JNK vs. HIPS

Last updated Jun 5, 2026

JNK (SPDR Barclays High Yield Bond ETF) and HIPS (GraniteShares HIPS US High Income ETF) are both exchange-traded funds - JNK is a High Yield Bonds fund tracking the Barclays Capital High Yield Very Liquid Index, while HIPS is a Diversified Portfolio fund tracking the TFMS HIPS Index. Both are passively managed. Over the past 10 years, JNK returned 4.97%/yr vs 5.57%/yr for HIPS. A 0.55 correlation means they provide meaningful diversification when combined. JNK charges 0.40%/yr vs 3.19%/yr for HIPS.

Performance

JNK vs. HIPS - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Barclays High Yield Bond ETF (JNK) and GraniteShares HIPS US High Income ETF (HIPS). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JNK achieves a 1.67% return, which is significantly lower than HIPS's 4.55% return. Over the past 10 years, JNK has underperformed HIPS with an annualized return of 4.97%, while HIPS has yielded a comparatively higher 5.57% annualized return.

JNK

• 1D: 0.16%
• 1M: 0.47%
• YTD: 1.67%
• 6M: 2.10%
• 1Y: 7.16%
• 3Y*: 8.73%
• 5Y*: 3.72%
• 10Y*: 4.97%

HIPS

• 1D: 1.23%
• 1M: -2.34%
• YTD: 4.55%
• 6M: 3.39%
• 1Y: 7.93%
• 3Y*: 11.34%
• 5Y*: 4.21%
• 10Y*: 5.57%

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

JNK vs. HIPS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JNK SPDR Barclays High Yield Bond ETF	1.67%	8.76%	7.71%	12.42%	-12.19%	4.00%	4.95%	14.88%	-3.28%	6.49%
HIPS GraniteShares HIPS US High Income ETF	4.55%	1.00%	13.71%	16.09%	-13.47%	22.65%	-11.74%	22.94%	-9.30%	6.30%

Correlation

The correlation between JNK and HIPS is 0.45, which is low. Their price movements are largely independent, making them effective diversification partners.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.45
Correlation (3Y) Calculated over the trailing 3-year period	0.50
Correlation (5Y) Calculated over the trailing 5-year period	0.57
Correlation (10Y) Calculated over the trailing 10-year period	0.55
Correlation (All Time) Calculated using the full available price history since Jan 8, 2015	0.55

The correlation between JNK and HIPS shifts across timeframes, from 0.45 (1 year) to 0.57 (5 years), reflecting how their relationship changes across market environments.

JNK vs. HIPS - Sectors Allocation Comparison

Sectors	JNK	HIPS
Technology	0.0%	-
Energy	0.0%	32.7%
Basic Materials	-	4.0%
Communication Services	-	0.0%
Consumer Cyclical	-	-
Consumer Defensive	-	-
Financial Services	-	31.6%
Healthcare	-	-
Industrials	-	-
Real Estate	-	31.7%
Utilities	-	-

Return for Risk

JNK vs. HIPS — Risk / Return Rank

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

JNK

JNK Risk / Return Rank: 61
JNK Sharpe Ratio Rank: 56
JNK Sortino Ratio Rank: 62
JNK Omega Ratio Rank: 60
JNK Calmar Ratio Rank: 59
JNK Martin Ratio Rank: 70

HIPS

HIPS Risk / Return Rank: 25
HIPS Sharpe Ratio Rank: 24
HIPS Sortino Ratio Rank: 23
HIPS Omega Ratio Rank: 22
HIPS Calmar Ratio Rank: 27
HIPS Martin Ratio Rank: 26

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.

JNK vs. HIPS - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Barclays High Yield Bond ETF (JNK) and GraniteShares HIPS US High Income ETF (HIPS). 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.

	JNK	HIPS	Difference
Sharpe ratio: Return per unit of total volatility	1.89	0.83	+1.06
Sortino ratio: Return per unit of downside risk	2.86	1.21	+1.65
Omega ratio: Gain probability vs. loss probability	1.36	1.14	+0.22
Calmar ratio: Return relative to maximum drawdown	2.87	1.29	+1.57
Martin ratio: Return relative to average drawdown	12.66	3.46	+9.20
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JNK vs. HIPS - Sharpe Ratio Comparison

The current JNK Sharpe Ratio is 1.89, which is higher than the HIPS Sharpe Ratio of 0.83. The chart below compares the historical Sharpe Ratios of JNK and HIPS, calculated using daily returns over the previous 12 months. A higher Sharpe Ratio indicates better risk-adjusted performance relative to the risk-free rate.

Sharpe Ratios by Period

	JNK	HIPS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.89	0.83	+1.06
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.49	0.32	+0.18
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.31	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.23	+0.19

Drawdowns

JNK vs. HIPS - Drawdown Comparison

The maximum JNK drawdown since its inception was -38.48%, smaller than the maximum HIPS drawdown of -53.14%. Use the drawdown chart below to compare losses from any high point for JNK and HIPS.

Drawdown Indicators

	JNK	HIPS	Difference
Max Drawdown Largest peak-to-trough decline	-38.48%	-53.14%	+14.66%
Max Drawdown (1Y) Largest decline over 1 year	-2.51%	-6.15%	+3.64%
Max Drawdown (3Y) Largest decline over 3 years	-5.02%	-15.41%	+10.39%
Max Drawdown (5Y) Largest decline over 5 years	-16.67%	-21.28%	+4.61%
Max Drawdown (10Y) Largest decline over 10 years	-22.89%	-53.14%	+30.25%
Current Drawdown Current decline from peak	-0.10%	-3.05%	+2.95%
Average Drawdown Average peak-to-trough decline	-3.70%	-7.39%	+3.69%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	2.30%	-1.73%

Volatility

JNK vs. HIPS - Volatility Comparison

The current volatility for SPDR Barclays High Yield Bond ETF (JNK) is 1.14%, while GraniteShares HIPS US High Income ETF (HIPS) has a volatility of 2.25%. This indicates that JNK experiences smaller price fluctuations and is considered to be less risky than HIPS based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JNK	HIPS	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.14%	2.25%	-1.11%
Volatility (6M) Calculated over the trailing 6-month period	2.97%	7.14%	-4.17%
Volatility (1Y) Calculated over the trailing 1-year period	3.82%	9.60%	-5.78%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.54%	13.31%	-5.77%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.31%	18.08%	-9.77%

JNK vs. HIPS - Expense Ratio Comparison

JNK has a 0.40% expense ratio, which is lower than HIPS's 3.19% expense ratio.

Dividends

JNK vs. HIPS - Dividend Comparison

JNK's dividend yield for the trailing twelve months is around 6.61%, less than HIPS's 11.05% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
HIPS GraniteShares HIPS US High Income ETF	11.05%	11.04%	10.04%	10.32%	10.76%	8.43%	9.50%	6.93%	8.66%	7.28%	7.20%	8.17%
JNK SPDR Barclays High Yield Bond ETF	6.61%	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 JNK and HIPS in my portfolio?

JNK and HIPS have a correlation of 0.45, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which is riskier, JNK or HIPS?

HIPS has higher volatility (2.25%) compared to JNK (1.14%). In terms of maximum drawdown, JNK dropped -38.48% vs HIPS's -53.14%.

Which ETF is better, JNK or HIPS?

On 10-year performance, HIPS leads with 5.57% vs 4.97% for JNK. On fees, JNK is cheaper at 0.40% per year. On volatility, JNK has been the lower-risk option at 1.14%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JNK or HIPS?

Over the 10-year period, HIPS has performed better with a 5.57% return vs 4.97%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JNK or HIPS?

JNK is cheaper with a 0.40% expense ratio, compared with 3.19% for HIPS.

Which ETF pays a higher dividend yield, JNK or HIPS?

HIPS has the higher dividend yield at 11.05%, compared with 6.61% for JNK.

What is the main difference between JNK and HIPS?

JNK is categorized as High Yield Bonds, while HIPS is Diversified Portfolio. JNK tracks Barclays Capital High Yield Very Liquid Index, while HIPS tracks TFMS HIPS Index. They also come from different issuers: State Street and GraniteShares. Their fees differ too: 0.40% for JNK and 3.19% for HIPS.

Which has better risk-adjusted returns?

JNK currently has the higher Sharpe Ratio (1.89 vs 0.83), 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.