USLN vs. SLNZ

Last updated Jun 5, 2026

USLN (iShares Broad USD Floating Rate Loan ETF) and SLNZ (TCW Senior Loan ETF) are both Bank Loan funds. USLN is passively managed, while SLNZ is actively managed. At a correlation of -0.18, they often move in opposite directions. USLN charges 0.43%/yr vs 0.65%/yr for SLNZ.

Performance

USLN vs. SLNZ - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in iShares Broad USD Floating Rate Loan ETF (USLN) and TCW Senior Loan ETF (SLNZ). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

USLN

• 1D: 0.02%
• 1M: 0.54%
• YTD: —
• 6M: —
• 1Y: —
• 3Y*: —
• 5Y*: —
• 10Y*: —

SLNZ

• 1D: 0.03%
• 1M: 0.82%
• YTD: 1.61%
• 6M: 2.01%
• 1Y: 4.56%
• 3Y*: —
• 5Y*: —
• 10Y*: —

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

USLN vs. SLNZ - Yearly Performance Comparison

	2026 (YTD)
USLN iShares Broad USD Floating Rate Loan ETF	1.89%
SLNZ TCW Senior Loan ETF	2.62%

Correlation

The correlation between USLN and SLNZ is -0.18, meaning they tend to move in opposite directions. This is especially valuable for risk management - when one declines, the other has historically tended to hold steady or rise.

	Correlation
Correlation (All Time) Calculated using the full available price history since Mar 5, 2026	-0.18

Return for Risk

USLN vs. SLNZ — Risk / Return Rank

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

SLNZ

SLNZ Risk / Return Rank: 32
SLNZ Sharpe Ratio Rank: 29
SLNZ Sortino Ratio Rank: 26
SLNZ Omega Ratio Rank: 31
SLNZ Calmar Ratio Rank: 37
SLNZ Martin Ratio Rank: 37

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.

USLN vs. SLNZ - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for iShares Broad USD Floating Rate Loan ETF (USLN) and TCW Senior Loan ETF (SLNZ). 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

	USLN	SLNZ	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	—	1.04	—
Sharpe Ratio (All Time) Calculated using the full available price history	3.00	1.18	+1.81

Drawdowns

USLN vs. SLNZ - Drawdown Comparison

The maximum USLN drawdown since its inception was -0.75%, smaller than the maximum SLNZ drawdown of -2.57%. Use the drawdown chart below to compare losses from any high point for USLN and SLNZ.

Drawdown Indicators

	USLN	SLNZ	Difference
Max Drawdown Largest peak-to-trough decline	-0.75%	-2.57%	+1.82%
Max Drawdown (1Y) Largest decline over 1 year	—	-2.57%	—
Current Drawdown Current decline from peak	-0.04%	0.00%	-0.04%
Average Drawdown Average peak-to-trough decline	-0.21%	-0.45%	+0.24%
Ulcer Index Depth and duration of drawdowns from previous peaks	—	0.82%	—

Volatility

Volatility by Period

	USLN	SLNZ	Difference
Volatility (1M) Calculated over the trailing 1-month period	—	1.46%	—
Volatility (6M) Calculated over the trailing 6-month period	—	3.89%	—
Volatility (1Y) Calculated over the trailing 1-year period	2.58%	4.42%	-1.84%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	2.58%	4.28%	-1.70%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	2.58%	4.28%	-1.70%

USLN vs. SLNZ - Expense Ratio Comparison

USLN has a 0.43% expense ratio, which is lower than SLNZ's 0.65% expense ratio.

Dividends

USLN vs. SLNZ - Dividend Comparison

USLN's dividend yield for the trailing twelve months is around 1.54%, less than SLNZ's 7.54% yield.

Position	TTM	2025	2024
SLNZ TCW Senior Loan ETF	7.54%	7.39%	1.39%
USLN iShares Broad USD Floating Rate Loan ETF	1.54%	0.00%	0.00%

Frequently Asked Questions

Can I hold both USLN and SLNZ in my portfolio?

USLN and SLNZ have a correlation of -0.18, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, USLN or SLNZ?

On fees, USLN is cheaper at 0.43% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, USLN or SLNZ?

USLN is cheaper with a 0.43% expense ratio, compared with 0.65% for SLNZ.

Which ETF pays a higher dividend yield, USLN or SLNZ?

SLNZ has the higher dividend yield at 7.54%, compared with 1.54% for USLN.

What is the main difference between USLN and SLNZ?

They also come from different issuers: iShares and TCW. Their fees differ too: 0.43% for USLN and 0.65% for SLNZ.