HIGH vs. SJNK
HIGH (Simplify Enhanced Income ETF) and SJNK (SPDR Bloomberg Short Term High Yield Bond ETF) are both exchange-traded funds - HIGH is a Derivative Income fund actively managed by Simplify, while SJNK is a High Yield Bonds fund tracking the Bloomberg U.S. High Yield 350mn Cash Pay 0-5 Yr 2% Capped Index. HIGH is actively managed, while SJNK is passively managed. Over the past 3 years, HIGH returned 2.59%/yr vs 7.74%/yr for SJNK. At a 0.29 correlation, their price movements are largely independent. HIGH charges 0.50%/yr vs 0.40%/yr for SJNK.
Performance
HIGH vs. SJNK - Performance Comparison
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Returns By Period
In the year-to-date period, HIGH achieves a -0.98% return, which is significantly lower than SJNK's 1.88% return.
HIGH
- 1D
- -0.37%
- 1M
- -0.51%
- 6M
- -0.76%
- YTD
- -0.98%
- 1Y
- -3.50%
- 3Y*
- 2.59%
- 5Y*
- —
- 10Y*
- —
SJNK
- 1D
- -0.08%
- 1M
- 0.35%
- 6M
- 1.36%
- YTD
- 1.88%
- 1Y
- 5.32%
- 3Y*
- 7.74%
- 5Y*
- 4.82%
- 10Y*
- 5.31%
HIGH vs. SJNK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
HIGH Simplify Enhanced Income ETF | -0.98% | 4.35% | 1.52% | 7.70% | 0.47% |
SJNK SPDR Bloomberg Short Term High Yield Bond ETF | 1.88% | 7.68% | 8.24% | 11.63% | 1.10% |
Correlation
The correlation between HIGH and SJNK is 0.49, which is low. Their price movements are largely independent, making them effective diversification partners.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.49 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.36 |
Correlation (All Time) Calculated using the full available price history since Oct 28, 2022 | 0.29 |
Over the past year, HIGH and SJNK have become more correlated (0.49) than their long-term average of 0.29, meaning their price movements have been converging.
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Return for Risk
HIGH vs. SJNK — Risk / Return Rank
HIGH
SJNK
HIGH vs. SJNK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for Simplify Enhanced Income ETF (HIGH) and SPDR Bloomberg Short Term High Yield Bond ETF (SJNK). 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.
| HIGH | SJNK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -2.16 | ||
| Sortino ratioReturn per unit of downside risk | -3.24 | ||
| Omega ratioGain probability vs. loss probability | 0.92 | 1.33 | -0.40 |
| Calmar ratioReturn relative to maximum drawdown | -0.50 | 3.09 | -3.58 |
| Martin ratioReturn relative to average drawdown | -0.81 | 13.34 | -14.14 |
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Drawdowns
HIGH vs. SJNK - Drawdown Comparison
The maximum HIGH drawdown since its inception was -9.50%, smaller than the maximum SJNK drawdown of -19.74%. Use the drawdown chart below to compare losses from any high point for HIGH and SJNK.
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Drawdown Indicators
| HIGH | SJNK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -9.50% | -19.74% | +10.24% |
Max Drawdown (1Y)Largest decline over 1 year | -7.08% | -1.73% | -5.35% |
Max Drawdown (3Y)Largest decline over 3 years | -9.50% | -4.77% | -4.73% |
Max Drawdown (5Y)Largest decline over 5 years | — | -10.18% | — |
Max Drawdown (10Y)Largest decline over 10 years | — | -19.74% | — |
Current DrawdownCurrent decline from peak | -7.68% | -0.20% | -7.48% |
Average DrawdownAverage peak-to-trough decline | -2.53% | -1.62% | -0.91% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 4.36% | 0.40% | +3.96% |
Volatility
HIGH vs. SJNK - Volatility Comparison
Simplify Enhanced Income ETF (HIGH) has a higher volatility of 1.80% compared to SPDR Bloomberg Short Term High Yield Bond ETF (SJNK) at 0.57%. This indicates that HIGH's price experiences larger fluctuations and is considered to be riskier than SJNK based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| HIGH | SJNK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.80% | 0.57% | +1.23% |
Volatility (6M)Calculated over the trailing 6-month period | 3.77% | 2.53% | +1.24% |
Volatility (1Y)Calculated over the trailing 1-year period | 7.26% | 3.19% | +4.07% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 9.48% | 5.84% | +3.64% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 9.48% | 6.44% | +3.04% |
HIGH vs. SJNK - Expense Ratio Comparison
HIGH has a 0.50% expense ratio, which is higher than SJNK's 0.40% expense ratio.
Dividends
HIGH vs. SJNK - Dividend Comparison
HIGH's dividend yield for the trailing twelve months is around 7.13%, more than SJNK's 7.02% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HIGH Simplify Enhanced Income ETF | 7.13% | 7.71% | 8.34% | 9.40% | 0.62% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% |
SJNK SPDR Bloomberg Short Term High Yield Bond ETF | 7.02% | 7.12% | 7.47% | 7.20% | 5.85% | 4.21% | 5.34% | 5.64% | 5.69% | 5.64% | 5.65% | 5.81% |
Frequently Asked Questions
HIGH and SJNK have a correlation of 0.49, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
HIGH has higher volatility (1.80%) compared to SJNK (0.57%). In terms of maximum drawdown, HIGH dropped -9.50% vs SJNK's -19.74%.
On 3-year performance, SJNK leads with 7.74% vs 2.59% for HIGH. On fees, SJNK is cheaper at 0.40% per year. On volatility, SJNK has been the lower-risk option at 0.57%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, SJNK has performed better with a 7.74% return vs 2.59%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SJNK is cheaper with a 0.40% expense ratio, compared with 0.50% for HIGH.
HIGH has the higher dividend yield at 7.13%, compared with 7.02% for SJNK.
HIGH is categorized as Derivative Income, while SJNK is High Yield Bonds. They also come from different issuers: Simplify and State Street. Their fees differ too: 0.50% for HIGH and 0.40% for SJNK.
SJNK currently has the higher Sharpe Ratio (1.67 vs -0.49), 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.
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