JNK vs. XYLD

Last updated Jun 9, 2026

JNK (SPDR Barclays High Yield Bond ETF) and XYLD (Global X S&P 500 Covered Call ETF) are both exchange-traded funds - JNK is a High Yield Bonds fund tracking the Barclays Capital High Yield Very Liquid Index, while XYLD is a Derivative Income fund tracking the Cboe S&P 500 BuyWrite Index. Both are passively managed. Over the past 10 years, JNK returned 4.94%/yr vs 8.23%/yr for XYLD. A 0.59 correlation means they provide meaningful diversification when combined. JNK charges 0.40%/yr vs 0.60%/yr for XYLD.

Performance

JNK vs. XYLD - Performance Comparison

The chart below illustrates the hypothetical performance of a $10,000 investment in SPDR Barclays High Yield Bond ETF (JNK) and Global X S&P 500 Covered Call ETF (XYLD). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JNK achieves a 1.30% return, which is significantly lower than XYLD's 4.47% return. Over the past 10 years, JNK has underperformed XYLD with an annualized return of 4.94%, while XYLD has yielded a comparatively higher 8.23% annualized return.

JNK

• 1D: 0.07%
• 1M: -0.21%
• YTD: 1.30%
• 6M: 1.95%
• 1Y: 6.98%
• 3Y*: 8.46%
• 5Y*: 3.59%
• 10Y*: 4.94%

XYLD

• 1D: 0.27%
• 1M: 0.88%
• YTD: 4.47%
• 6M: 5.83%
• 1Y: 16.60%
• 3Y*: 10.96%
• 5Y*: 7.62%
• 10Y*: 8.23%

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

JNK vs. XYLD - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JNK SPDR Barclays High Yield Bond ETF	1.30%	8.76%	7.71%	12.42%	-12.19%	4.00%	4.95%	14.88%	-3.28%	6.49%
XYLD Global X S&P 500 Covered Call ETF	4.47%	8.02%	19.49%	11.10%	-12.05%	19.59%	-0.56%	21.41%	-6.09%	16.49%

Correlation

The correlation between JNK and XYLD is 0.70, which is moderate. They share some common price drivers but move independently often enough to provide real diversification benefit when combined.

	Correlation
Correlation (1Y) Calculated over the trailing 1-year period	0.70
Correlation (3Y) Calculated over the trailing 3-year period	0.58
Correlation (5Y) Calculated over the trailing 5-year period	0.62
Correlation (10Y) Calculated over the trailing 10-year period	0.61
Correlation (All Time) Calculated using the full available price history since Jun 24, 2013	0.59

The correlation between JNK and XYLD shifts across timeframes, from 0.58 (3 years) to 0.70 (1 year), reflecting how their relationship changes across market environments.

JNK vs. XYLD - Sectors Allocation Comparison

Sectors	JNK	XYLD
Technology	0.0%	35.6%
Energy	0.0%	3.5%
Basic Materials	-	1.8%
Communication Services	-	11.2%
Consumer Cyclical	-	10.2%
Consumer Defensive	-	4.9%
Financial Services	-	11.8%
Healthcare	-	8.5%
Industrials	-	8.3%
Real Estate	-	1.9%
Utilities	-	2.3%

Return for Risk

JNK vs. XYLD — Risk / Return Rank

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

JNK

JNK Risk / Return Rank: 65
JNK Sharpe Ratio Rank: 60
JNK Sortino Ratio Rank: 67
JNK Omega Ratio Rank: 64
JNK Calmar Ratio Rank: 62
JNK Martin Ratio Rank: 72

XYLD

XYLD Risk / Return Rank: 84
XYLD Sharpe Ratio Rank: 86
XYLD Sortino Ratio Rank: 87
XYLD Omega Ratio Rank: 93
XYLD Calmar Ratio Rank: 69
XYLD Martin Ratio Rank: 86

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. XYLD - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Barclays High Yield Bond ETF (JNK) and Global X S&P 500 Covered Call ETF (XYLD). 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	XYLD	Difference
Sharpe ratio: Return per unit of total volatility	1.83	2.53	-0.70
Sortino ratio: Return per unit of downside risk	2.76	3.58	-0.82
Omega ratio: Gain probability vs. loss probability	1.35	1.59	-0.24
Calmar ratio: Return relative to maximum drawdown	2.80	3.15	-0.35
Martin ratio: Return relative to average drawdown	12.30	16.73	-4.42
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. XYLD - Sharpe Ratio Comparison

The current JNK Sharpe Ratio is 1.83, which is comparable to the XYLD Sharpe Ratio of 2.53. The chart below compares the historical Sharpe Ratios of JNK and XYLD, 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	XYLD	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	1.83	2.53	-0.70
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.48	0.68	-0.20
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.60	0.58	+0.02
Sharpe Ratio (All Time) Calculated using the full available price history	0.42	0.60	-0.18

Drawdowns

JNK vs. XYLD - Drawdown Comparison

The maximum JNK drawdown since its inception was -38.48%, which is greater than XYLD's maximum drawdown of -33.46%. Use the drawdown chart below to compare losses from any high point for JNK and XYLD.

Drawdown Indicators

	JNK	XYLD	Difference
Max Drawdown Largest peak-to-trough decline	-38.48%	-33.46%	-5.02%
Max Drawdown (1Y) Largest decline over 1 year	-2.51%	-5.29%	+2.78%
Max Drawdown (3Y) Largest decline over 3 years	-5.02%	-15.53%	+10.51%
Max Drawdown (5Y) Largest decline over 5 years	-16.67%	-18.66%	+1.99%
Max Drawdown (10Y) Largest decline over 10 years	-22.89%	-33.46%	+10.57%
Current Drawdown Current decline from peak	-0.46%	-0.64%	+0.18%
Average Drawdown Average peak-to-trough decline	-3.70%	-3.72%	+0.02%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.57%	0.99%	-0.42%

Volatility

JNK vs. XYLD - Volatility Comparison

The current volatility for SPDR Barclays High Yield Bond ETF (JNK) is 1.12%, while Global X S&P 500 Covered Call ETF (XYLD) has a volatility of 1.33%. This indicates that JNK experiences smaller price fluctuations and is considered to be less risky than XYLD based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JNK	XYLD	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.12%	1.33%	-0.21%
Volatility (6M) Calculated over the trailing 6-month period	3.00%	5.46%	-2.46%
Volatility (1Y) Calculated over the trailing 1-year period	3.84%	6.60%	-2.76%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	7.55%	11.23%	-3.68%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	8.31%	14.21%	-5.90%

JNK vs. XYLD - Expense Ratio Comparison

JNK has a 0.40% expense ratio, which is lower than XYLD's 0.60% expense ratio.

Dividends

JNK vs. XYLD - Dividend Comparison

JNK's dividend yield for the trailing twelve months is around 6.64%, less than XYLD's 10.57% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
JNK SPDR Barclays High Yield Bond ETF	6.64%	6.54%	6.63%	6.38%	6.06%	4.27%	5.11%	5.44%	5.90%	5.60%	6.06%	6.59%
XYLD Global X S&P 500 Covered Call ETF	10.57%	10.51%	11.54%	10.51%	13.43%	9.07%	7.93%	5.76%	7.12%	5.18%	3.23%	4.65%

Frequently Asked Questions

Can I hold both JNK and XYLD in my portfolio?

JNK and XYLD have a correlation of 0.70, 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 XYLD?

XYLD has higher volatility (1.33%) compared to JNK (1.12%). In terms of maximum drawdown, JNK dropped -38.48% vs XYLD's -33.46%.

Which ETF is better, JNK or XYLD?

On 10-year performance, XYLD leads with 8.23% vs 4.94% for JNK. On fees, JNK is cheaper at 0.40% per year. On volatility, JNK has been the lower-risk option at 1.12%. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF has performed better, JNK or XYLD?

Over the 10-year period, XYLD has performed better with a 8.23% return vs 4.94%. Past performance does not guarantee future results, so compare this with risk, fees, and fund exposure.

Which ETF is cheaper, JNK or XYLD?

JNK is cheaper with a 0.40% expense ratio, compared with 0.60% for XYLD.

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

XYLD has the higher dividend yield at 10.57%, compared with 6.64% for JNK.

What is the main difference between JNK and XYLD?

JNK is categorized as High Yield Bonds, while XYLD is Derivative Income. JNK tracks Barclays Capital High Yield Very Liquid Index, while XYLD tracks Cboe S&P 500 BuyWrite Index. They also come from different issuers: State Street and Global X. Their fees differ too: 0.40% for JNK and 0.60% for XYLD.

Which has better risk-adjusted returns?

XYLD currently has the higher Sharpe Ratio (2.53 vs 1.83), 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.