JNK vs. IBHH
JNK (State Street SPDR Bloomberg High Yield Bond ETF) and IBHH (iShares iBonds 2028 Term High Yield and Income ETF) are both High Yield Bonds funds - JNK tracks the Bloomberg High Yield Very Liquid Index while IBHH tracks the Bloomberg 2028 Term High Yield and Income Index - Benchmark TR Gross. Both are passively managed. Over the past 3 years, JNK returned 8.85%/yr vs 8.68%/yr for IBHH. Their correlation of 0.88 suggests significant overlap in exposure. JNK charges 0.40%/yr vs 0.35%/yr for IBHH.
Performance
JNK vs. IBHH - Performance Comparison
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Returns By Period
As of year-to-date, both investments have demonstrated similar returns, with JNK at 1.81% and IBHH at 1.81%.
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%
IBHH
- 1D
- 0.06%
- 1M
- 0.16%
- YTD
- 1.81%
- 6M
- 1.94%
- 1Y
- 5.62%
- 3Y*
- 8.68%
- 5Y*
- —
- 10Y*
- —
JNK vs. IBHH - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | |
|---|---|---|---|---|---|
JNK State Street SPDR Bloomberg High Yield Bond ETF | 1.81% | 8.76% | 7.71% | 12.42% | -7.54% |
IBHH iShares iBonds 2028 Term High Yield and Income ETF | 1.81% | 8.02% | 7.53% | 12.87% | -6.70% |
Correlation
The correlation between JNK and IBHH is 0.83, indicating a strong positive relationship between their price movements. Combining them offers limited diversification - they tend to fall together during downturns.
| Correlation | |
|---|---|
Correlation (1Y) Calculated over the trailing 1-year period | 0.83 |
Correlation (3Y) Calculated over the trailing 3-year period | 0.83 |
Correlation (All Time) Calculated using the full available price history since Mar 10, 2022 | 0.88 |
The correlation between JNK and IBHH has been stable across timeframes, ranging from 0.83 to 0.88 - a consistent structural relationship.
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Return for Risk
JNK vs. IBHH — Risk / Return Rank
JNK
IBHH
JNK vs. IBHH - 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 iShares iBonds 2028 Term High Yield and Income ETF (IBHH). 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 | IBHH | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.39 | ||
| Sortino ratioReturn per unit of downside risk | -0.58 | ||
| Omega ratioGain probability vs. loss probability | 1.31 | 1.39 | -0.08 |
| Calmar ratioReturn relative to maximum drawdown | 2.53 | 4.62 | -2.09 |
| Martin ratioReturn relative to average drawdown | 11.07 | 18.44 | -7.37 |
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Drawdowns
JNK vs. IBHH - Drawdown Comparison
The maximum JNK drawdown since its inception was -38.48%, which is greater than IBHH's maximum drawdown of -12.05%. Use the drawdown chart below to compare losses from any high point for JNK and IBHH.
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Drawdown Indicators
| JNK | IBHH | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.48% | -12.05% | -26.43% |
Max Drawdown (1Y)Largest decline over 1 year | -2.51% | -1.22% | -1.29% |
Max Drawdown (3Y)Largest decline over 3 years | -5.02% | -4.66% | -0.36% |
Max Drawdown (5Y)Largest decline over 5 years | -16.67% | — | — |
Max Drawdown (10Y)Largest decline over 10 years | -22.89% | — | — |
Current DrawdownCurrent decline from peak | -0.18% | -0.11% | -0.07% |
Average DrawdownAverage peak-to-trough decline | -3.69% | -2.27% | -1.42% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 0.31% | +0.26% |
Volatility
JNK vs. IBHH - Volatility Comparison
State Street SPDR Bloomberg High Yield Bond ETF (JNK) has a higher volatility of 1.03% compared to iShares iBonds 2028 Term High Yield and Income ETF (IBHH) at 0.67%. This indicates that JNK's price experiences larger fluctuations and is considered to be riskier than IBHH based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JNK | IBHH | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.03% | 0.67% | +0.36% |
Volatility (6M)Calculated over the trailing 6-month period | 3.05% | 2.11% | +0.94% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.87% | 2.79% | +1.08% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.56% | 7.21% | +0.35% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.29% | 7.21% | +1.08% |
JNK vs. IBHH - Expense Ratio Comparison
JNK has a 0.40% expense ratio, which is higher than IBHH's 0.35% expense ratio.
Dividends
JNK vs. IBHH - Dividend Comparison
JNK's dividend yield for the trailing twelve months is around 6.60%, more than IBHH's 6.26% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
IBHH iShares iBonds 2028 Term High Yield and Income ETF | 6.26% | 6.39% | 6.93% | 6.65% | 5.36% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 0.00% | 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
JNK and IBHH have a correlation of 0.83, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.
JNK has higher volatility (1.03%) compared to IBHH (0.67%). In terms of maximum drawdown, JNK dropped -38.48% vs IBHH's -12.05%.
On 3-year performance, JNK leads with 8.85% vs 8.68% for IBHH. On fees, IBHH is cheaper at 0.35% per year. On volatility, IBHH has been the lower-risk option at 0.67%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 3-year period, JNK has performed better with a 8.85% return vs 8.68%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
IBHH is cheaper with a 0.35% expense ratio, compared with 0.40% for JNK.
JNK has the higher dividend yield at 6.60%, compared with 6.26% for IBHH.
JNK tracks Bloomberg High Yield Very Liquid Index, while IBHH tracks Bloomberg 2028 Term High Yield and Income Index - Benchmark TR Gross. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for JNK and 0.35% for IBHH.
IBHH currently has the higher Sharpe Ratio (2.02 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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