BXSL vs SPY
Blackstone Secured Lending Fund vs State Street SPDR S&P 500 ETF Trust
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 505 holdings.
Side-by-Side Comparison
| Metric | BXSL | SPY | Winner |
|---|---|---|---|
| Expense Ratio | 11.03% | 0.09% | |
| AUM | - | $814.4B | |
| Dividend Yield | - | 1.01% | |
| Holdings | 1 | 505 | |
| YTD Return | +0.38% | +12.87% | |
| 1Y Return | -4.46% | +21.13% | |
| 3Y Return (annualized) | +7.28% | +20.86% | |
| 5Y Return (annualized) | - | +12.69% | |
| Volatility (annualized) | 17.4% | 15.3% | |
| Max Drawdown | -36.8% | -56.5% | |
| Fund Family | The Blackstone Group Inc | State Street Investment Management | |
| Category | Fixed Income | Equity | |
| Inception | Mar 26, 2018 | Jan 22, 1993 |
BXSL vs SPY Performance
Blackstone Secured Lending Fund (BXSL) is a ETF from The Blackstone Group Inc and State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management. Over the past year BXSL returned -4.46% while SPY returned +21.13%. Year to date, BXSL is up 0.38% versus a gain of 12.87% for SPY.
Over three years, BXSL compounded at +7.28% per year against +20.86% for SPY. Across the full 5-year window we track, BXSL has the edge at +8.88% annualized vs +8.80%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
BXSL has been the more volatile fund, with annualized monthly volatility of 17.4% compared with 15.3% for SPY. Lower volatility generally means a smoother ride, though it often comes with lower long-run returns.
The deepest peak-to-trough decline in our data was -36.8% for BXSL and -56.5% for SPY. Drawdown depth is worth weighing if you expect to sell during market stress rather than ride it out.
The two funds' monthly returns correlate at 0.35. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
BXSL charges 11.03% per year while SPY charges 0.09%. On a $10,000 position that is $1103 vs $9 annually, a gap of $1094 per year that compounds over a long holding period.
Holdings Overlap
BXSL and SPY share 0 holdings out of 505 unique holdings combined, representing a 0.0% weight overlap.
Moderate overlap means holding both could provide meaningful diversification benefits.
Frequently Asked Questions
Which is cheaper, BXSL or SPY?
BXSL has an expense ratio of 11.03% while SPY charges 0.09%. SPY is the cheaper option. On a $10,000 investment, that is $1094 per year of difference.
Which performed better, BXSL or SPY?
Over the past year BXSL returned -4.46% vs +21.13% for SPY, so SPY leads on 1-year performance. Over the longest common window we track (5 years), BXSL annualized +8.88% vs +8.80% for SPY. Past performance does not guarantee future results.
Which is riskier, BXSL or SPY?
BXSL has been the more volatile fund at 17.4% annualized versus 15.3% for SPY. Worst drawdown: BXSL -36.8% vs SPY -56.5%.
Should I hold both BXSL and SPY?
BXSL and SPY have a monthly-return correlation of 0.35, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between BXSL and SPY?
BXSL and SPY share 0 common holdings with a 0.0% weight overlap. Combined, they hold 505 unique securities.
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