JNK vs. BBHY
JNK (State Street SPDR Bloomberg High Yield Bond ETF) and BBHY (JPMorgan BetaBuilders USD High Yield Corporate Bond ETF) are both High Yield Bonds funds - JNK tracks the Bloomberg High Yield Very Liquid Index while BBHY tracks the ICE BofA US High Yield Index. Both are passively managed. Over the past 5 years, JNK returned 3.58%/yr vs 3.99%/yr for BBHY. Their correlation of 0.88 suggests significant overlap in exposure. JNK charges 0.40%/yr vs 0.15%/yr for BBHY.
Performance
JNK vs. BBHY - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with JNK having a 1.81% return and BBHY slightly higher at 1.90%.
JNK
- 1D
- 0.09%
- 1M
- 0.25%
- YTD
- 1.81%
- 6M
- 1.81%
- 1Y
- 6.30%
- 3Y*
- 8.85%
- 5Y*
- 3.58%
- 10Y*
- 5.23%
BBHY
- 1D
- 0.10%
- 1M
- 0.29%
- YTD
- 1.90%
- 6M
- 1.89%
- 1Y
- 6.28%
- 3Y*
- 8.81%
- 5Y*
- 3.99%
- 10Y*
- —
JNK vs. BBHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JNK State Street SPDR Bloomberg High Yield Bond ETF | 1.81% | 8.76% | 7.71% | 12.42% | -12.19% | 4.00% | 4.95% | 14.88% | -3.28% | 6.49% |
BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 1.90% | 8.51% | 7.81% | 11.98% | -10.37% | 3.88% | 5.36% | 14.35% | -2.50% | 6.57% |
Correlation
The correlation between JNK and BBHY is 0.97 - 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 | 0.97 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.98 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.98 |
Correlation (All Time) Calculated using the full available price history since Sep 15, 2016 | 0.88 |
The correlation between JNK and BBHY shifts across timeframes, from 0.88 (all time) to 0.98 (5 years), reflecting how their relationship changes across market environments.
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Return for Risk
JNK vs. BBHY — Risk / Return Rank
JNK
BBHY
JNK vs. BBHY - Risk-Adjusted Trends Comparison
This table presents a comparison of risk-adjusted performance metrics for State Street SPDR Bloomberg High Yield Bond ETF (JNK) and JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY). 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.
| JNK | BBHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.08 | ||
| Sortino ratioReturn per unit of downside risk | -0.11 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.33 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | 2.66 | -0.13 |
| Martin ratioReturn relative to average drawdown | 11.07 | 11.84 | -0.76 |
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Drawdowns
JNK vs. BBHY - Drawdown Comparison
The maximum JNK drawdown since its inception was -38.48%, which is greater than BBHY's maximum drawdown of -24.98%. Use the drawdown chart below to compare losses from any high point for JNK and BBHY.
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Drawdown Indicators
| JNK | BBHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.48% | -24.98% | -13.50% |
Max Drawdown (1Y)Largest decline over 1 year | -2.51% | -2.37% | -0.14% |
Max Drawdown (3Y)Largest decline over 3 years | -5.02% | -5.00% | -0.02% |
Max Drawdown (5Y)Largest decline over 5 years | -16.67% | -15.32% | -1.35% |
Max Drawdown (10Y)Largest decline over 10 years | -22.89% | — | — |
Current DrawdownCurrent decline from peak | -0.18% | -0.13% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -3.69% | -2.36% | -1.33% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 0.53% | +0.04% |
Volatility
JNK vs. BBHY - Volatility Comparison
State Street SPDR Bloomberg High Yield Bond ETF (JNK) and JPMorgan BetaBuilders USD High Yield Corporate Bond ETF (BBHY) have volatilities of 1.03% and 1.00%, respectively, indicating that both stocks experience similar levels of price fluctuations. This suggests that the risk associated with both stocks, as measured by volatility, is nearly the same. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JNK | BBHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | 1.00% | +0.03% |
Volatility (6M)Calculated over the trailing 6-month period | 3.05% | 2.94% | +0.11% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.87% | 3.67% | +0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.56% | 7.28% | +0.28% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.29% | 7.51% | +0.78% |
JNK vs. BBHY - Expense Ratio Comparison
JNK has a 0.40% expense ratio, which is higher than BBHY's 0.15% expense ratio.
Dividends
JNK vs. BBHY - Dividend Comparison
JNK's dividend yield for the trailing twelve months is around 6.60%, less than BBHY's 6.92% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
BBHY JPMorgan BetaBuilders USD High Yield Corporate Bond ETF | 6.92% | 7.24% | 7.18% | 6.49% | 5.92% | 4.06% | 4.73% | 4.99% | 5.02% | 4.81% | 1.42% | 0.00% |
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
With a correlation of 0.97, JNK and BBHY 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.
JNK has higher volatility (1.03%) compared to BBHY (1.00%). In terms of maximum drawdown, JNK dropped -38.48% vs BBHY's -24.98%.
On 5-year performance, BBHY leads with 3.99% vs 3.58% for JNK. On fees, BBHY is cheaper at 0.15% per year. Their volatility is very similar. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, BBHY has performed better with a 3.99% return vs 3.58%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
BBHY is cheaper with a 0.15% expense ratio, compared with 0.40% for JNK.
BBHY has the higher dividend yield at 6.92%, compared with 6.60% for JNK.
JNK tracks Bloomberg High Yield Very Liquid Index, while BBHY tracks ICE BofA US High Yield Index. They also come from different issuers: State Street and JPMorgan. Their fees differ too: 0.40% for JNK and 0.15% for BBHY.
BBHY currently has the higher Sharpe Ratio (1.72 vs 1.64), 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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