HYG vs. JNK
HYG (iShares iBoxx $ High Yield Corporate Bond ETF) and JNK (State Street SPDR Bloomberg High Yield Bond ETF) are both High Yield Bonds funds - HYG tracks the Markit iBoxx USD Liquid High Yield Index while JNK tracks the Bloomberg High Yield Very Liquid Index. Both are passively managed. Over the past 10 years, HYG returned 4.99%/yr vs 5.07%/yr for JNK. Their correlation of 0.88 suggests significant overlap in exposure. HYG charges 0.49%/yr vs 0.40%/yr for JNK.
Performance
HYG vs. JNK - Performance Comparison
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Returns By Period
In the year-to-date period, HYG achieves a 1.39% return, which is significantly lower than JNK's 1.57% return. Both investments have delivered pretty close results over the past 10 years, with HYG having a 4.99% annualized return and JNK not far ahead at 5.07%.
HYG
- 1D
- -0.37%
- 1M
- 0.75%
- YTD
- 1.39%
- 6M
- 1.95%
- 1Y
- 6.44%
- 3Y*
- 8.33%
- 5Y*
- 3.74%
- 10Y*
- 4.99%
JNK
- 1D
- -0.38%
- 1M
- 0.85%
- YTD
- 1.57%
- 6M
- 2.24%
- 1Y
- 7.08%
- 3Y*
- 8.44%
- 5Y*
- 3.65%
- 10Y*
- 5.07%
HYG vs. JNK - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 1.39% | 8.59% | 7.97% | 11.54% | -10.98% | 3.76% | 4.47% | 14.09% | -2.02% | 6.07% |
JNK State Street SPDR Bloomberg High Yield Bond ETF | 1.57% | 8.76% | 7.71% | 12.42% | -12.19% | 4.00% | 4.95% | 14.88% | -3.28% | 6.49% |
Correlation
The correlation between HYG and JNK is 0.99 - these two move nearly in lockstep. At this level, holding both provides almost no diversification benefit. If you already own one, adding the other does little to reduce portfolio risk.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.99 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.99 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.99 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Dec 4, 2007 | 0.88 |
The correlation between HYG and JNK shifts across timeframes, from 0.88 (all time) to 0.99 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
HYG vs. JNK — Risk / Return Rank
HYG
JNK
HYG vs. JNK - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for iShares iBoxx $ High Yield Corporate Bond ETF (HYG) 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.
| HYG | JNK | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.17 | ||
| Sortino ratioReturn per unit of downside risk | -0.27 | ||
| Omega ratioGain probability vs. loss probability | 1.32 | 1.35 | -0.03 |
| Calmar ratioReturn relative to maximum drawdown | 2.77 | 2.84 | -0.07 |
| Martin ratioReturn relative to average drawdown | 12.14 | 12.45 | -0.31 |
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Drawdowns
HYG vs. JNK - Drawdown Comparison
The maximum HYG drawdown since its inception was -34.25%, smaller than the maximum JNK drawdown of -38.48%. Use the drawdown chart below to compare losses from any high point for HYG and JNK.
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Drawdown Indicators
| HYG | JNK | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -34.25% | -38.48% | +4.23% |
Max Drawdown (1Y)Largest decline over 1 year | -2.34% | -2.51% | +0.17% |
Max Drawdown (3Y)Largest decline over 3 years | -4.56% | -5.02% | +0.46% |
Max Drawdown (5Y)Largest decline over 5 years | -15.79% | -16.67% | +0.88% |
Max Drawdown (10Y)Largest decline over 10 years | -22.03% | -22.89% | +0.86% |
Current DrawdownCurrent decline from peak | -0.39% | -0.40% | +0.01% |
Average DrawdownAverage peak-to-trough decline | -3.24% | -3.69% | +0.45% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.53% | 0.57% | -0.04% |
Volatility
HYG vs. JNK - Volatility Comparison
iShares iBoxx $ High Yield Corporate Bond ETF (HYG) has a higher volatility of 1.27% compared to State Street SPDR Bloomberg High Yield Bond ETF (JNK) at 1.20%. This indicates that HYG'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.
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Volatility by Period
| HYG | JNK | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.27% | 1.20% | +0.07% |
Volatility (6M)Calculated over the trailing 6-month period | 3.10% | 3.05% | +0.05% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 3.88% | 0.00% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.54% | 7.55% | -0.01% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.29% | 8.31% | -0.02% |
HYG vs. JNK - Expense Ratio Comparison
HYG has a 0.49% expense ratio, which is higher than JNK's 0.40% expense ratio.
Dividends
HYG vs. JNK - Dividend Comparison
HYG's dividend yield for the trailing twelve months is around 5.92%, less than JNK's 6.62% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
HYG iShares iBoxx $ High Yield Corporate Bond ETF | 5.92% | 5.71% | 6.01% | 5.74% | 5.30% | 4.02% | 4.88% | 4.99% | 5.54% | 5.12% | 5.27% | 5.90% |
JNK State Street SPDR Bloomberg High Yield Bond ETF | 6.62% | 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
With a correlation of 0.99, HYG and JNK move almost identically. Holding both adds very little diversification - you're essentially doubling your position in the same market segment. Choosing one is usually more capital-efficient.
HYG has higher volatility (1.27%) compared to JNK (1.20%). In terms of maximum drawdown, HYG dropped -34.25% vs JNK's -38.48%.
On 10-year performance, JNK leads with 5.07% vs 4.99% for HYG. On fees, JNK is cheaper at 0.40% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, JNK has performed better with a 5.07% return vs 4.99%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
JNK is cheaper with a 0.40% expense ratio, compared with 0.49% for HYG.
JNK has the higher dividend yield at 6.62%, compared with 5.92% for HYG.
HYG tracks Markit iBoxx USD Liquid High Yield Index, while JNK tracks Bloomberg High Yield Very Liquid Index. They also come from different issuers: iShares and State Street. Their fees differ too: 0.49% for HYG and 0.40% for JNK.
JNK currently has the higher Sharpe Ratio (1.84 vs 1.67), 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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