CG vs. JNK

Last updated Jun 13, 2026

CG (The Carlyle Group Inc.) is a stock, while JNK (State Street SPDR Bloomberg High Yield Bond ETF) is High Yield Bonds fund tracking the Bloomberg High Yield Very Liquid Index. Over the past 10 years, CG returned 16.61%/yr vs 5.09%/yr for JNK. A 0.50 correlation means they provide meaningful diversification when combined.

Performance

CG vs. JNK - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in The Carlyle Group Inc. (CG) and State Street SPDR Bloomberg High Yield Bond ETF (JNK). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, CG achieves a -21.53% return, which is significantly lower than JNK's 1.83% return. Over the past 10 years, CG has outperformed JNK with an annualized return of 16.61%, while JNK has yielded a comparatively lower 5.09% annualized return.

CG

• 1D: 2.69%
• 1M: -6.25%
• YTD: -21.53%
• 6M: -20.51%
• 1Y: -1.61%
• 3Y*: 18.18%
• 5Y*: 3.96%
• 10Y*: 16.61%

JNK

• 1D: 0.02%
• 1M: 0.67%
• YTD: 1.83%
• 6M: 2.49%
• 1Y: 7.11%
• 3Y*: 8.62%
• 5Y*: 3.65%
• 10Y*: 5.09%

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

CG vs. JNK - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
CG The Carlyle Group Inc.	-21.53%	20.20%	28.05%	42.55%	-43.78%	78.46%	1.62%	116.75%	-27.28%	59.83%
JNK State Street SPDR Bloomberg High Yield Bond ETF	1.83%	8.76%	7.71%	12.42%	-12.19%	4.00%	4.95%	14.88%	-3.28%	6.49%

Correlation

The correlation between CG and JNK is 0.53, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.53
Correlation (3Y) Calculated over the trailing 3-year period	0.54
Correlation (5Y) Calculated over the trailing 5-year period	0.61
Correlation (10Y) Calculated over the trailing 10-year period	0.54
Correlation (All Time) Calculated using the full available price history since May 3, 2012	0.50

The correlation between CG and JNK shifts across timeframes, from 0.50 (all time) to 0.61 (5 years), reflecting how their relationship changes across market environments.

Return for Risk

CG vs. JNK — Risk / Return Rank

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

CG

CG Risk / Return Rank: 39
CG Sharpe Ratio Rank: 41
CG Sortino Ratio Rank: 36
CG Omega Ratio Rank: 36
CG Calmar Ratio Rank: 41
CG Martin Ratio Rank: 41

JNK

JNK Risk / Return Rank: 69
JNK Sharpe Ratio Rank: 65
JNK Sortino Ratio Rank: 72
JNK Omega Ratio Rank: 69
JNK Calmar Ratio Rank: 65
JNK Martin Ratio Rank: 76

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.

CG vs. JNK - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for The Carlyle Group Inc. (CG) and State Street SPDR Bloomberg High Yield Bond ETF (JNK). 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.

Values are calculated on a 1-year rolling basis and updated daily. Risk-adjusted metrics are more stable over longer periods — use the period switch above to explore them.

	CG	JNK	Difference
Sharpe ratio: Return per unit of total volatility	-0.04	1.84	-1.89
Sortino ratio: Return per unit of downside risk	0.19	2.81	-2.62
Omega ratio: Gain probability vs. loss probability	1.02	1.35	-0.33
Calmar ratio: Return relative to maximum drawdown	-0.04	2.85	-2.89
Martin ratio: Return relative to average drawdown	-0.08	12.52	-12.60

CG vs. JNK - Sharpe Ratio Comparison

The current CG Sharpe Ratio is -0.04, which is lower than the JNK Sharpe Ratio of 1.84. The chart below compares the historical Sharpe Ratios of CG and JNK, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Drawdowns

CG vs. JNK - Drawdown Comparison

The maximum CG drawdown since its inception was -62.69%, which is greater than JNK's maximum drawdown of -38.48%. Use the drawdown chart below to compare losses from any high point for CG and JNK.

Drawdown Indicators

	CG	JNK	Difference
Max Drawdown Largest peak-to-trough decline	-62.69%	-38.48%	-24.21%
Max Drawdown (1Y) Largest decline over 1 year	-37.83%	-2.51%	-35.32%
Max Drawdown (3Y) Largest decline over 3 years	-38.53%	-5.02%	-33.51%
Max Drawdown (5Y) Largest decline over 5 years	-56.75%	-16.67%	-40.08%
Max Drawdown (10Y) Largest decline over 10 years	-56.75%	-22.89%	-33.86%
Current Drawdown Current decline from peak	-32.67%	0.00%	-32.67%
Average Drawdown Average peak-to-trough decline	-21.75%	-3.69%	-18.06%
Ulcer Index Depth and duration of drawdowns from previous peaks	19.76%	0.57%	+19.19%

Volatility

CG vs. JNK - Volatility Comparison

The Carlyle Group Inc. (CG) has a higher volatility of 10.06% compared to State Street SPDR Bloomberg High Yield Bond ETF (JNK) at 1.21%. This indicates that CG's price experiences larger fluctuations and is considered to be riskier than JNK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	CG	JNK	Difference
Volatility (1M) Calculated over the trailing 1-month period	10.06%	1.21%	+8.85%
Volatility (6M) Calculated over the trailing 6-month period	27.69%	3.03%	+24.66%
Volatility (1Y) Calculated over the trailing 1-year period	36.18%	3.87%	+32.31%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	39.78%	7.55%	+32.23%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	37.38%	8.31%	+29.07%

Dividends

CG vs. JNK - Dividend Comparison

CG's dividend yield for the trailing twelve months is around 3.06%, less than JNK's 6.60% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
CG The Carlyle Group Inc.	3.06%	2.37%	2.77%	3.38%	4.11%	1.82%	3.18%	4.24%	7.87%	5.41%	11.02%	21.70%
JNK State Street SPDR Bloomberg High Yield Bond ETF	6.60%	6.54%	6.63%	6.38%	6.06%	4.27%	5.11%	5.44%	5.90%	5.60%	6.06%	6.59%

Frequently Asked Questions

Can I hold both CG and JNK in my portfolio?

CG and JNK have a correlation of 0.53, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, CG or JNK?

CG has higher volatility (10.06%) compared to JNK (1.21%). In terms of maximum drawdown, CG dropped -62.69% vs JNK's -38.48%.

Which has better risk-adjusted returns?

JNK currently has the higher Sharpe Ratio (1.84 vs -0.04), meaning it's delivered slightly more return per unit of risk over the trailing 12 months. However, this ranking shifts over time - use the Risk/Return Score above for a more comprehensive view that combines Sharpe, Sortino, and other measures used by quantitative funds.