JNK vs. USHY
JNK (State Street SPDR Bloomberg High Yield Bond ETF) and USHY (iShares Broad USD High Yield Corporate Bond ETF) are both High Yield Bonds funds - JNK tracks the Bloomberg High Yield Very Liquid Index while USHY tracks the ICE BofA US High Yield Constrained Index. Both are passively managed. Over the past 5 years, JNK returned 3.65%/yr vs 4.21%/yr for USHY. Their correlation of 0.94 suggests significant overlap in exposure. JNK charges 0.40%/yr vs 0.15%/yr for USHY.
Performance
JNK vs. USHY - Performance Comparison
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Returns By Period
The year-to-date returns for both stocks are quite close, with JNK having a 1.83% return and USHY slightly lower at 1.78%.
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%
USHY
- 1D
- -0.05%
- 1M
- 0.57%
- YTD
- 1.78%
- 6M
- 2.04%
- 1Y
- 6.67%
- 3Y*
- 9.21%
- 5Y*
- 4.21%
- 10Y*
- —
JNK vs. USHY - 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% | 0.08% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 1.78% | 8.81% | 8.45% | 12.73% | -11.18% | 5.02% | 6.17% | 14.24% | -2.41% | 0.16% |
Correlation
The correlation between JNK and USHY is 0.98 - 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 | 0.98 |
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 Oct 26, 2017 | 0.94 |
The correlation between JNK and USHY has been stable across timeframes, ranging from 0.94 to 0.98 - a consistent structural relationship.
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Return for Risk
JNK vs. USHY — Risk / Return Rank
JNK
USHY
JNK vs. USHY - 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 Broad USD High Yield Corporate Bond ETF (USHY). 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 | USHY | Difference | |
|---|---|---|---|
| Sharpe ratioReturn per unit of total volatility | -0.04 | ||
| Sortino ratioReturn per unit of downside risk | -0.04 | ||
| Omega ratioGain probability vs. loss probability | 1.34 | 1.35 | -0.01 |
| Calmar ratioReturn relative to maximum drawdown | 2.75 | 2.76 | -0.01 |
| Martin ratioReturn relative to average drawdown | 12.05 | 12.34 | -0.29 |
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Drawdowns
JNK vs. USHY - Drawdown Comparison
The maximum JNK drawdown since its inception was -38.48%, which is greater than USHY's maximum drawdown of -22.44%. Use the drawdown chart below to compare losses from any high point for JNK and USHY.
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Drawdown Indicators
| JNK | USHY | Difference | |
|---|---|---|---|
Max DrawdownLargest peak-to-trough decline | -38.48% | -22.44% | -16.04% |
Max Drawdown (1Y)Largest decline over 1 year | -2.51% | -2.43% | -0.08% |
Max Drawdown (3Y)Largest decline over 3 years | -5.02% | -4.66% | -0.36% |
Max Drawdown (5Y)Largest decline over 5 years | -16.67% | -15.56% | -1.11% |
Max Drawdown (10Y)Largest decline over 10 years | -22.89% | — | — |
Current DrawdownCurrent decline from peak | -0.16% | -0.11% | -0.05% |
Average DrawdownAverage peak-to-trough decline | -3.69% | -2.65% | -1.04% |
Ulcer IndexDepth and duration of drawdowns from previous peaks | 0.57% | 0.54% | +0.03% |
Volatility
JNK vs. USHY - Volatility Comparison
State Street SPDR Bloomberg High Yield Bond ETF (JNK) has a higher volatility of 1.07% compared to iShares Broad USD High Yield Corporate Bond ETF (USHY) at 0.94%. This indicates that JNK's price experiences larger fluctuations and is considered to be riskier than USHY based on this measure. The chart below showcases a comparison of their rolling one-month volatility.
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Volatility by Period
| JNK | USHY | Difference | |
|---|---|---|---|
Volatility (1M)Calculated over the trailing 1-month period | 1.07% | 0.94% | +0.13% |
Volatility (6M)Calculated over the trailing 6-month period | 3.06% | 2.97% | +0.09% |
Volatility (1Y)Calculated over the trailing 1-year period | 3.88% | 3.68% | +0.20% |
Volatility (5Y)Calculated over the trailing 5-year period, annualized | 7.56% | 7.35% | +0.21% |
Volatility (10Y)Calculated over the trailing 10-year period, annualized | 8.30% | 8.23% | +0.07% |
JNK vs. USHY - Expense Ratio Comparison
JNK has a 0.40% expense ratio, which is higher than USHY's 0.15% expense ratio.
Dividends
JNK vs. USHY - Dividend Comparison
JNK's dividend yield for the trailing twelve months is around 6.60%, less than USHY's 6.90% 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% |
USHY iShares Broad USD High Yield Corporate Bond ETF | 6.90% | 6.79% | 6.89% | 6.63% | 6.08% | 5.07% | 5.30% | 5.92% | 6.30% | 0.73% | 0.00% | 0.00% |
Frequently Asked Questions
With a correlation of 0.98, JNK and USHY 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 USHY (0.94%). In terms of maximum drawdown, JNK dropped -38.48% vs USHY's -22.44%.
On 5-year performance, USHY leads with 4.21% vs 3.65% for JNK. On fees, USHY is cheaper at 0.15% per year. On volatility, USHY has been the lower-risk option at 0.94%. The better choice depends on whether you care most about return, fees, risk, or income.
Over the 5-year period, USHY has performed better with a 4.21% return vs 3.65%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.
USHY is cheaper with a 0.15% expense ratio, compared with 0.40% for JNK.
USHY has the higher dividend yield at 6.90%, compared with 6.60% for JNK.
JNK tracks Bloomberg High Yield Very Liquid Index, while USHY tracks ICE BofA US High Yield Constrained Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for JNK and 0.15% for USHY.
USHY currently has the higher Sharpe Ratio (1.82 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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