SRLN vs BKLN ETF Comparison: AI Score, Valuation, Performance and Upside
SRLN (SPDR Blackstone Senior Loan ETF) and BKLN (Invesco Senior Loan ETF) are both senior secured floating-rate loan ETFs providing floating-rate income that adjusts automatically with SOFR changes — SRLN uses active credit management by Blackstone's professional team to select loans, while BKLN passively tracks the Morningstar LSTA US Leveraged Loan 100 Index of the largest, most liquid loans.
SRLN vs BKLN is actively managed floating-rate loan ETF with Blackstone credit expertise (SPDR Blackstone's professional credit selection, first-lien security, SOFR-based floating income — paying 0.70% expense ratio for active management that must consistently outperform passive to justify cost) versus passive floating-rate loan ETF with maximum liquidity and lower cost (Invesco's 0.65% expense ratio on the 100 most liquid U.S. leveraged loans, largest senior loan ETF AUM, and simpler passive approach — accepting all index credits including deteriorating quality situations).
SRLN holds the edge across 3 of 5 key metrics in this comparison. SRLN has delivered stronger 1-year price return (+4.90% vs +4.57% for BKLN).
- Want professional credit selection by Blackstone Credit's institutional-quality team to actively manage loan default risk in their floating-rate income allocation
- Value Blackstone's ability to sell loans with deteriorating fundamentals before default, potentially generating better credit outcomes than a passive strategy that must hold declining credits
- Accept the higher expense ratio and active management costs in exchange for potential credit quality improvement vs. passive senior loan benchmarks
- Want low-cost, transparent passive exposure to the senior loan market with the trading liquidity benefits of the largest and most established senior loan ETF
- Value BKLN's focus on the 100 most liquid U.S. leveraged loans, which reduces the mismatch between ETF liquidity and underlying loan market liquidity during market stress
- Prefer the simple, index-based approach that eliminates active manager selection risk and provides consistent exposure to the senior loan asset class at lower cost
| Metric | SRLN | BKLN |
|---|---|---|
| ETF scorei | 24.5 | 24.4 |
| Latest closei | $40.12 | $20.47 |
| 1M returni | -0.63% | -0.32% |
| 3M returni | +1.27% | +1.66% |
| 6M returni | +3.06% | +2.79% |
| 1Y returni | +4.90% | +4.57% |
The ETF score weights long-term returns and risk-adjusted performance most heavily, but still rewards low expense ratios, larger fund size, and broader diversification — so it can favor low-cost, broad, mega-cap funds over smaller thematic or actively-managed funds even when the latter have delivered stronger returns.
How much would $10,000 be worth today if invested at the start of each period, with all dividends reinvested?
| Period | SRLN | BKLN |
|---|---|---|
| 1Y ago | $11.31K (+13.1%) started 2025-10-15 | $11.16K (+11.6%) started 2025-10-15 |
| 5Y ago | $19.63K (+96.3%) started 2021-10-15 | $19.61K (+96.1%) started 2021-10-15 |
| 10Y ago | $35.34K (+253.4%) started 2016-10-17 | $30.77K (+207.7%) started 2016-10-17 |
Hypothetical — past performance does not guarantee future results.
| Metric | SRLN | BKLN |
|---|---|---|
| Expense ratioi | 0.70% | 0.65% |
| Total assets (AUM)i | $5.53B | $6.49B |
| Dividend yieldi | 7.28% | 6.39% |
| Trailing P/Ei | N/A | N/A |
| Betai | 0.19 | 0.20 |
| 52-week change | 4.90% | 4.57% |
| Metric | SRLN | BKLN |
|---|---|---|
| 1Y returni | +4.90% | +4.57% |
| 6M returni | +3.06% | +2.79% |
| 3M returni | +1.27% | +1.66% |
| 1M returni | -0.63% | -0.32% |
| 1Y Sharpe ratio | 0.12 | 0.01 |
| Betai | 0.19 | 0.20 |
| Dividend yieldi | 7.28% | 6.39% |
| 5Y CAGR | +4.77% | +5.44% |
Over the past year, SRLN and BKLN have moved strongly in the same direction (correlation of 0.87), based on daily returns.
Lower drawdown and smaller single-period drops generally indicate a smoother ride, though they do not guarantee lower future risk.
| Period | Metric | SRLN | BKLN |
|---|---|---|---|
| 1Y | Growthi | +4.90% | +4.57% |
| CAGRi | +4.91% | +4.57% | |
| Volatilityi | 3.00% | 2.82% | |
| Sharpe ratioi | 0.12 | 0.01 | |
| Sortino ratioi | 0.16 | 0.01 | |
| Max drawdowni | 3.26% | 3.07% | |
| Current drawdowni | 0.85% | 0.49% | |
| Avg drawdowni | 0.50% | 0.47% | |
| Ulcer Indexi | 0.89% | 0.80% | |
| Max daily dropi | 0.76% | 0.73% | |
| Max wkly dropi | 1.80% | 1.60% | |
| 5Y | Growthi | +26.23% | +30.30% |
| CAGRi | +4.77% | +5.44% | |
| Volatilityi | 3.93% | 4.47% | |
| Sharpe ratioi | 0.07 | 0.21 | |
| Sortino ratioi | 0.09 | 0.28 | |
| Max drawdowni | 7.93% | 7.31% | |
| Current drawdowni | 0.85% | 0.49% | |
| Avg drawdowni | 1.29% | 0.83% | |
| Ulcer Indexi | 2.35% | 1.62% | |
| Max daily dropi | 2.36% | 2.87% | |
| Max wkly dropi | 3.54% | 4.43% | |
| 10Y | Growthi | +55.10% | +51.36% |
| CAGRi | +4.49% | +4.24% | |
| Volatilityi | 6.06% | 6.41% | |
| Sharpe ratioi | 0.01 | -0.02 | |
| Sortino ratioi | 0.02 | -0.03 | |
| Max drawdowni | 22.29% | 24.17% | |
| Current drawdowni | 0.85% | 0.49% | |
| Avg drawdowni | 1.13% | 0.95% | |
| Ulcer Indexi | 2.50% | 2.11% | |
| Max daily dropi | 5.92% | 6.01% | |
| Max wkly dropi | 10.63% | 13.53% |
| Category | SRLN | BKLN |
|---|---|---|
| Fund name | State Street Blackstone Senior Loan ETF | Invesco Senior Loan ETF |
| Type | ETF | ETF |
| Expense ratioi | 0.70% | 0.65% |
| Total assets (AUM)i | $5.53B | $6.49B |
| Dividend yieldi | 7.28% | 6.39% |
- Blackstone's institutional credit expertise in active selection may avoid distressed loans heading toward default — Blackstone Credit is one of the largest credit investors globally; active credit analysis can identify loans with deteriorating fundamentals and avoid loans that passive indices must hold; credit selection is the key differentiator vs. passive senior loan ETFs
- Floating-rate structure provides automatic rising interest rate protection — senior loans reset their interest rate with SOFR (Secured Overnight Financing Rate) quarterly; when the Fed raises rates, loan coupons increase within months, unlike fixed-rate bonds that decline in price when rates rise; SRLN is a natural rising rate hedge
- First lien security in a company's assets provides recovery protection if a borrower defaults — senior secured loans are first in line to be repaid in a bankruptcy or restructuring using the borrower's pledged assets; historical recovery rates on senior secured loans (60-80% of face value) significantly exceed unsecured high yield bond recoveries (30-50%)
- Largest and most established senior loan ETF with superior trading liquidity — BKLN's large AUM ($5-7 billion+) and long track record create excellent ETF trading liquidity; tight bid-ask spreads make BKLN efficient to trade for institutional and retail investors
- Lower cost than actively managed alternatives — BKLN's 0.65% expense ratio is lower than SRLN's 0.70%; over time, lower costs provide a persistent edge vs. active management that doesn't consistently outperform
- Morningstar LSTA 100 Index focuses on the most liquid loans — the 100 largest, most traded loans in the U.S. market form BKLN's portfolio; focusing on the most liquid loans reduces the liquidity mismatch risk between ETF shares and underlying portfolio
- Higher expense ratio (0.70%) vs. passive BKLN (0.65%) — active management costs more; Blackstone must consistently outperform the passive index after fees to justify the premium; active credit selection in loans has mixed performance track records
- Leveraged loan market liquidity can deteriorate quickly in credit crises — senior loans are privately negotiated; secondary market trading can become very illiquid during financial stress (2008, 2020), creating difficulty trading loan ETF shares at prices reflecting NAV
- CLO and retail fund selling pressure can cause loan prices to fall sharply in credit stress regardless of underlying credit quality — the leveraged loan market is dominated by CLOs (collateralized loan obligations) and retail funds; forced selling by CLOs triggers price declines that affect all loan ETFs
- Passive tracking requires holding all index constituents including deteriorating credits — passive BKLN must hold loans as credit quality declines until they exit the index; active managers like SRLN can sell loans as fundamentals deteriorate; passive strategy means accepting the index's full credit profile
- Leveraged loan market liquidity in credit crises — identical to SRLN; the underlying loan market becomes illiquid during stress; BKLN's daily ETF liquidity may deviate from underlying loan values
- Leveraged buyout debt exposure — most senior loans are to companies taken private in leveraged buyouts; economic downturns that impair LBO company cash flows increase default risk across the loan market
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