JNK vs. SPHY
JNK (State Street SPDR Bloomberg High Yield Bond ETF) and SPHY (SPDR Portfolio High Yield Bond ETF) are both High Yield Bonds funds from State Street - JNK tracks the Bloomberg High Yield Very Liquid Index while SPHY tracks the ICE BofA US High Yield Index. Both are passively managed. Over the past 10 years, JNK returned 5.05%/yr vs 5.17%/yr for SPHY. A 0.60 correlation means they provide meaningful diversification when combined. JNK charges 0.40%/yr vs 0.05%/yr for SPHY.
Performance
JNK vs. SPHY - Performance Comparison
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Returns By Period
The year-to-date returns for both investments are quite close, with JNK having a 1.83% return and SPHY slightly higher at 1.89%. Both investments have delivered pretty close results over the past 10 years, with JNK having a 5.05% annualized return and SPHY not far ahead at 5.17%.
JNK
- 1D
- -0.09%
- 1M
- 0.60%
- YTD
- 1.83%
- 6M
- 2.14%
- 1Y
- 6.86%
- 3Y*
- 8.93%
- 5Y*
- 3.65%
- 10Y*
- 5.05%
SPHY
- 1D
- -0.09%
- 1M
- 0.63%
- YTD
- 1.89%
- 6M
- 2.19%
- 1Y
- 6.80%
- 3Y*
- 9.20%
- 5Y*
- 4.36%
- 10Y*
- 5.17%
JNK vs. SPHY - Yearly Performance Comparison
| 2026 (YTD) | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | |
|---|---|---|---|---|---|---|---|---|---|---|
JNK State Street SPDR Bloomberg High Yield Bond ETF | 1.83% | 8.76% | 7.71% | 12.42% | -12.19% | 4.00% | 4.95% | 14.88% | -3.28% | 6.49% |
SPHY SPDR Portfolio High Yield Bond ETF | 1.89% | 8.59% | 8.54% | 12.81% | -10.57% | 5.61% | 6.65% | 13.16% | -3.35% | 7.35% |
Correlation
The correlation between JNK and SPHY 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 | 0.97 |
Correlation (5Y) Calculated over the trailing 5-year period | 0.96 |
Correlation (10Y) Calculated over the trailing 10-year period | 0.78 |
Correlation (All Time) Calculated using the full available price history since Jun 19, 2012 | 0.60 |
Over the past year, JNK and SPHY have become more correlated (0.97) than their long-term average of 0.60, meaning their price movements have been converging.
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Return for Risk
JNK vs. SPHY — Risk / Return Rank
JNK
SPHY
JNK vs. SPHY - 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 SPDR Portfolio High Yield Bond ETF (SPHY). 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 | SPHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.06 | ||
| Sortino ratioReturn per unit of downside risk | -0.09 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.36 | -0.02 |
| Calmar ratioReturn relative to maximum drawdown | 2.75 | 2.83 | -0.08 |
| Martin ratioReturn relative to average drawdown | 12.05 | 12.76 | -0.71 |
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Drawdowns
JNK vs. SPHY - Drawdown Comparison
The maximum JNK drawdown since its inception was -38.48%, which is greater than SPHY's maximum drawdown of -21.97%. Use the drawdown chart below to compare losses from any high point for JNK and SPHY.
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Drawdown Indicators
| JNK | SPHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.48% | -21.97% | -16.51% |
Max Drawdown (1Y)Largest decline over 1 year | -2.51% | -2.41% | -0.10% |
Max Drawdown (3Y)Largest decline over 3 years | -5.02% | -4.85% | -0.17% |
Max Drawdown (5Y)Largest decline over 5 years | -16.67% | -15.29% | -1.38% |
Max Drawdown (10Y)Largest decline over 10 years | -22.89% | -21.97% | -0.92% |
Current DrawdownCurrent decline from peak | -0.16% | -0.13% | -0.03% |
Average DrawdownAverage peak-to-trough decline | -3.69% | -2.28% | -1.41% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 0.53% | +0.04% |
Volatility
JNK vs. SPHY - Volatility Comparison
State Street SPDR Bloomberg High Yield Bond ETF (JNK) has a higher volatility of 1.07% compared to SPDR Portfolio High Yield Bond ETF (SPHY) at 0.95%. This indicates that JNK's price experiences larger fluctuations and is considered to be riskier than SPHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JNK | SPHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 0.95% | +0.12% |
Volatility (6M)Calculated over the trailing 6-month period | 3.06% | 2.98% | +0.08% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 3.72% | +0.16% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.56% | 7.18% | +0.38% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.30% | 7.86% | +0.44% |
JNK vs. SPHY - Expense Ratio Comparison
JNK has a 0.40% expense ratio, which is higher than SPHY's 0.05% expense ratio.
Dividends
JNK vs. SPHY - Dividend Comparison
JNK's dividend yield for the trailing twelve months is around 6.60%, less than SPHY's 7.24% yield.
| Position | TTM | 2025 | 2024 | 2023 | 2022 | 2021 | 2020 | 2019 | 2018 | 2017 | 2016 | 2015 |
|---|---|---|---|---|---|---|---|---|---|---|---|---|
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% |
SPHY SPDR Portfolio High Yield Bond ETF | 7.24% | 7.38% | 7.80% | 7.30% | 6.47% | 5.13% | 5.63% | 5.73% | 4.09% | 4.41% | 4.27% | 4.29% |
Frequently Asked Questions
With a correlation of 0.97, JNK and SPHY 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 (1.07%) compared to SPHY (0.95%). In terms of maximum drawdown, JNK dropped -38.48% vs SPHY's -21.97%.
On 10-year performance, SPHY leads with 5.17% vs 5.05% for JNK. On fees, SPHY is cheaper at 0.05% per year. On volatility, SPHY has been the lower-risk option at 0.95%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 10-year period, SPHY has performed better with a 5.17% return vs 5.05%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
SPHY is cheaper with a 0.05% expense ratio, compared with 0.40% for JNK.
SPHY has the higher dividend yield at 7.24%, compared with 6.60% for JNK.
JNK tracks Bloomberg High Yield Very Liquid Index, while SPHY tracks ICE BofA US High Yield Index. Their fees differ too: 0.40% for JNK and 0.05% for SPHY.
SPHY currently has the higher Sharpe Ratio (1.84 vs 1.78), 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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