SPY vs SRLN
State Street SPDR S&P 500 ETF Trust vs State Street Blackstone Senior Loan ETF
Quick Verdict
SPY has a lower expense ratio. SPY delivered stronger 1-year returns. SPY offers more diversification with 503 holdings.
Side-by-Side Comparison
| Metric | SPY | SRLN | Winner |
|---|---|---|---|
| Expense Ratio | 0.09% | 0.70% | |
| AUM | $789.1B | $5.3B | |
| Dividend Yield | 1.01% | 7.50% | |
| Holdings | 505 | 607 | |
| YTD Return | +13.79% | +1.41% | |
| 1Y Return | +23.66% | +4.33% | |
| 3Y Return (annualized) | +21.40% | +7.18% | |
| 5Y Return (annualized) | +13.37% | +4.79% | |
| Volatility (annualized) | 15.3% | 5.2% | |
| Max Drawdown | -56.5% | -28.4% | |
| Fund Family | State Street Investment Management | State Street Investment Management | |
| Category | Equity | Fixed Income | |
| Inception | Jan 22, 1993 | Apr 3, 2013 |
SPY vs SRLN Performance
State Street SPDR S&P 500 ETF Trust (SPY) is a ETF from State Street Investment Management and State Street Blackstone Senior Loan ETF (SRLN) is a ETF from State Street Investment Management. Over the past year SPY returned +23.66% while SRLN returned +4.33%. Year to date, SPY is up 13.79% versus a gain of 1.41% for SRLN.
Over three years, SPY compounded at +21.40% per year against +7.18% for SRLN; over five years the annualized figures are +13.37% and +4.79% respectively. Across the full 13-year window we track, SPY has the edge at +8.85% annualized vs +1.24%. Past performance does not guarantee future results.
Risk: Volatility and Drawdowns
SPY has been the more volatile fund, with annualized monthly volatility of 15.3% compared with 5.2% for SRLN. 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 -56.5% for SPY and -28.4% for SRLN. 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 0.67. They move independently enough that combining them can meaningfully diversify a portfolio.
Fees and Cost Over Time
SPY charges 0.09% per year while SRLN charges 0.70%. On a $10,000 position that is $9 vs $70 annually, a gap of $61 per year that compounds over a long holding period. On income, SPY currently yields 1.01% against 7.50% for SRLN.
Holdings Overlap
SPY and SRLN share 0 holdings out of 529 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, SPY or SRLN?
SPY has an expense ratio of 0.09% while SRLN charges 0.70%. SPY is the cheaper option. On a $10,000 investment, that is $61 per year of difference.
Which performed better, SPY or SRLN?
Over the past year SPY returned +23.66% vs +4.33% for SRLN, so SPY leads on 1-year performance. Over the longest common window we track (13 years), SPY annualized +8.85% vs +1.24% for SRLN. Past performance does not guarantee future results.
Which is riskier, SPY or SRLN?
SPY has been the more volatile fund at 15.3% annualized versus 5.2% for SRLN. Worst drawdown: SPY -56.5% vs SRLN -28.4%.
Should I hold both SPY and SRLN?
SPY and SRLN have a monthly-return correlation of 0.67, so combining them can provide real diversification depending on your allocation goals.
What is the holdings overlap between SPY and SRLN?
SPY and SRLN share 0 common holdings with a 0.0% weight overlap. Combined, they hold 529 unique securities.
Which pays a higher dividend, SPY or SRLN?
SPY yields 1.01% while SRLN yields 7.50%, so SRLN currently pays the higher dividend yield.
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