JNKE.L vs. IHYG.L

Last updated Jun 5, 2026

JNKE.L (SPDR Bloomberg Euro High Yield Bond UCITS ETF) and IHYG.L (iShares € High Yield Corp Bond UCITS ETF EUR (Dist)) are both European High Yield Bonds funds - JNKE.L tracks the Bloomberg Pan Euro HY Euro TR EUR while IHYG.L tracks the Markit iBoxx Euro Liquid High Yield Index. Both are passively managed. Over the past 10 years, JNKE.L returned 3.10%/yr vs 3.09%/yr for IHYG.L. A 0.75 correlation means they provide meaningful diversification when combined. JNKE.L charges 0.40%/yr vs 0.50%/yr for IHYG.L.

Performance

JNKE.L vs. IHYG.L - Performance Comparison

The chart below illustrates the hypothetical performance of a €10,000 investment in SPDR Bloomberg Euro High Yield Bond UCITS ETF (JNKE.L) and iShares € High Yield Corp Bond UCITS ETF EUR (Dist) (IHYG.L). The values are adjusted to include any dividend payments, if applicable.

Returns By Period

In the year-to-date period, JNKE.L achieves a 1.14% return, which is significantly higher than IHYG.L's 0.69% return. Both investments have delivered pretty close results over the past 10 years, with JNKE.L having a 3.10% annualized return and IHYG.L not far behind at 3.09%.

JNKE.L

• 1D: 0.08%
• 1M: 0.42%
• YTD: 1.14%
• 6M: 1.57%
• 1Y: 3.53%
• 3Y*: 6.63%
• 5Y*: 2.49%
• 10Y*: 3.10%

IHYG.L

• 1D: 0.07%
• 1M: 0.48%
• YTD: 0.69%
• 6M: 1.34%
• 1Y: 3.29%
• 3Y*: 6.31%
• 5Y*: 2.68%
• 10Y*: 3.09%

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

JNKE.L vs. IHYG.L - Yearly Performance Comparison

	2026 (YTD)	2025	2024	2023	2022	2021	2020	2019	2018	2017
JNKE.L SPDR Bloomberg Euro High Yield Bond UCITS ETF	1.14%	5.01%	5.84%	11.68%	-10.56%	2.88%	1.85%	10.51%	-4.34%	4.97%
IHYG.L iShares € High Yield Corp Bond UCITS ETF EUR (Dist)	0.69%	5.32%	5.71%	11.34%	-9.47%	3.04%	1.14%	9.71%	-3.57%	4.81%

Correlation

The correlation between JNKE.L and IHYG.L is 0.75, 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	0.75
Correlation (3Y) Calculated over the trailing 3-year period	0.81
Correlation (5Y) Calculated over the trailing 5-year period	0.86
Correlation (10Y) Calculated over the trailing 10-year period	0.83
Correlation (All Time) Calculated using the full available price history since Feb 13, 2012	0.75

The correlation between JNKE.L and IHYG.L shifts across timeframes, from 0.75 (1 year) to 0.86 (5 years), reflecting how their relationship changes across market environments.

JNKE.L vs. IHYG.L - Sectors Allocation Comparison

Sectors	JNKE.L	IHYG.L
Consumer Cyclical	12.9%	-
Communication Services	5.4%	-
Industrials	4.5%	-
Technology	3.4%	-
Real Estate	2.3%	-
Basic Materials	1.1%	-
Healthcare	1.0%	-
Financial Services	0.8%	100.0%
Consumer Defensive	0.5%	-
Utilities	0.4%	-
Energy	0.4%	-

Return for Risk

JNKE.L vs. IHYG.L — Risk / Return Rank

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

JNKE.L

JNKE.L Risk / Return Rank: 20
JNKE.L Sharpe Ratio Rank: 16
JNKE.L Sortino Ratio Rank: 15
JNKE.L Omega Ratio Rank: 23
JNKE.L Calmar Ratio Rank: 15
JNKE.L Martin Ratio Rank: 28

IHYG.L

IHYG.L Risk / Return Rank: 27
IHYG.L Sharpe Ratio Rank: 26
IHYG.L Sortino Ratio Rank: 27
IHYG.L Omega Ratio Rank: 26
IHYG.L Calmar Ratio Rank: 25
IHYG.L Martin Ratio Rank: 32

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.

JNKE.L vs. IHYG.L - Risk-Adjusted Trends Comparison

This table presents a comparison of risk-adjusted performance metrics for SPDR Bloomberg Euro High Yield Bond UCITS ETF (JNKE.L) and iShares € High Yield Corp Bond UCITS ETF EUR (Dist) (IHYG.L). 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.

	JNKE.L	IHYG.L	Difference
Sharpe ratio: Return per unit of total volatility	0.44	0.88	-0.44
Sortino ratio: Return per unit of downside risk	0.69	1.43	-0.74
Omega ratio: Gain probability vs. loss probability	1.16	1.17	-0.02
Calmar ratio: Return relative to maximum drawdown	0.47	1.14	-0.67
Martin ratio: Return relative to average drawdown	3.85	4.71	-0.87
Data is calculated on a 1-year rolling basis and updated daily. The trend shows the change in the indicator over the past month.

JNKE.L vs. IHYG.L - Sharpe Ratio Comparison

The current JNKE.L Sharpe Ratio is 0.44, which is lower than the IHYG.L Sharpe Ratio of 0.88. The chart below compares the historical Sharpe Ratios of JNKE.L and IHYG.L, 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

	JNKE.L	IHYG.L	Difference
Sharpe Ratio (1Y) Calculated over the trailing 1-year period	0.44	0.88	-0.44
Sharpe Ratio (5Y) Calculated over the trailing 5-year period	0.39	0.49	-0.10
Sharpe Ratio (10Y) Calculated over the trailing 10-year period	0.45	0.45	-0.01
Sharpe Ratio (All Time) Calculated using the full available price history	0.67	0.63	+0.05

Drawdowns

JNKE.L vs. IHYG.L - Drawdown Comparison

The maximum JNKE.L drawdown since its inception was -25.52%, roughly equal to the maximum IHYG.L drawdown of -25.61%. Use the drawdown chart below to compare losses from any high point for JNKE.L and IHYG.L.

Drawdown Indicators

	JNKE.L	IHYG.L	Difference
Max Drawdown Largest peak-to-trough decline	-25.52%	-25.61%	+0.09%
Max Drawdown (1Y) Largest decline over 1 year	-7.12%	-2.76%	-4.36%
Max Drawdown (3Y) Largest decline over 3 years	-7.12%	-3.89%	-3.23%
Max Drawdown (5Y) Largest decline over 5 years	-16.25%	-14.59%	-1.66%
Max Drawdown (10Y) Largest decline over 10 years	-25.52%	-25.61%	+0.09%
Current Drawdown Current decline from peak	-0.13%	-0.16%	+0.03%
Average Drawdown Average peak-to-trough decline	-2.24%	-2.05%	-0.19%
Ulcer Index Depth and duration of drawdowns from previous peaks	0.86%	0.67%	+0.19%

Volatility

JNKE.L vs. IHYG.L - Volatility Comparison

SPDR Bloomberg Euro High Yield Bond UCITS ETF (JNKE.L) has a higher volatility of 1.15% compared to iShares € High Yield Corp Bond UCITS ETF EUR (Dist) (IHYG.L) at 1.01%. This indicates that JNKE.L's price experiences larger fluctuations and is considered to be riskier than IHYG.L based on this measure. The chart below showcases a comparison of their rolling one-month volatility.

Volatility by Period

	JNKE.L	IHYG.L	Difference
Volatility (1M) Calculated over the trailing 1-month period	1.15%	1.01%	+0.14%
Volatility (6M) Calculated over the trailing 6-month period	7.35%	3.07%	+4.28%
Volatility (1Y) Calculated over the trailing 1-year period	7.53%	3.56%	+3.97%
Volatility (5Y) Calculated over the trailing 5-year period, annualized	6.35%	5.44%	+0.91%
Volatility (10Y) Calculated over the trailing 10-year period, annualized	6.96%	6.79%	+0.17%

JNKE.L vs. IHYG.L - Expense Ratio Comparison

JNKE.L has a 0.40% expense ratio, which is lower than IHYG.L's 0.50% expense ratio.

Dividends

JNKE.L vs. IHYG.L - Dividend Comparison

JNKE.L's dividend yield for the trailing twelve months is around 5.35%, more than IHYG.L's 5.17% yield.

Position	TTM	2025	2024	2023	2022	2021	2020	2019	2018	2017	2016	2015
IHYG.L iShares € High Yield Corp Bond UCITS ETF EUR (Dist)	5.17%	5.44%	6.10%	5.41%	3.70%	3.07%	3.67%	3.76%	3.68%	3.77%	4.03%	4.59%
JNKE.L SPDR Bloomberg Euro High Yield Bond UCITS ETF	5.35%	5.48%	5.85%	4.95%	3.47%	2.91%	3.14%	3.08%	2.87%	3.57%	3.58%	3.92%

Frequently Asked Questions

Can I hold both JNKE.L and IHYG.L in my portfolio?

JNKE.L and IHYG.L have a correlation of 0.75, meaning they provide meaningful diversification benefit when combined. Depending on your allocation goals, holding both could reduce overall portfolio risk.

Which ETF is better, JNKE.L or IHYG.L?

On fees, JNKE.L is cheaper at 0.40% per year. The better choice depends on whether you care most about return, fees, risk, or income.

Which ETF is cheaper, JNKE.L or IHYG.L?

JNKE.L is cheaper with a 0.40% expense ratio, compared with 0.50% for IHYG.L.

What is the main difference between JNKE.L and IHYG.L?

JNKE.L tracks Bloomberg Pan Euro HY Euro TR EUR, while IHYG.L tracks Markit iBoxx Euro Liquid High Yield Index. They also come from different issuers: State Street and iShares. Their fees differ too: 0.40% for JNKE.L and 0.50% for IHYG.L.