense ratio, which is higher than USHY's 0.15% expense ratio.
Dividends
SRLN vs. USHY - Dividend Comparison
SRLN's dividend yield for the trailing twelve months is around 7.50%, more than USHY's 6.90% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
SRLN State Street Blackstone Senior Loan ETF | 7.50% | 7.67% | 8.58% | 8.44% | 5.72% | 4.45% | 4.91% | 5.39% | 4.98% | 4.01% | 3.94% | 4.43% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.90% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 0.00% | 0.00% |
Frequently Asked Questions
SRLN and USHY have a correlation of 0.63, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
USHY has higher volatility (0.94%) compared to SRLN (0.60%). In terms of maximum drawdown, SRLN dropped -22.29% vs USHY's -22.44%.
On 5-year performance, SRLN leads with 4.52% vs 4.21% for USHY. On fees, USHY is cheaper at 0.15% per year. On volatility, SRLN has been the lower-risk option at 0.60%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, SRLN has performed better with a 4.52% return vs 4.21%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.70% for SRLN.
SRLN has the higher dividend yield at 7.50%, compared with 6.90% for USHY.
SRLN is categorized as Bank Loan, while USHY is High Yield Bonds. They also come from different issuers: State Street and iShares. Their fees differ too: 0.70% for SRLN and 0.15% for USHY.
USHY currently has the higher Sharpe Ratio (1.82 vs 1.79), 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.
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