Senior Loan vs the S&P 500 (BKLN): is it outperforming?
Over the past month, BKLN has outperformed the S&P 500 by 0.5 points. Here is where that puts it in the market rotation — updated daily.
Where BKLN sits on the rotation map
Senior Loan highlighted against the 11 broad S&P 500 sectors. Vertical: 1-month spread vs the S&P 500. Horizontal: the longer, time-shifted window — the methodology explains the math.
BKLN vs SPY: head-to-head returns
BKLN (senior loan) and SPY (the S&P 500) side by side over every window Zensei tracks. The spread is the difference — positive means BKLN won that window.
Data as of 2026-07-22 · computed from daily adjusted closes · how we measure
The read
Senior Loan (BKLN) has just turned the corner. Over the longer, time-shifted window it trailed the S&P 500 by 5.2 points, but over the past month it has moved narrowly ahead of the market — a 0.5-point edge that puts it in the improving quadrant. Ranked by one-month spread, it currently stands #57 of the 115 groups Zensei tracks.
On the shorter tape, BKLN's momentum is weakening: the intraday trend that carried the move is cooling across the shorter windows. BKLN's relative-strength line has broken below its long-term average — the long-term outperformance trend is no longer intact. Both signals point the same direction here: the market is not rewarding this group on either horizon.
The thing to watch from here is confirmation: improving groups that hold a positive one-month spread long enough for the longer window to turn are the classic early-rotation entries — the ones that fail fall back quickly.
Senior Loan vs the market — common questions
Is senior loan outperforming the S&P 500?
Right now, yes: over the past month BKLN has outperformed the S&P 500 by 0.5 points. This page updates daily, so the answer reflects current market data rather than a dated article.
What is BKLN?
BKLN is Invesco Senior Loan ETF, the fund Zensei uses to measure the senior loan group against the S&P 500 benchmark (SPY).
What quadrant is senior loan in right now?
As of the latest daily data, senior loan is in the improving quadrant — behind the market over the longer window, but ahead over the past month. The quadrant rules are documented on the Zensei methodology page.
Related sectors
Track senior loan against the whole market
Zensei Edge maps 100+ sectors and themes against the S&P 500 — with the stocks inside each one, rotation history and alerts when leadership changes hands.