JNK vs. HIPS

Last updated Apr 2, 2026

Compare and contrast key facts about SPDR Barclays High Yield Bond ETF (JNK) and GraniteShares HIPS US High Income ETF (HIPS).

JNK and HIPS are both exchange-traded funds (ETFs), meaning they are traded on stock exchanges and can be bought and sold throughout the day. JNK is a passively managed fund by State Street that tracks the performance of the Barclays Capital High Yield Very Liquid Index. It was launched on Nov 28, 2007. HIPS is a passively managed fund by GraniteShares that tracks the performance of the TFMS HIPS Index. It was launched on Jan 6, 2015. Both JNK and HIPS are passive ETFs, meaning that they are not actively managed but aim to replicate the performance of the underlying index as closely as possible.

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.

JNK vs. HIPS - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JNK SPDR Barclays High Yield Bond ETF	-0.14%	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	1.17%	1.00%	13.71%	16.09%	-13.47%	22.65%	-11.74%	22.94%	-9.30%	6.30%

Returns By Period

In the year-to-date period, JNK achieves a -0.14% return, which is significantly lower than HIPS's 1.17% return. Over the past 10 years, JNK has underperformed HIPS with an annualized return of 5.25%, while HIPS has yielded a comparatively higher 6.08% annualized return.

JNK

• 1D: 0.29%
• 1M: -0.71%
• YTD: -0.14%
• 6M: 1.02%
• 1Y: 7.32%
• 3Y*: 8.05%
• 5Y*: 3.56%
• 10Y*: 5.25%

HIPS

• 1D: -0.46%
• 1M: -2.33%
• YTD: 1.17%
• 6M: 2.76%
• 1Y: 0.21%
• 3Y*: 10.15%
• 5Y*: 5.30%
• 10Y*: 6.08%

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

JNK vs. HIPS - Expense Ratio Comparison

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

HIPS

GraniteShares HIPS US High Income ETF

JNK

SPDR Barclays High Yield Bond ETF

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: 74
JNK Sharpe Ratio Rank: 70
JNK Sortino Ratio Rank: 73
JNK Omega Ratio Rank: 76
JNK Calmar Ratio Rank: 69
JNK Martin Ratio Rank: 81

HIPS

HIPS Risk / Return Rank: 12
HIPS Sharpe Ratio Rank: 12
HIPS Sortino Ratio Rank: 11
HIPS Omega Ratio Rank: 11
HIPS Calmar Ratio Rank: 13
HIPS Martin Ratio Rank: 13

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	1.29	0.01	+1.27
Sortino ratio Return per unit of downside risk	1.92	0.12	+1.80
Omega ratio Gain probability vs. loss probability	1.30	1.02	+0.28
Calmar ratio Return relative to maximum drawdown	1.82	0.06	+1.77
Martin ratio Return relative to average drawdown	9.34	0.20	+9.14
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 1.29, which is higher than the HIPS Sharpe Ratio of 0.01. The chart below compares the historical Sharpe Ratios of JNK and HIPS, offering insights into how both investments have performed under varying market conditions. These values are calculated using daily returns over the previous 12 months.

Sharpe Ratios by Period

	JNK	HIPS	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.29	0.01	+1.27
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.47	0.40	+0.08
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.63	0.34	+0.29
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.22	+0.20

Correlation

The correlation between JNK and HIPS is 0.55, which is considered to be moderate. This suggests that the two assets have some degree of positive relationship in their price movements. Moderate correlation can be acceptable for portfolio diversification, offering a balance between risk and potential returns.

Dividends

JNK vs. HIPS - Dividend Comparison

JNK's dividend yield for the trailing twelve months is around 6.67%, less than HIPS's 11.22% yield.

	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JNK SPDR Barclays High Yield Bond ETF	6.67%	6.54%	6.63%	6.38%	6.06%	4.27%	5.11%	5.44%	5.90%	5.60%	6.06%	6.59%
HIPS GraniteShares HIPS US High Income ETF	11.22%	11.04%	10.04%	10.32%	10.76%	8.43%	9.50%	6.93%	8.66%	7.28%	7.20%	8.17%

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	-4.17%	-12.98%	+8.81%
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	-1.13%	-3.69%	+2.56%
Average Drawdown Average peak-to-trough decline	-3.73%	-7.47%	+3.74%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.81%	3.54%	-2.73%

Volatility

JNK vs. HIPS - Volatility Comparison

The current volatility for SPDR Barclays High Yield Bond ETF (JNK) is 2.27%, while GraniteShares HIPS US High Income ETF (HIPS) has a volatility of 3.83%. 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	2.27%	3.83%	-1.56%
Volatility (6M) Calculated over the trailing 6-month period	2.95%	7.53%	-4.58%
Volatility (1Y) Calculated over the trailing 1-year period	5.72%	15.02%	-9.30%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.53%	13.33%	-5.80%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.34%	18.13%	-9.79%