TEND vs. BRLN

Last updated Jun 4, 2026

TEND (iShares Large Cap 10% Target Buffer Dec ETF) and BRLN (BlackRock Floating Rate Loan ETF) are both exchange-traded funds - TEND is a Defined Outcome fund actively managed by BlackRock, while BRLN is a Bank Loan fund actively managed by BlackRock. Both are actively managed. At a 0.17 correlation, their price movements are largely independent. TEND charges 0.50%/yr vs 0.55%/yr for BRLN.

Performance

TEND vs. BRLN - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Large Cap 10% Target Buffer Dec ETF (TEND) and BlackRock Floating Rate Loan ETF (BRLN). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, TEND achieves a 6.91% return, which is significantly higher than BRLN's 1.35% return.

TEND

• 1D: -0.28%
• 1M: 2.91%
• YTD: 6.91%
• 6M: 7.29%
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

BRLN

• 1D: -0.21%
• 1M: 0.94%
• YTD: 1.35%
• 6M: 2.23%
• 1Y: 5.10%
• 3Y*: 7.36%
• 5Y*: —
• 10Y*: —

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

TEND vs. BRLN - Yearly Performance Comparison

	2026 (YTD)	2025
TEND iShares Large Cap 10% Target Buffer Dec ETF	6.91%	1.72%
BRLN BlackRock Floating Rate Loan ETF	1.35%	1.57%

Correlation

The correlation between TEND and BRLN is 0.17, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (All Time) Calculated using the full available price history since Oct 9, 2025	0.17

Return for Risk

TEND vs. BRLN — Risk / Return Rank

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

BRLN

BRLN Risk / Return Rank: 52
BRLN Sharpe Ratio Rank: 48
BRLN Sortino Ratio Rank: 53
BRLN Omega Ratio Rank: 51
BRLN Calmar Ratio Rank: 51
BRLN Martin Ratio Rank: 57

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.

TEND vs. BRLN - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Large Cap 10% Target Buffer Dec ETF (TEND) and BlackRock Floating Rate Loan ETF (BRLN). 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.

Risk / return metrics aren't available yet — we need at least 12 months of trading data to calculate them.

Sharpe Ratios by Period

	TEND	BRLN	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.68	—
Sharpe Ratio (All Time) Calculated using the full available price history	1.72	2.19	-0.47

Drawdowns

TEND vs. BRLN - Drawdown Comparison

The maximum TEND drawdown since its inception was -5.92%, which is greater than BRLN's maximum drawdown of -3.85%. Use the drawdown chart below to compare losses from any high point for TEND and BRLN.

Drawdown Indicators

	TEND	BRLN	Difference
Max Drawdown Largest peak-to-trough decline	-5.92%	-3.85%	-2.07%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.00%	—
Max Drawdown (3Y) Largest decline over 3 years	—	-3.85%	—
Current Drawdown Current decline from peak	-0.28%	-0.21%	-0.07%
Average Drawdown Average peak-to-trough decline	-0.76%	-0.31%	-0.45%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.51%	—

Volatility

Volatility by Period

	TEND	BRLN	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	0.81%	—
Volatility (6M) Calculated over the trailing 6-month period	—	2.24%	—
Volatility (1Y) Calculated over the trailing 1-year period	8.08%	3.06%	+5.02%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	8.08%	3.73%	+4.35%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.08%	3.73%	+4.35%

TEND vs. BRLN - Expense Ratio Comparison

TEND has a 0.50% expense ratio, which is lower than BRLN's 0.55% expense ratio.

Dividends

TEND vs. BRLN - Dividend Comparison

TEND's dividend yield for the trailing twelve months is around 0.13%, less than BRLN's 6.35% yield.

Position	TTM	2025	2024	2023	2022
BRLN BlackRock Floating Rate Loan ETF	6.35%	6.50%	7.87%	9.06%	1.48%
TEND iShares Large Cap 10% Target Buffer Dec ETF	0.13%	0.14%	0.00%	0.00%	0.00%

Frequently Asked Questions

Can I hold both TEND and BRLN in my portfolio?

TEND and BRLN have a correlation of 0.17, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, TEND or BRLN?

On fees, TEND is cheaper at 0.50% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, TEND or BRLN?

TEND is cheaper with a 0.50% expense ratio, compared with 0.55% for BRLN.

Which ETF pays a higher dividend yield, TEND or BRLN?

BRLN has the higher dividend yield at 6.35%, compared with 0.13% for TEND.

What is the main difference between TEND and BRLN?

TEND is categorized as Defined Outcome, while BRLN is Bank Loan. Their fees differ too: 0.50% for TEND and 0.55% for BRLN.